Markit, a leading, global financial information services company, today announced a commercial partnership with IQ Business, the leading, independent management consulting firm in South Africa.
Markit will leverage IQ's presence in South Africa to provide its Markit Analytics services to financial institutions in the country.At a time of intense regulatory change and rising costs of funding and capital, banks are increasingly adopting simulation-based risk management techniques to measure and manage financial resources with greater risk sensitivity.
Markit Analytics provides financial institutions with state-of-the-art, integrated and scalable pricing and risk management solutions to help them calculate credit valuation adjustment (CVA), funding valuation adjustment (FVA), internal model capital for CVA, counterparty credit risk (CCR) and market risk.
Nigel Cairns, Managing Director and Global Head of Markit Analytics and Portfolio Valuations, said: "South African financial institutions, like their counterparts around the world, are facing a raft of new regulations requiring them to better understand and manage risk. Our Markit Analytics offering brings together a complex set of risk measures including CVA, initial margin and regulatory capital to provide customers with flexible tools for dynamic management of risk and funding."
Roland Jordan, Markit Analytics Director of Sales, South Africa, said: "We look forward to working with IQ Business on bringing our risk analytics services to financial institutions in South Africa. This adds a new strand to our offering in this country where we already have a strong sell-side and buy-side client base using Markit's information, processing, and solutions services."
"IQ Business redefines risk management through advisory services which advance decision making and compliance with South African and international regulatory requirements, using risk management practices that are multi-dimensional, holistic and aligned with best practice. We believe our partnership with Markit Analytics will be of immense value to the market, giving our combined customer base access to global risk management expertise and capability," said Adam Craker, CEO of IQ Business.