Source: Wolters Kluwer
Alizz Islamic Bank has signed up to use Wolters Kluwer Financial Services’ OneSumX solution for Asset and Liability Management (ALM).
The Oman-based bank will use the solution for the effective monitoring of liquidity, sensitivity analysis, income analysis, income and earnings simulation and fund transfer pricing (FTP).
OneSumX provides an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance, increasing organizational profitability, efficiency and growth. The ALM solution is based on Wolters Kluwer Financial Services’ integrated data architecture, providing an enterprise-wide risk solution. The solution enables balance sheet modeling, risk measurement, risk management and regulatory compliance.
The bank, which was founded in November 2012 to provide retail and corporate finance, will use Advanced Financial Solutions for the implementation of the Wolters Kluwer Financial Services offering. A subsidiary of Midis Group, Advanced Financial Solutions specializes in providing software solutions and consulting services for financial institutions in the Middle East, North Africa & Turkey.
“We spoke to several vendors and chose the Wolters Kluwer Financial Services solution, based on its ability to provide a suitably robust ALM framework for the bank,” said Ghalib Al Busaidi Chief Financial Officer. “Furthermore, the reputation of Advanced Financial Solutions has been very good as the firm has successfully implemented several solutions for financial institutions over the years. We look forward to working with them to implement the OneSumX solution for ALM. This is an important investment for us and demonstrates our commitment to ensuring an effective and strong risk management culture.”
The solution supports several approaches of FTP and, going forward, the bank intends to extend the solution to generate Regulatory Returns on Liquidity Coverage Ratio and Net Stable Funding Ratio.
“Clients are attracted to the OneSumX risk suite due its broad functionality. The ALM component, for example, provides tools to support the quantitative elements and delivers all important flexibility for analytics and reporting,” said Kris Van Bavel, vice president, Sales, for EMEA at Wolters Kluwer Financial Services. “We are, of course, delighted to have been chosen by this leading Islamic bank to provide our ALM solution.”