Algorithmics signs Turkish bank to risk technology
26 July 2007 | 4859 views | 0
Turkish bank Turkiye Is Bankasi is using technology from Toronto-based vendor Algorithmics to implement a group-wide risk management system that complies with Basel II regulations.
Algorithmics says the Turkish bank is implementing its integrated market risk, asset liability management, credit regulatory, economic capital and operational risk technology for enterprise-wide risk management.
Hasan Candan, head of risk management, Tűrkiye Is Bankası, says: "We had a number of objectives that we wanted to achieve, including integrating risk assessments with loss data, monitoring key indicators, modeling loss event data and scenario analysis.
"We chose Algorithmics because of the integrated nature of its solutions which could provide seamless analysis of risk across our entire enterprise."
Candan says the bank needed to integrate systems and improve the way loss data is collected. The Algorithmics technology is based on the vendor's Mark-to-Future framework, which captures accurate, fully integrated measures of risk at every level of the group within a single consistent methodology.
"This has reduced the implementation and training costs required for us to meet our Basel II regulatory requirements whilst helping us to manage and allocate our risk capital more effectively," says Candan.