FIMBank achieves positive rating from Sigma Ratings

FIMBank has achieved a positive rating from Sigma Ratings following a comprehensive review by the US-based specialist. The entity issues annual ratings on company-level financial crime risk posture and utilises cuttingedge computer science to generate daily risk approximations on companies around the world. It has pioneered a technology-driven approach to understanding non-credit counterparty risk, evaluating inherent risk and control effectiveness data, to generate financial crime vulnerability ratings.

While most control sub-areas were rated as strong, the overall rating places FIMBank in the upper quartile of Sigma’s satisfactory rating band. Sigma also classifies FIMBank’s outlook as positive. Commenting on the bank’s recent achievement, FIMBank Group CEO Murali Subramanian stated: “Sigma’s rating is consistent with the recent affirmation of our BB Rating and Stable Outlook by Fitch Ratings. It is the outcome of the enhanced risk management framework adopted and encourages us to invest additional time and resources to seek further progression.”

Subramanian explained that over the past years, FIMBank has implemented a number of management and operational reforms and boosted investments aimed at improving its financial crime compliance posture across the entire Group. “This has led to a dramatic shift in culture, one which places a particular focus on financial crime risk management and compliance. In line with guidance we receive from our Board, we have continued to adopt a group-wide ‘zero tolerance’ policy on compliance failure.”