SunGard today announced that Daewoo Securities Co., (Daewoo) a leading securities house in Korea, has selected SunGard's Adaptiv 360 enterprise risk management solution to help manage requirements for new and complex derivatives.
The proprietary pricing models that Daewoo has developed for complex structures will be seamlessly integrated into Adaptiv to help achieve an enterprise-wide risk management infrastructure. Adaptiv will be installed in the Gwacheon Daewoo IT Centre and serve business users at the company's headquarters in Seoul.
Daewoo required a solution that would help it compete in equity derivatives where new complex OTC structures are created at a rapid pace. Adaptiv will provide Daewoo with an enterprise risk management system that will allow for the integration of new products and proprietary pricing models. Adaptiv will help Daewoo apply international best practices and techniques in risk management.
JH Myung, head of risk management at Daewoo Securities Co., Ltd., commented, "In the short-term we needed a solution for the management of risk and for more solid operational control. Adaptiv 360 will help our risk management department generate more advance simulation and testing methodologies. As we grow and move towards adopting more sophisticated risk products, we required a solution that will allow us to introduce other credit and market risk principles. The flexibility of the architecture allows us to introduce new functionality as required and helps us achieve our objectives on a long-term basis".
John Wilson, president of SunGard's Asia-Pacific business, said, "We are pleased that Daewoo has chosen SunGard's Adaptiv. Daewoo is our first Korean securities customer for Adaptiv and we hope, with Korea becoming one of the leading securities centres in the region, that this marks the first of many future customers".