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Polaris launches real-time credit risk assessment system for global banks

10 February 2011  |  4735 views  |  0 Source: Polaris Software

Polaris Software (POLS.BO), a leading Financial Technology Company, today announced the launch of Global Risk Audit (GRA) for International Banks.

GRA is the first 'real-time' management system with a powerful audit functionality that is able to accurately assess credit risk exposure and liquidity across complex, high volume dynamic business transactions.

The speed, scale and agility of global banking transactions have posed a massive problem for banks in recent years. Consequently, many banks have been unable to accurately assess their liquidity exposures, profile customers and define the likely impact on the bank's own P&L. The existing approach to risk management is highly ineffective especially in the context of the downturn in BFSI sector in 2008 and 2009. Today, customers are demanding a rigour that goes beyond the reliance on historic management information and gives a 'real-time' view of the market.

Polaris Global Risk Audit - Key Features:

• Offers ability to centralise exposure management across the bank's product offerings and assist in executing better-informed credit decisions
• Offers a scalable solution to handle high volume payment requests (single/bulk) both in real time & batch mode and a flexible system to process different messaging standards
• SOA (service orientated architecture) based solution covering business services, modular type and reusable components with the flexibility to apply as independent solutions or that can be stitched together
• Solution can track bank risk with fast and accurate credit information - by customer and industry sector
• Effective adaptability to coexist with the banks' existing business applications landscape
• Improved customer service: (i) Reduced error rates (ii) Automated referral process (iii) Enhanced global MIS reports at the customer level
• Empowers the credit risk management team to enhance the available balance check process with introduction of multiple balance computation by combining multiple balancon by combining multiple balance/credit entities and accordingly framcordingly frame the decisions

Bikash Mathur, Global Head, Europe, Polaris Software comments: "Traditionally, the technology landscape at global banks prevented a 'real-time' consolidated view of exposure, largely due to multiple, fragmented systems dispersed across different geographies. Naturally, the outcomes were poor management information that failed to indicate running limits, collateral and global cash positions. GRA empowers the credit risk management team to enhance the available balance check process with introduction of multiple balance computation by combining multiple balance/credit entities and accordingly frame the decisions."

Commenting on the launch Arun Jain, Founder, Chairman & CEO, Polaris Software, said: "We are happy to have launched a system that is envisaged to provide highly automated credit checking services and reduce error rates, automate referral processes and enhance global MIS reports at the customer level. With a legacy of over two decades in the financial technology domain, we have grown with the highs and lows of the BFSI sector, and that experience is reflected in our products and services, which makes us an FT specialist."

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