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As part of its commitment to supporting digital transformation and building more efficient and compliant banking systems, Renad Al-Majd (RMG) held an extensive strategic meeting with department managers at the Libyan Sahara Bank, to discuss ways to collaborate and support the bank in implementing the Governance Manual issued by the Central Bank of Libya, and transforming its regulatory and technical requirements into practical practices that enhance institutional performance and consolidate the principles of good governance.
This meeting comes within Renad Al-Majd’s vision for deliberate regional expansion, and the provision of advanced technical and regulatory solutions that contribute to the development of the Libyan banking sector, raise the level of compliance, and achieve institutional sustainability in accordance with the best international standards.
The importance of cooperation between Renad Al-Majd and the Libyan Sahara Bank
This meeting represents a pivotal step in the path of cooperation between the specialized technical sector and the banking sector, where the two sides discussed mechanisms for building a strategic partnership aimed at:
- Support the Bank in complying with the Governance Manual issued by the Central Bank of Libya.
- Developing regulatory and technical frameworks to keep pace with the requirements of banking supervision.
- Enhance the efficiency of internal processes and increase the level of transparency and risk management.
- Empower executive leaders with tools to measure and track corporate compliance.
This collaboration reflects a shared understanding of the importance of shifting from theoretical compliance to sustainable practical application that directly reflects on the Bank’s performance and the trust of regulators and customers.
Renad Majd’s pivotal role in supporting compliance and organizational transformation
RMG is one of the leading providers of digital transformation, governance, risk management and compliance solutions, with deep experience working with government entities and financial institutions in the region.
During the meeting, Renad Al-Majd’s team reviewed its approved work methodology, which is based on:
- A deep understanding of the local regulatory requirements of regulators.
- Aligning technical frameworks with corporate governance policies.
- Designing customized solutions that take into account the nature of each banking institution.
- Knowledge transfer and internal capacity building to ensure sustainability.
This pivotal role makes Renad Al-Majd a strategic partner that is not limited to delivering technology, but also extends to re-engineering procedures and building governance compliant operating models.
Renad Al-Majd Company Supports Banks in the Libyan Market
Renad Al-Majd’s interest in the Libyan market stems from its conviction of the importance of the banking sector as a key pillar for economic stability and sustainable development. The company seeks to support Libyan banks through:
- Providing technical solutions that are compatible with local regulatory systems.
- Contributing to raising the level of institutional readiness of banks.
- Supporting governance, risk management, and compliance initiatives.
- Enabling banks to keep pace with modern technological and digital developments.
Sahara Bank is one of the important banking models that Renad Al-Majd seeks to collaborate with, due to its presence and influence in the Libyan market, and a clear desire for development and institutional compliance.
From Governance Requirements to Practical Application to Support the Performance of Libyan Banks
The meeting extensively discussed the governance manual issued by the Central Bank of Libya, and ways to transform it from a regulatory framework to a practical operational system, through:
- Build clear and measurable governance policies and procedures.
- Develop performance indicators and compliance indicators (KPIs & KCIs).
- Automate follow-ups and periodic reports.
- Linking governance requirements to risk management and compliance.
Renad Al-Majd presented a practical vision of how to support Libyan banks in achieving sustainable compliance, ensuring their readiness for supervision and auditing, and enhancing the confidence of regulators.
Governance and technical compliant services provided by Renad Al-Majd
During the meeting, Renad Al-Majd reviewed a range of its specialized services that serve the banking sector, most notably:
Governance, Risk Management and Compliance (GRC) Solutions
- Designing governance frameworks that are compatible with the requirements of central banks.
- Develop compliance policies and procedures.
- Building risk monitoring and assessment systems.
Digital Transformation Solutions for Banks
- Automate internal processes and procedures.
- Developing institutional systems that support decision-making.
- Integration of technical systems with control requirements.
Manage data and regulatory reports
- Improve data quality and accuracy.
- Building dashboards and audit reports.
- Supporting disclosure and transparency requirements.
Cybersecurity and Business Continuity
- Enhancing the security readiness of banks.
- Protect sensitive banking data.
- Support business continuity and disaster recovery plans.
The Impact of Cooperation on the Performance and Compliance of Sahara Bank
This collaboration will reflect positively on the performance of Sahara Bank through:
- Raise the level of compliance with the Governance Manual.
- Improve the efficiency of administrative and control processes.
- Enhancing transparency and corporate governance.
- Empower departments with effective follow-up tools.
It also contributes to building a banking model to be followed in the Libyan market, capable of adapting to regulatory and technical changes.
Renad Al-Majd’s call to Libyan banks and entities for cooperation
RMG reaffirms its commitment to supporting Libyan banks and institutions on their journey towards compliance and digital transformation, and calls for:
- Libyan banks.
- Regulators and financial institutions.
- Companies related to the financial sector.
to cooperate to benefit from its expertise and advanced solutions, and to build a strong, compliant, and sustainable banking system that supports the Libyan economy.
A partnership that creates a more compliant and sustainable banking future
Renad Al-Majd’s meeting with the directors of departments at the Libyan Sahara Bank represents a stepping stone towards a promising strategic partnership that translates governance requirements into practice and supports Libyan banks in achieving institutional compliance in accordance with the directives of the Central Bank of Libya.
Renad Al-Majd continues to serve as a trusted partner in providing technical and regulatory solutions that make a real difference to the performance of organizations and contribute to building a more efficient, transparent, and sustainable banking future in Libya.
