Tags: banks, financial services, risk management
While the financial tsunami has washed up the shores of Asia/Pacific and losses to the tune of billions of dollars have resulted in banks slashing technology budgets, there is still money flowing into risk-related projects. These are more easily justified as banks seek to plug risk leakages exposed by the recent market stresses. Consequently, risk-mitigating products and techniques to empower banks to manage credit exposures more proactively becoming increasingly important. The beneficiaries of these accelerated risk management practices? Vendors operating within the credit risk/Basel II field such as Algorithmics, Moody's Fermat, Fiserv, Misys Almonde, Oracle Reveleus, Quantitative Risk Management (QRM), SAP, SAS Institute, and SunGard.
All nine are worthy contenders in their own right. Those that stood out with particularly distinct features and extensive functionalities include Algorithmics, Moody's Fermat, Fiserv, and QRM. Oracle Reveleus, SAP, SAS Institute and SunGard meanwhile boast a varied footprint of client jurisdictions, while Misys Almonde offers rapid web-delivery deployment and is entrenched with clients in emerging markets. To ensure alignment of strategies, policy objectives, and business processes with their credit risk framework, banks need to shore up on their current credit risk efforts and nominate a risk champion to ensure that risk awareness pervade the entire enterprise. Beyond ascertaining that vendor functionality offerings correlate with their risk management requirements, decisions also need to be made around areas like the extent of customization preferred, the choice of a multiple versus one-system solution platform, and future functionality requirements. For a further discussion on credit risk offerings in Asia/Pacific and how banks can enhance their risk framework, please refer to Credit Risk Solution Vendors: Who's Who in Asia (Doc #FIN217509).
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