We appreciate the challenges facing banks in this current economic climate and are seeing an increased demand for risk management solutions, especially from banks looking to implement a unified market and credit risk solution
Vancouver, Canada (PRWEB) October 15, 2008
QuIC Financial Technologies Inc, a global solutions provider of risk management, pricing and financial analytics, has announced the European Bank for Reconstruction and Development (EBRD) has successfully gone live with the QuIC Market Risk Solution.
EBRD is implementing the QuIC Unified Market and Credit Risk Solution for the measurement of risk across banking and treasury products. EBRD will use QuIC to calculate VaR, PFE and Credit VaR. The flexible QuIC platform will be integrated with other systems at EBRD to provide limits and portfolio management and risk measurement analysis and reporting. To further optimise speed and performance, EBRD will utilise the Paremus Infiniflow service fabric.
"We appreciate the challenges facing banks in this current economic climate and are seeing an increased demand for risk management solutions, especially from banks looking to implement a unified market and credit risk solution," stated Justin Forrest, Vice President, Business Development for QuIC.
"By implementing a unified solution banks not only realise technology synergies, but they also achieve significant cost savings by leveraging shared hardware, joint implementation costs, lower operational costs and common data platforms," stated Tony Coppellotti, Chief Technology Officer for QuIC.
The QuIC Unified Market and Credit Risk Solution puts unparalleled calculation speed and flexibility in the hands of risk managers in both the market risk and credit risk departments. As well as lower TCO, institutions can benefit from more sophisticated modelling such as CVaR, Credit Adjusted Pricing and Risk, and lowering regulatory capital for both Market and Credit Risk simultaneously as part of the Basel 2 Internal Model Methods implementation.
The European Bank for Reconstruction and Development was established in 1991 when communism was crumbling in central and Eastern Europe and ex-soviet countries needed support to nurture a new private sector in a democratic environment. Today EBRD uses the tools of investment to help build market economies and democracies in countries from central Europe to central Asia.
The EBRD is the largest single investor in the region and mobilises significant foreign direct investment beyond its own financing. It is owned by 61 countries and two intergovernmental institutions. But despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners.
About QuIC Financial Technologies, Inc.
QuIC is a global solutions provider for risk management, pricing and financial analytics and features an exceptionally fast vector-based calculation and simulation platform. Built with fully open technology, the QuIC Product Suite integrates easily with in-house and partner systems and operates in diverse environments, from a single laptop to large distributed grids. QuIC technology is delivered on a shared calculation fabric available to multiple recipients throughout the enterprise, allowing risk management professionals to collaborate in developing new analytics strategies and technology solutions.