PriceWaterhouseCoopers is to develop a credit risk portal for financial institutions in association with ten leading technology vendors.
CreditDimensions is being billed as the first online credit community to offer financial institutions the full spectrum of integrated credit risk management services within a single Web site.
Algorithmics, Bureau van Dijk Electronic Publishing (BvD), Credit Suisse First Boston, Cygnifi, eCredit.com, Gifford Fong Associates, KMV, PricewaterhouseCoopers, RiskMetrics and Standard & Poor’s have all agreed to provide content for the site on an application service provider (ASP) basis.
"The integration of leading credit analytic tools and data within CreditDimensions will significantly improve the decision making capability of credit officers and portfolio managers," says Jim Vinci, PricewaterhouseCoopers partner and co-head of US financial risk management practice.
He says a beta site will be available "early" in 2001 and a production version shortly thereafter.
PwC is designing and developing the system and network architecture for CreditDimensions in association with Cisco Systems. The portal will offer banks access to credit risk analytic models, credit and market data, counterparty static data, including organisation hierarchies, credit analysis process tools and credit-related news and research.
"A central reference site for leading-edge models, credit data, and news will be an invaluable tool for risk professionals," says Wilson Ervin, managing director, global head of strategic risk management at CSFB.
CreditDimensions is not alone in tackling this market. Both SunGard and Reuters recently unveiled plans to launch Internet-based credit risk management portals for banks.