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Sigma Ratings awards FIMBank with a Positive Rating

10.11.2021



FIMBank has just received a positive rating upgrade from the Sigma Ratings agency following a comprehensive review by the US-based specialist. The agency issues annual ratings utilising cutting-edge computer science to generate daily risk approximations on companies around the world. Sigma Ratings has pioneered a technology-driven approach to understanding non-credit counterparty risk, evaluating inherent risk and control effectiveness data, to generate financial crime vulnerability ratings.

In its report, the US-based specialist commented that FIMBank has improved its financial crime compliance risk posture since its last review in September 2017. One of the noteworthy items within the report is the “Strong” rating for risk mitigation. Sigma Ratings highlighted that over the recent years, a number of Bank initiatives were underway to enhance the compliance and risk backbone of the FIMBank Group. These include the implementation of a robust and scalable transaction monitoring system and a quality assurance function. The result is that FIMBank’s control environment capabilities are strong and purpose built for larger business volumes. In 2021, Sigma Ratings upgraded FIMBank’s rating, placing the institution in Sigma’s ‘Industry Leader’ category. “We are pleased that our consistent efforts are being acknowledged by such a high caliber ratings agency. The Group is adamant to continue investing in its compliance and risk controls to exceed minimum standards and will continue leveraging existing technologies aimed at solidifying its standing as we meet new and evolving challenges” said Adrian Gostuski, CEO of FIMBank.