Misys upgrades Eagleye

Source: Misys

Banks, hedge funds and other financial institutions across the globe are to be offered a powerful new solution from Misys, the global application software and services company, to help prevent losses, boost operational efficiency and prevent breaches of risk policies.

Misys Eagleye V3.5, launched today, includes a new monitoring solution that can be called by front-office applications to conduct pre-deal checks and 'what-if' analyses, strengthening firms' ability to create preventative or predictive controls. The latest version builds on proven tools which help define, evaluate, monitor, alert, report and manage exceptions to business definable rules based on any data, and allow them to manage by exception and improve operational efficiencies to reduce costs.

Misys estimates that on average firms spend between 15-20% of the total operating costs on monitoring and control processes but much of this is wasted as many still face severe problems when it comes to monitoring risks effectively. The writedowns made by some of the largest institutions have provided a wakeup call for senior managers who are now looking for solutions to help mitigate losses from the credit crunch, gain more transparency in terms of risks, exposures and positions borne by their business lines, and ensure compliance with relevant regulatory obligations.

Misys Eagleye helps mitigate operational risks associated with running multiple monitoring functions and reduces manual processes that are heavily reliant on the use of spreadsheets by conducting monitoring proactively and automatically across the whole business on a single platform. It also provides firms with a platform to effectively monitor compliance with internal risk policies and obligations to existing and new regulations.

Cubillas Ding, Senior analyst at Celent comments: "Oversight and risk control remains a core theme. Yet, it is not uncommon for us to encounter institutions with risk monitoring functions that are heavily reliant on manual procedures for monitoring. These are reactive processes that not only drain resources and time, but can also be untimely and inaccurate."

Chris Leong, Operations Director for Misys Eagleye adds: "With new tough regulations imminent, the question is: how will financial institutions respond to the monitoring and control challenge? Without question, transparency and better traceability, reduced costs in monitoring and controls, and increased agility when it comes to meeting regulatory demands will all be key. Essentially this solution is all about reducing latency and getting the right information to the right person at the right time."

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