Veratec, the established risk-management solution provider, announces the launch of its new web-based service: Verasis Risk Online.
This latest Verasis product has been developed specifically for small to mid-size banks and corporate treasury units. It uses the same powerful Verasis Risk platform previously only available to larger organisations. So while this innovative service may be relatively new, the software is already tried and tested.
Simply, Verasis Risk Online offers treasury and risk managers a fast, cost effective and affordable means of managing their market risk exposure. It enables them to reduce capital reserves and meet the market risk regulatory requirements of the FCA and the PRA, as well as the market risk and capital requirements of Basel and CRD4.
With a powerful toolbox of analytics, Verasis Risk Online ensures good practice within financial markets by integrating Value-at-Risk, Market Data Stress and Sensitivity, and flexible Mark-to-Market valuations into daily risk management requirements.
The service uses industry-standard market data. Trade data is uploaded by clients in Excel format, together with their required analysis parameters, such as interest rate and foreign exchange shift profiles, confidence levels and history period. Verasis Risk Online then delivers a variety of analyses by currency, portfolio and counterparty
Veratec's Managing Director John Tuite said "We have been providing regulatory and risk-management solutions and consultancy to larger banks and financial institutions for many years and our Verasis Risk system is already proven in today's challenging and volatile markets. It is this software system that provides the core of the Verasis Risk Online service.
"Delivering a range of analytics in this simple-to-use web-based service will enable us to provide these levels of sophistication to smaller organisations at a very competitive price. But cost is only one of the benefits. The service has no impact on existing in-house systems or IT infrastructure and it has minimal reliance on a client's in-house IT team. It can be up and running in minutes and it's maintained to keep pace with the evolving market requirements.
"This is an exciting time for Veratec - we already have two clients using this new online service and we look forward to working with many more now that we have publicly launched the service."
Verasis Risk Online can be licensed on a monthly subscription basis. Market risk analyses are the first release of the service. Additional capabilities for Liquidity Analysis and Counterparty Credit risk will be available later in 2014.
Verasis Risk Online can be trialled on a 14 day free subscription period.