FERNBACH, a global leader in providing software solutions for the finance industry, has appointed Suhas Nayak as Head of Product Sales EcoCap (Economic Capital).
He will be based in FERNBACH's London branch and responsible for product sales globally.
Nayak brings experience working as a Project Leader, Senior Consultant and Director at different international IT and software organisations. His most recent position was a Director at SunGard, where he was responsible for the product and sales strategy of the Basel II solution.
Nayak will be in charge of the FERNBACH products FlexFinance Basel II, ICAAP and EcoCap at a global level, and will serve as a contact person for sales, pre-sales and product management.
FERNBACH's FlexFinance Basel II solution offers European banks a straightforward and fast way to meet their Basel II requirements. Bringing together all the data required for Basel II is an immediate challenge faced by firms looking to meet the requirements of Basel II. FlexFinance Basel II helps with this challenge by easing the process of importing data and improving data quality with the use of templates and automation.
FlexFinance ICAAP ensures that the reserves of financial institutions are appropriate for the risks they face, in accordance with the Internal Capital Adequacy Assessment Process, a key element of the second pillar of Basel II. An important aspect of the ICAAP process is the use of internal models to estimate the capital required by the firm to cover all material risks the firm is exposed to, including risks covered by Pillar I of Basel II. Firms could then use this in its decision making, strategy and planning. This analysis of the capital requirements for a bank's business operations can be performed using FlexFinance EcoCap.
Suhas Nayak said: "I am completely committed to the FlexFinance Basel II solution and I am eager to win new customers for this product as well as for ICAAP and EcoCap. I can see a lot of potential for these products, especially in the current operating environment."
Günther Fernbach, CEO of FERNBACH-Software, said: "Suhas Nayak brings a wealth of relevant experience in the field of product management. We are happy to have him on board and are confident that he will enlarge our customer base and help to further establish our Basel II solution in the market."
FERNBACH's international client base for the FlexFinance Basel II solution includes leading banks such as Commercial Bank International (UAE), Mizuho Trust & Banking (Luxembourg) S.A., LB (Swiss) Privatbank AG and Bankhaus Reuschel & Co. (Germany).