Norvik Banka Achieves BB+ Business Integrity Rating

  • Press
  • 2 MINUTE READ
  • 10/11/2018

Norvik Banka Achieves BB+ Business Integrity Rating  

Sigma Ratings Inc. announces its first-ever Sigma Rating for a Latvian banking institution:  Norvik Banka achieved a rating outlook of BB+ (Stable), which  places it within reach of the “Industry Leader” segment (BBB and above).  

By means of this independent rating on financial crime vulnerability and governance, Norvik Banka is demonstrating the differentiated strength of its compliance controls and efforts to uphold global financial transparency standards.


Sigma assessed Norvik’s financial crime risk as “MODERATE” with control effectiveness as “ESTABLISHED.”  The rating notes that the bank broadly has strong financial crime controls in place and has made considerable progress in strengthening its risk posture. Norvik is the first Latvian bank to receive a rating of this kind. To obtain more information on Norvik Banka’s Sigma Ratings report, please contact Norvik Banka or Sigma Ratings, Inc. directly.

“We are committed to ensuring a strong compliance function and have invested in new, world-class compliance tools.  Most importantly, we have invested in our people by training and expanding our compliance staff,” said Norvik Banka CEO, Oliver Bramwell.  “We are eager to showcase the return on our compliance investment by way of our BB+ rating and remain committed to strengthening next year’s rating further.”

Sigma Ratings reviewed Norvik’s inherent risk environment and control effectiveness around Financial Crime Compliance (FCC). The review included FCC factors specific to anti-money laundering, countering the financing of terrorism, sanctions, and aspects of other non-credit risk issues such as geo-political risk and national-level regulatory proficiency. This process included a desk review of data and meetings with executive management, compliance, internal audit and front-line staff at Norvik Banka in Riga, Latvia.

“Our mission is to support global business and banking growth by enhancing transparency and standardizing metrics for good corporate behavior,” said Sigma Ratings Chief Executive Officer Stuart Jones, Jr. “In an increasingly challenging risk environment, our ratings provide the gold standard that helps streamline the financial crime risk assessment process for financial institutions. If a bank pursues a rating, it’s because it wants to demonstrate commitment to openness and the fight against financial crime.”

 

Are you ready to see what Sigma can do for you? Request your Demo Today!

Request a Demo

Related Resources:

Too Big To Fail...Small Enough To Jail

The Association of Certified Anti-Money Laundering Specialists (ACAMS) released the ‘ACAMS Compliance [..]

Read More

The Three Silos of Defense

With the SEC whistleblower program setting new records in 2020 and with a renewed focus on whistleblowers as a [..]

Read More

FT Feature: Fitch invests in AI start-up to improve bank misconduct detection

Read More
Sigma Loading