eClerx Launches ISDA Credit Support Annex Document Risk Review Solution
New York (PRWEB) July 08, 2013 -- eClerx, a leading provider of knowledge and business processing to the global financial services industry, today announced the launch of its ISDA Credit Support Annex (CSA) Document Risk Review solution that allows financial institutions to strategically mine information comprehensively and accurately from CSAs for more informed management of credit and legal risk, optimization of cash and collateral, and operational risk mitigation. Firms can leverage the data pre-trade to ensure derivative trades are priced correctly, and post-trade to optimize collateral movements across counterparties.
As a result of regulatory mandates such as Basel and Dodd Frank living will requirements, as well as the increased demand for collateral due to OTC clearing, the information in ISDA CSA documents has become critical to firms’ credit risk management and planning. On average, more than 65% of agreements contain discrepancies when compared against representations in client systems. By leveraging eClerx’s ISDA CSA Document Risk Review solution, users gain access to information clients have legally agreed to but do not have the ability to systematically act upon, due to the unstructured nature of the information embedded within faxed PDF documents and image files.
“The industry is challenged by the complexity of screening the data in their ISDA CSA documents,” said Mahesh Muthu, Associate Principal at eClerx. “Our new ISDA CSA Document Risk Review solution will allow firms to utilize that information through eClerx’s strategic decision analytics facilitated by a metrics and analytics suite. By engaging with a third-party expert, financial institutions can leverage the toolset and processes already developed and mastered, allowing their internal teams such as legal, credit valuation adjustment (CVA) trading desks, and treasury, to focus on optimizing day-to-day decisions with a more accurate, granular dataset. With pending regulations, firms need to ensure they have a comprehensive solution in place to remain competitive while managing costs.”
The ISDA CSA Document Risk Review offering provides clients with:
• Electronic, usable records of agreements which can be mapped and reconciled to client systems or used as a golden source repository, facilitated by a system based dual capture and audit methodology
• An operational reporting suite summarizing discrepancies between systems and electronic CSA records, benchmarking against industry standards and portfolio averages, and isolating legally unenforceable documentation
• An analytics suite customized for various consuming departments, such as client on-boarding, legal, credit valuation desk (CVA), credit risk, operations and liquidity management
In addition to the new product, clients will also have access to eClerx’s existing pre‐validated capture forms, taxonomical database and data capture rule set, as well as an operational reporting suite to govern the process and analytics suited to each consuming department within a financial firm.
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Notes to Editors
ABOUT ECLERX
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eClerx provides critical business operations services to more than 20 global Fortune 1000 clients, including many of the world’s leading financial services firms, online retail and distributors, interactive media and entertainment, high tech and industrial manufacturing, travel and leisure, and software vendors, through operational support, data management and analytics solutions. Incorporated in 2000, eClerx is India’s first and only publicly listed knowledge processing (KPO) company and is today traded on both the Bombay and National Stock Exchanges of India. eClerx was ranked as one of Forbes Asia’s 200 Best Under a Billion List and named as finalist in Teleos’ Most Admired Knowledge Enterprise award. eClerx employs over 5,500 employees across its six Indian delivery centers offices in Mumbai, Pune and Chandigarh plus global client relationship locations in New York, London, Silicon Valley, Austin, Dublin and Singapore. For more information, please visit http://www.eclerx.com.
Oksana Poltavets, Cognito Media, +1 646 395 6300, [email protected]
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