NEW YORK and HERTOGENBOSCH, Netherlands, Dec. 18, 2012 (GLOBE NEWSWIRE) -- BWise, a NASDAQ OMX company and the leading provider of Enterprise Governance, Risk and Compliance (EGRC) Management software, announced today that its independent analyst recognized software is implemented using regional banking best practices at Central Bank, central Kentucky's leading independent banking institution.
Being in control of risk management and regulatory compliance is essential for the survival of a banking organization in today's dynamic economic climate. As a result, more banks are using GRC management software such as BWise to manage compliance with financial regulations and serve stakeholders with more transparent insight into their operations.
Central Bank sought a software solution that could consolidate and find uniformity among various business programs in order for the bank to continue to innovate. Specifically, Central Bank was searching for a technology solution and best practice implementation approach that would enable enterprise-wide risk assessments, ultimately resulting in more reliable and consistent business intelligence. With BWise enterprise GRC software, Central Bank can quickly develop its risk and control frameworks, set a foundation for standardization in risk language throughout the bank and rapidly achieve ROI.
"A key factor in deciding to choose BWise as our enterprise GRC platform was its ability to enable an enterprise-wide risk assessments program," said Luther Deaton, Jr., Chairman, President & CEO of Central Bancshares, the holding company for Central Bank. "After a thorough procurement process, where BWise demonstrated its approach to assisting regional banks, Central Bank chose BWise to manage its compliance with financial regulations and its internal compliance."
The BWise integrated GRC software platform can manage multiple risk frameworks to meet the multiple regulatory needs of different departments at Central Bank. The Technology Services department at Central Bank primarily uses the COBIT standard to manage business controls. The finance office at the bank must manage Sarbanes-Oxley financial controls and reporting. These programs are both managed using BWise. The integration across various business programs at Central Bank has enabled the institution to rapidly report a return on its investment in BWise.
"As a regional bank in the new financial and regulatory landscape, Central Bank and other regional banks must meet greater stakeholder demand for oversight and innovation. Having a progressive GRC strategy, based on best practices, is a key step in this new environment," said Luc Brandts, CTO of BWise. "Central Bank understands that with an EGRC solution, such as BWise, it can meet its internal and regulatory compliance programs and also attain rapid ROI. We are very pleased to add Central Bank to the growing number of regional banking customers that have found success with BWise."
BWise, a NASDAQ OMX company, is a global leader in Enterprise Governance, Risk Management and Compliance (GRC) software. Based on a strong heritage in business process management, the BWise® GRC platform provides companies with highly-rated, proven software solutions for Risk Management, Internal Control, Internal Audit, Compliance & Policy Management, IT GRC and Sustainability Performance Management.
BWise's end-to-end solutions support an organization's ability to understand, track, measure, and manage key organizational risks. BWise helps companies truly be in control by balancing performance with their financial and reputational risks, improving corporate accountability, increasing financial, strategic and operating efficiencies. Using BWise, organizations are able to efficiently comply with anti-corruption regulations like FCPA and the UK Bribery Act, the Sarbanes-Oxley Act, European Corporate Governance Codes, ISAE3402/SAS-70, PCI-DSS, Solvency II, Basel II and III, Dodd-Frank, ISO-standards, and many more.
BWise sales, service and support offices around the globe provide for the GRC needs of hundreds of clients, including: adidas, AEGON, Ahold, AngloGold Ashanti, Connexxion, Health Alliance Plan (HAP) of Michigan, LeapFrog, Liebherr, Marathon Oil, Southern Company, Swiss Life, and Transcontinental. For more information, visit www.bwise.com.
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About Central Bancshares, Inc.
Central Bank's position in the market is built on a tradition of service … showing the way to generations of customers and communities. From its beginning in downtown Lexington, Central is the state's leading community bank for banking, mortgage, investment, trust and insurance services for more than 120,000 customers.
The Bank features personal and small to mid-sized business banking that features outstanding personal service and world class technology. Customers are served integrated solutions for trust and private banking with financial, estate and retirement planning. Investment brokerage and insurance services are provided through wholly-owned affiliates, Central Investment Center and Central Insurance Services.
Central Bancshares, the third largest bank headquartered in Kentucky, is also known for dedicated community service by its staff of 500 plus employees. Beyond financial investments, our officers and employees are providing leadership and service through their participation on community, charitable and civic boards. We applaud and appreciate their dedication to community projects and to the needs of all our citizens. Our sponsorships and charitable giving program continues to support dozens of local and regional charities and civic organizations in Kentucky.
Central Bank operates three banking charters: Central Bank & Trust Co. (Lexington and central Kentucky), Central Bank of Jefferson County (Louisville) and Salt Lick Deposit Bank (Owingsville and Salt Lick). The banks serve Bath, Boone, Clark, Fayette, Jefferson, Jessamine, Kenton, Madison, Scott and the surrounding counties. As of September 30, 2012, the company had total assets of $2.2 billion.