Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 288 billion (US $76.8 billion), a paid up capital of US $4.3 billion and an employee base of more than 8,400 associates. With more than 50 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella Al Rajhi Trading and Exchange Corporation in 1978. In 1988, the bank was established as a Saudi shareholding company.
With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank has a vast network of more than 500 branches, over 100 dedicated ladies’ branches, more than 4,030 automated teller machines (ATMs), 36,000 point-of-sale (POS) terminals installed with merchants and the largest customer base of any bank in the kingdom, in addition to 130 remittance centers across the kingdom.
The IT governance function of the bank was newly established in 2014, and the bank needed to comply with regulatory compliance requirements established by the Central Bank of Saudi Arabia. Additionally, audit findings indicated the need for an improved IT risk management framework and internal controls. The bank was using multiple frameworks and standards including ITIL, Project Management Office (PMO) and ISO/IEC 27001 to govern and manage IT.
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