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According to the Bank Deposit Security Fund Act of 1996, the Fund was established as an independent entity with a corporate legal identity. The Fund carries out the following objectives:
Participation in stability and soundness of banking and financial system through:
The business excellence model developed by the European Foundation for Quality Management (EFQM) is among the most powerful tools to improve the effectiveness , efficiency and quality of organizations to realize their mission and goals. The model is adopted by the Sudan as an official framework to improve the effectiveness of public organizations. Recently, it is adopted by the Union of Sudanese Bank as a general framework to enhance the performance of banks.
Benchmarking is a continuous process of measuring products, services and processes of organizations compared to the industry leaders or best practices. It is the process of continuously emulating the best. The main objective is to establish performance gaps between our performance and the in best in class deposit insurance schemes, then fill the gaps by developing goals and strategies.
The banking system is among the most technology –driven industries. Almost all the operations of banks are managed via information technology and networks to increase their efficiency and competetiveness. As the fund is directly involved in monitoring and evaluation of banks , information technology is of crucial value. Different models do exist to assess the riskiness, efficiency and soundness of banks. These models provide the funds with an early warning indicators that can be used to manage banking risks.
