Vietcombank was honored with the "Risk Management Initiative of the Year" award.

Vietnam Foreign Trade Commercial Bank (Vietcombank) has just received a prestigious award from Asian Banking and Finance magazine for financial institutions across Asia.

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

Recently in Singapore, Asian Banking and Finance (ABF) magazine honored Vietnam Foreign Trade Commercial Bank (Vietcombank) with the “Risk Management Initiative of the Year” award for its bank capital stress test framework. The 2024 ABF awards brought together over 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 risk management. ABF magazine assessed: “Vietcombank is one of the few Vietnamese banks to pioneer the completion of the Comprehensive and Enhanced Capital Strength Test Framework, ahead of the regulations of the State Bank of Vietnam . Vietcombank, with the support of reputable risk management consulting firms, continues to maintain its position as a leading risk-managed bank in Vietnam.” To win this award, Vietcombank demonstrated superiority across all of ABF’s rigorous criteria regarding the uniqueness, innovation, effectiveness, and impact of its risk management practices, as well as the bank’s flexibility and adaptability in volatile market conditions. At the ABF 2024 awards ceremony, Mr. Nguyen Manh Hung - a member of the Board of Directors of Vietcombank - emphasized Vietcombank's firm commitment to maintaining the best standards in risk management, thereby enhancing 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 the Board of Directors of Vietcombank, 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. The stress test results provide crucial input for decision-making in risk management, finance, and strategy, ensuring the bank's stable and efficient operations in the future. In practice, Vietcombank has always proactively focused on enhancing its risk management culture, pioneering research and application of advanced risk management models and methods according to international standards, regulatory guidelines, and the bank's internal management needs. Winning this award from a prestigious international organization is not only a strong motivation for the bank to continue innovating and developing, but also affirms the quality and position of Vietcombank – a leading risk management bank in Vietnam. With its continuous efforts, Vietcombank will continue to be a trusted destination for investors and customers in Vietnam and internationally.

Asian Banking and Finance (ABF) is a Singapore-based financial magazine and 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 spanning nearly 20 years, the Asian Banking and Finance Awards are an annual event honoring financial institutions in the Asia-Pacific region that have developed innovative solutions and products, creating a bright spot in the banking and finance industry, and providing positive and effective solutions for customers. Nominations for the 2024 ABF Awards were judged by senior leaders from leading global 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