January 18th, 2017 -- Vancouver, BC – BlackIce Enterprise Risk Management Inc. (BlackIce) (CSE: BIS), has received confirmation that The State Bank of Vietnam (SBV) has finalized Circular 41 (dated January 4, 2017), that outlines the detailed requirements for the banking industry to comply with BCBS Basel regulations. The finalized guidance will compel institutions to take immediate action to address the Basel requirements through risk management solutions to achieve compliance in a timely manner.
Top tier banks in Vietnam are expected to begin implementation initiatives in Q1 and Q2 of 2017, with compliance being met by the end of the year. Lower and mid-tier banks have also begun Basel planning and are expected to begin procuring solutions towards the end of this year. BlackIce is fully prepared to service the market now that this guidance has been issued and we look forward to partnering with many new clients early this year. Due to the large number of institutions involved and the timing deadline we believe that several banks will want to move quickly to ensure the implementation process is timely, and gain advantage in a competitive banking environment.
BlackIce Launches BASEL Solution for Emerging Markets
The BlackIce BASEL Solution for Emerging Markets (BASEL) is one of the first solutions, globally, that allow institutions to meet the new revised standardized approach recommended by the Basel Committee on Banking Supervision (BCBS).
BlackIce’s BASEL solution is specifically tailored to the needs of institutions in emerging markets. It provides a Basel compliance and risk management solution that leverages the technology within our Enterprise Risk Aggregation (ERATM ) solution, along with the experience we gained at Vietnam International Bank (VIB) to create a product that meets the immediate goals of financial institutions beginning their capital adequacy initiatives, in addition to supporting their future strategic objectives.
BASEL is specifically designed to provide institutions with a comprehensive foundation to build a strong Basel program where they may have limited Basel risk management experience or resources. Based upon our ‘data first’ philosophy, we enable financial institutions to complete a Basel data gap analysis and educate their risk teams at the same time; drastically shortening the time required for compliance. We focus on capacity building, empowering teams to understand their data and in turn, the overall Basel process.
With the BlackIce current focus on the Vietnam region for the coming year, we anticipate expanding to other emerging markets in the region including: Myanmar, Cambodia, Nepal and eventually African countries. As one of the leading vendors in the market we anticipate several new contracts in the first half of 2017.
BlackIce’s New Product Site
To learn more information about BlackIce’s new BASEL solution for Emerging Markets please visit our new product site at vn.blackiceinc.com.
About BlackIce Enterprise Risk Management Inc. (CSE: BIS)
BlackIce is a software technology and consulting firm, specializing in global enterprise risk management for the financial services industry. BlackIce software solutions are open platform applications that deliver end-to-end data and analytical standards that meet international regulatory reporting and monitoring requirements.
BlackIce Enterprise Risk Management Inc. is a publicly-traded company listed on the Canadian Stock Exchange (CSE); trading symbol BIS (C.BIS or BIS.cn). For more information about our company please visitwww.blackiceinc.com or phone us at 1-604-510-4505.
BlackIce Enterprise Risk Management Inc.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of BlackIce Enterprise Risk Management Inc. Such information is based on assumptions made by the company's management. Although the company believes these assumptions are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any obligation to update publicly any forward-looking information, other than as required by applicable securities laws.
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