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The Bank of New York extends value-at-risk services; enhances relationship with Riskmetrics

13 January 2004  |  1125 views  |  0

The Bank of New York has extended its Value-at-Risk (VaR) capabilities through an enhanced strategic relationship with RiskMetrics Group. RiskMetrics Group's VaR application, RiskManager, will expand the Bank's VaR offerings to global custody clients by providing access to transparent risk estimation methodologies and easy-to-use software tools that can help them identify and minimize sources of potential loss in an investment portfolio or investment plan.

The Bank of New York's custody clients who elect to receive the service will be able to access the RiskManager VaR application on a daily, weekly, or monthly basis. Clients can select from VaR methodologies including Monte Carlo simulations, parametric modelling, historical simulations, and portfolio aggregation.

"Offering this application strengthens our leadership role in global securities servicing by expanding the range of products and services we provide to help clients evaluate and react to potential risk-causing events," said Debra Baker, managing director of global accounting and risk services at The Bank of New York. "Our VaR offering can help clients stress-test their portfolios and assess the effect of market events as they occur. We also offer report generation as an option."

"The expansion of our relationship with The Bank of New York allows us to tailor our software to its global custody client base," said Stephen Harvey, RiskMetrics Group’s global head of sales and marketing. "RiskManager's array of advanced technologies offers a powerful solution for the Bank's clients to evaluate investment risk and reassess their investment strategies as needed."

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