VIS Assigns Initial Broker Management Rating to Chase Securities Pakistan (Private) Limited - Press Release issued by VIS Credit Rating Company Limited.
Karachi -- June 05, 2023 (PPI-OT)
Following is the text of press release issued by VIS Credit Rating Company Limited
Quote
VIS Credit Rating Company Ltd. (VIS) has assigned initial Broker Management Rating of 'BMR3++' to Chase Securities Pakistan (Pvt) Limited (CSPL). Assigned rating denotes adequate management quality. Outlook on the assigned rating is 'Stable'. Assigned rating signifies sound supervision and internal control framework. Regulatory governance, external control framework, client relationship and fair-play, HR and infrastructure, compliance and management, and financial management are considered adequate.
Rating takes note of the Company's adequate regulatory governance framework which comprises of a two-member board representing one Board Audit Committee. Inclusion of certified and independent board members may be considered to strengthen overall governance framework and assist in formulating independent board committees. Internal control framework is considered to be sound, with internal policies and still under development given that CSPL is a new entity, improvement in the scope of the same will remain important going forward. External control framework is considered to be adequate, appointing 'A' category auditors from SBP's approved list of auditors may be considered to enhance disclosure levels.
Client relationship and fair-play is considered adequate, web and mobile based trading is available for customers along with other resources however, with the Company's website under upgradation, some client tools are available over social media. HR and IT infrastructure are considered adequate, establishing a fully integrated ERP platform along with practicing frequent disaster recovery practices may be considered to strengthen IT structure of the company. Rating also takes note of the Company's adequate compliance and risk management framework, both functions are being overlooked...
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