Swiss GRC strengthening Bahrain’s financial infrastructure
Lucerne/Al Manama - The Bahrain-based Benefit Company has consolidated its governance, risk and compliance structures in a central platform with the help of the Lucerne firm Swiss GRC. This strengthens the secure and stable processing of electronic financial market transactions in the Gulf State.
With the help of the GRC Toolbox from Swiss GRC, the Benefit Company has brought together various corporate functions in a central platform, all of which are directly or indirectly related to risk exposure. According to a statement from Swiss GRC, this enabled Benefit to take «a significant step towards Combined Assurance». This coordinated approach integrates functions such as internal audit, compliance, risk management, business continuity, information security and legal. The goal is to avoid duplicating efforts, close gaps and provide those responsible with a unified and comprehensive overview of the risk situation.
This further development of the governance, risk, and compliance (GRC) structures of the central player in the financial structure of the Kingdom of Bahrain began in the fourth quarter of 2023, according to a Success Story published by Swiss GRC and authored by Mansoor AlAlwan, the Chief Audit Executive of Benefit. According to this report, the starting point for this project was the observation that many GRC solutions were designed for large companies with costly audit teams. These were reportedly not a great fit for Benefit. Moreover, the solutions available were not flexible enough to adapt to the specific operational and regulatory context in Bahrain, AlAlwan explains further.
The Internal Audit department at Benefit aligned the implementation of GRC's platform with the Global Internal Audit Standards of the Institute of Internal Auditors. For that, Benefit received the institute’s Full Compliance Award at the end of 2025. «Swiss GRC delivered exactly what we were looking for: a flexible and highly configurable platform that supports our assurance functions in a unified approach», AlAlwan states. Today, it is said to be a core element of his company’s organizational transformation.
«For the Lucerne business location, this example highlights the international competitiveness and reliability of local technology companies», as Swiss GRC writes in the statement. This demonstrates «how Swiss software solutions are deployed in critical infrastructures worldwide».
