HSBC to implement Basel II models globally with Experian-Scorex
02 October 2006 | 3919 views | 0
HSBC, 'the world's local bank', has signed a global contract with Experian-Scorex for its decision support solution to achieve compliance with the New Capital Accord (Basel II).
Experian-Scorex, the specialist decision support business of Experian, will deliver its Strategy Management business rules engine technology enabling HSBC to deploy a series of Basel II models within its global operations.
"The Capital Accord is not just about compliance within HSBC," said George Lennox, Senior Manager, Group Credit and Risk at HSBC. "Since the early days of planning for the new capital adequacy regulations, we knew that we could use Basel II within our business to further strengthen our risk management procedures and improve their consistency across our global operations. Like all regulations, they are prone to change over time and we needed to be able to react to those changes without having to worry about the timescales and disruption that a hardwired solution would cause. In evaluating the market place, it became clear that Strategy Management has the flexibility and sophistication to deliver what we need. Strategy Management is a true 'business users' tool that will easily allow us to deploy our suite of eleven Basel II scorecards and will also allow our business to react to change."
Roger Aubrook, President of Experian-Scorex, added: "HSBC is a worldwide market leader and we are proud to become a trusted partner. Strategy Management is already used by over 600 major financial organisations worldwide and is a tried and tested business rules engine that will fully support the implementation of HSBC's Basel II models. As a global organisation ourselves, with clients in over 60 countries and more than 30 offices worldwide, we are well placed to assist HSBC with its challenges now and in the future."