Ireland's EBS Building Society selects Misys Almonde for Basel II
09 July 2007 | 4555 views | 0
Ireland's EBS Building Society has implemented risk management technology from Misys in order to comply with the requirements of the Basel II Capital Accord regulations.
EBS, which is Ireland's largest building society, has gone live with the vendor's compliance and performance management product, Misys Almonde.
Misys says the technology will enable EBS to accurately measure and manage risk in its lending portfolios, which is a Basel II requirement.
"EBS will also benefit from the 'value add' features of Misys Almonde, with the 'scenarios' functionality in particular helping us to explore hidden risks and opportunities," says John Fitzgerald, Basel II programme manager at EBS.
Fitzgerald says the bank is running Misys Almonde in parallel with its existing regulatory reporting infrastructure.
Commenting on the implementation, Trevor Holford, Misys Almonde product manager at Misys, says: "We have worked closely with EBS to provide it with an integrated 'Basel II in a box' solution, which smoothly interfaces with its existing systems, delivering it hassle-free Basel II compliance in the most cost-effective manner."
The product combines risk-weighted asset (RWA) and credit risk mitigation (CRM) calculations with structured processes, audit trails, data modelling, data storage, stress and back testing, regulatory/ management reporting and analysis tools, says the vendor.