Southeast Bank Limited (SEBL) and Millennium Information Solution Limited (MISL) recently signed a Software License Agreement for implementing ‘Tahqiq’, a Risk-Based Internal Audit System (RBIAS), developed by MISL.
‘Tahqiq’ is a Risk-Based Internal Audit System (RBIAS) that automates the process of internal auditing making it significantly faster and more cost effective; hence securing every penny of its clients, more effectively and efficiently.
Mr. Mahmud Hossain, Managing Director of MISL and Mr. M. Kamal Hossain, Managing Director of SEBL represented their respective organizations as signatories in the signing with Mr. Niaz Ahmed, Chairman of MISL, chairing the session.
By implementing this system, SEBL will be complying with Bangladesh banks directive to meet the standards set by BASEL III. The application of Tahqiq RBIAS aims to improve the banking sector’s ability to absorb shocks arising from financial and economic stress, improve risk management and governance, and strengthen banks’ transparency and disclosures.