BearingPoint, one of the largest technology consulting services of the world, has been chosen by Industrial bank Co. of China (IBC) to provide a diagnostic study of the enterprise risk management practices of the company. This most recent project appears after BearingPoint's completion of a management accounting and budget planning project for Industrial Bank Co. of China.



Under the agreement terms,

BearingPoint appraised the credit, market and operational risk practices of IBC within all parts of the bank. It also proposed a multi-year implementation roadmap according to Basel II regulations.

Ronghui Lin, general manager of the Risk Management Department at Industrial Bank Co said, "We saw value in BearingPoint's integrated approach to risk assessment. They engage in projects with an understanding that risk is not an isolated variable inside the enterprise that compliance and security strongly factor into how well a company can monitor, manage and forecast risk." With the expectation that Accenture can support their risk management framework to improve their overall risk posture, IBC has embarked on this diagnostic and roadmap development work.

Afzal M. Tarar, managing director and leader of the Financial Services Practice for BearingPoint China said that for financial services companies that are functioning all over the world, market pressures and new regulations are all congregating to put greater stress on scalable enterprise risk management practices. BearingPoint's work with IBC helps them to become a more risk sensitive enterprise that has a superior ability to identify and eradicate risk before it has a negative impact on business.

The Risk, Compliance and Security (RCS) solution suite was launched by BearingPoint on 30th October. The launch indicates the cross-industry approach of the company to the market. The current risk assessment and roadmap development work with IBC highlights the incorporated view of risk of BearingPoint, as well as its deep experience in conveying risk solutions for companies all over the world. The company, in the year 2006, implemented over 1,900 Risk, Compliance and Security solutions in more than 30 countries.