BOK has positioned itself as a pioneer in the financial services industry by becoming the first African financial institution to obtain a Financial Crime Compliance rating from Sigma Ratings ("Sigma")
NEW YORK, July 3, 2019 /PRNewswire/ -- Following a recent certified rating review of BOK's inherent risk environment and control effectiveness around internal compliance, governance and financial crime policies, Sigma has awarded BOK a 'BBB+' rating with a Positive Outlook. This marks the first rating Sigma has issued on behalf of a financial institution in Africa.
Stuart Jones, Jr., CEO of Sigma Ratings stated, "BOK's decision to conduct a rating demonstrates a strong commitment to transparency, good governance and robust financial crime risk management. Electing to pursue a rating allows BOK the ability to differentiate and demonstrate that it is performing at a high level despite the inherent risk of its jurisdiction. We commend the bank on its decision, as well as its "BBB+" rating which places it in the 'Industry Leader' quartile of our evaluation model."
BOK underlined the importance that it places on governance and controls, stating that "BOK has long been a leader domestically and regionally. The rating further evidences this leadership and reflects the investment the institution is making in the areas of risk and compliance now and going forward."
BOK is Sudan's leading Islamic Bank offering its customers a full range of innovative financial products and services. It is also the oldest bank in the nation; celebrating its 100th year of serving the Sudanese people in 2013. With its roots deeply integrated in the country, BOK has been a primary supporter and driver of the nation's economic and social development over the past century.
Sigma Ratings ("Sigma") is the world's first AI-enabled non-credit rating agency, with a focus on evaluating governance and financial crime controls of financial institutions and corporates globally. Based in New York, Sigma has delivered certified ratings across more than a dozen countries and provides data services to a growing number of global financial institutions, including Barclays Bank. For more information about Sigma, its methodology or services please visit www.sigmaratings.com.
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