BWise Regional Banking Best Practices Produce Results at Central Bank
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
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
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
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.
The BWise logo is available at
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
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.
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