Source: i-flex solutions
Reveleus, a business of i-flex solutions and a global provider of analytical applications for the financial services industry, today announced that Investec, an international banking group that provides a diverse range of financial products and services to a select client base, has selected the Reveleus Basel II Solution.
The Reveleus solution will enable Investec, to compute regulatory capital that conforms to the Advanced Internal Ratings Based Approach of the Basel II Accord.
Investec will implement the Reveleus Solution at its South African Headquarters and extend it to other countries in which it operates, including the United Kingdom and Australia.
Speaking on the relationship, Rayanne Jacobson, Basel II Programme Leader at Investec said, "Investec is committed to being at the forefront of risk management practices such as Basel II. The implementation is really about adopting an enterprise-wide approach that comprehensively monitors and measures our risk across geographies, diverse investment strategies and product groups. We are looking forward to our partnership with Reveleus to help ensure that we meet our compliance deadlines."
Commenting on the customer win, S. Ramakrishnan - CEO of Reveleus, said, "The selection of Reveleus by Investec demonstrates how Reveleus is well positioned to tackle the global nature of Basel II compliance. Investec will benefit from our experience that has been enriched by multiple Basel II global deployments. We are excited about the Investec engagement and are committed to a lasting partnership that will enable the bank to address their risk management and compliance initiatives."
This engagement is the first in South Africa after an agreement between Oracle and i-flex solutions, for Oracle to resell the Reveleus Basel II solution and enables Investec, a strategic Oracle customer, to benefit from the alliance.
Nicky Sheridan, Managing Director of Oracle SA adds, "There are clear opportunities for Oracle and Reveleus to work together in the South African and wider African markets. The premise of the Basel II requirement means that all financial institutions, regardless of size or geography, stand to gain from robust risk management practices. We are excited to be partnering with Reveleus to address this critical business requirement."