The two appointments strengthen the unit's strategic offering of comprehensive credit risk solutions to banks, other financial institutions, and corporations. "In its long history of assessing credit risk, Standard & Poor's has come to stand for credible, knowledgeable, and independent credit risk analysis," said Roy Taub, executive managing director of Risk Solutions, the credit risk solutions arm of Standard & Poor's Ratings Services. "These same analytical skills, credit expertise, tools and data are now available from Risk Solutions."
These appointments, as well as recent high-profile new assignments, are part of Risk Solutions' efforts to capitalize on the opportunities posed by advances in risk assessment and transfer techniques, in addition to the challenges imposed by regulatory tightening such as the Basel II accord.
Dr. Bar-Or will be responsible for the evolution, roll out, and ongoing deployment of credit risk products for Standard & Poor's Risk Solutions' global client base. He reports directly to Roy Taub. "Our clients recognize that effective data collection, management, and delivery is an essential component of their sound credit risk management systems," said Mr. Taub. "Yuval's industry background will add an important component to the solutions that we can offer our clients."
Dr. Bar-Or will focus on Risk Solutions' comprehensive credit risk offerings that help clients with internal rating systems, probability of default, loss given default, and credit risk portfolio management. A credit risk management platform that delivers, manages, and stores data, as well as providing model building and stress-testing capabilities support these products.
"Sophisticated credit risk management technology is helping our clients better manage the effects of the recent credit cycle and the impending regulatory changes driven by Basel II," said Dr. Bar-Or. "Our credit risk solutions help our customers achieve their needs for effective capital management, regulatory compliance, and risk management." Dr. Bar-Or has previously headed product groups responsible for product strategy and credit risk engines -- most recently at Moody's KMV.
A key task for Darren Davies will be to further expand Risk Solutions' North American client base. Services offered to new and existing clients throughout the region include: credit risk assessment templates, internal risk ratings, validation, and facility rating systems for financial institutions and corporations. Mr. Davies reports to Bill Chambers, head of Risk Solutions' North American practice.
"There has been enormous interest from clients in North America to standardize and improve their internal rating systems. Our comprehensive solutions help clients establish and build upon the essential components of a sound credit risk management system," said Bill Chambers, managing director of Standard & Poor's Risk Solutions. "Darren's industry background will allow him to effectively match client's needs with the services Risk Solutions offers. Davies was previously responsible for the development of new business and relationship management for Fitch Risk.
Standard & Poor's Risk Solutions provides Credit Risk Solutions that address all the major components of an internal rating system, including tools and methodologies for the analysis of probability of default, loss given default, and exposure at default. Our portfolio tools enable clients to use their assessments of individual risk exposures in analyzing credit risk exposure on a portfolio basis. Risk Solutions' integrated credit risk management solution leverages Standard & Poor's experience in credit assessment to help clients manage enterprise risk, economic and regulatory capital, active exposures, and risk pricing with confidence.