OpenGamma, creators of the first open-source analytics and risk management platform for the financial services industry, today announced that it is has partnered with Risk Focus, a specialist consultancy delivering enterprise risk management, derivatives trading and connectivity solutions.
The partnership will combine OpenGamma's comprehensive risk technology with the proven delivery capabilities of Risk Focus to provide real-time, enterprise risk management solutions to global financial services firms.
Evolving regulatory standards including Basel, EMIR and Dodd-Frank, along with increasing market volatility, are driving the need for rapidly deployable and cost-effective solutions to meet new global risk management requirements. Financial services firms must have complete transparency into risk systems and the flexibility to quickly run stress testing, modeling and complex market data input analysis, as well as the ability to easily restructure financial products. Risk technology must scale to market volumes, and integrate into complex legacy environments without costly forklift upgrades.
OpenGamma delivers the real-time critical trading and risk analytics needed by global risk professionals, quants and portfolio managers. Unlike unwieldy and expensive legacy technology, OpenGamma's flagship OpenGamma Platform uses a completely open architecture to give financial institutions unprecedented transparency and allow them to access code directly. As an OpenGamma solutions partner, Risk Focus delivers the client solution, leveraging OpenGamma's open toolkit to build custom, scalable, real-time risk management solutions that can be quickly and efficiently deployed by global capital markets firms.
As a testament to the value of the platform and the partnership, OpenGamma and Risk Focus recently collaborated on a project for a global firm looking to build a new risk management platform. Within one month of resourcing the project, the client had end-to-end performance data on mark-to-market, P&L and risk sensitivities running in real-time for a large IRS test portfolio. The client estimates that using OpenGamma will save 9 months of project time and about 4 man-years of development effort, in addition to benefiting from richer functionality, stress testing on demand and increased agility for future developments.
"OpenGamma's open architecture greatly accelerates the development of real-time custom risk management solutions. It also facilitates flexible integration to legacy platforms that move at a slower pace," said Brian Lynch, CEO of Risk Focus. "As a specialist solutions provider we act as independent advisors to our clients; our goal is to introduce them to innovators in the market, and ultimately to help them find the best tools and components to do the job. Our partnership with OpenGamma will enable us to accelerate our customer deployments to help them rapidly respond to new market challenges."
"Financial services firms today must have the flexibility to quickly alter their risk systems and applications to respond to changing market conditions, ensure compliance and to stay ahead of competitors," said Mas Nakachi, CEO of OpenGamma. "While monolithic vendors remove access to code and tighten their grip on their clients, OpenGamma's open architecture ensures our clients have access to a rich ecosystem of third-party tools and services that allow them to shorten the time-to-value of implementing a new risk system, and ultimately enjoy a lower total cost of ownership. Our partnership with Risk Focus reinforces our commitment to providing financial firms with a solid base of fundamental risk management tools that can be customized with the help of independent, third-party consultants."