Vietcombank honored with the award “Risk Management Initiative of the Year”

Joint Stock Commercial Bank for Foreign Trade of Vietnam has just received a prestigious award from Asian Banking and Finance Magazine for financial institutions across Asia.

Vietcombank representative received the award at the ABF 2024 awards ceremony. (Photo: Vietnam+)

Recently, in Singapore, Asian Banking and Finance (ABF) magazine honored Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) with the award "Risk Management Initiative of the Year" for the bank's Capital Stress Test Framework. The 2024 ABF award brought together more than 250 financial institutions from 30 countries, demonstrating the increasing importance and competitiveness of the banking and finance sector in the Asia-Pacific region. The “Risk Management Initiative of the Year” award recognizes Vietcombank’s achievements in the field of risk management. ABF magazine commented: “Vietcombank is one of the few Vietnamese banks that pioneered the completion of a comprehensive and enhanced Capital Stress Test Framework, ahead of the regulations of the State Bank of Vietnam. Vietcombank, along with the support of prestigious risk management consulting units, continues to maintain its position as the leading risk management bank in Vietnam.” To achieve the above award, Vietcombank demonstrated its superiority in all of ABF’s strict criteria on the uniqueness, innovation, effectiveness and impact of risk management, as well as the bank’s flexibility and adaptability in volatile market conditions. At the ABF 2024 awards ceremony, Mr. Nguyen Manh Hung - member of Vietcombank's Board of Directors emphasized Vietcombank's strong commitment to maintaining the best standards in risk management, thereby improving risk control efficiency, supporting the Bank's business operations, and contributing to the stability of the Vietnamese financial market.

Mr. Nguyen Manh Hung - Member of Vietcombank's Board of Directors speaking at the ABF 2024 awards ceremony. (Photo: Vietnam+)

Vietcombank's capital stress test framework is a component of the bank's Basel II F-IRB and Basel III implementation roadmap. Stress test results are important input information for the decision-making process in the areas of risk management, finance and strategy, ensuring the bank's stable and effective operations in the future. In fact, Vietcombank is always proactive and focused on improving risk management culture, pioneering in researching and applying advanced risk management models and methods according to international standards, the direction of management agencies, as well as the bank's internal management needs. Achieving an award from a prestigious international organization is not only a strong motivation for the bank to continue to innovate and develop, but also affirms the quality and position of Vietcombank - the leading risk management bank in Vietnam. With its relentless efforts, Vietcombank will continue to be a reliable destination for investors and customers in Vietnam as well as internationally./.

Asian Banking and Finance (ABF) is a Singapore-based financial magazine, a member of the “Charlton Media Group” - a leading provider of B2B publications in Asia including: Singapore Business Review, Hong Kong Business, Insurance Asia, Asian Power and Healthcare Asia. With a history of nearly 20 years, Asian Banking and Finance is an annual award honoring financial institutions in the Asia-Pacific region that have had breakthrough solutions and products, creating a highlight in the finance and banking industry, while providing positive and effective solutions for customers. The nominations for the 2024 ABF awards are evaluated by senior leaders from the world's leading auditing/consulting firms including Ernst & Young, Bain & Co, PwC and Deloitte.

Vietnam+

Source: https://www.vietnamplus.vn/vietcombank-duoc-vinh-danh-giai-thuong-sang-kien-quan-ly-rui-ro-cua-nam-post964760.vnp