achieve Basel II accreditation and enhance its financial control
LONDON, 21st April 2005 - Misys Risk Management Systems today announced that BCEN EUROBANK has contracted with Misys Risk Management Systems for delivery of the Almonde Basel II(tm) solution from its strategic partner Almonde, following a competitive tender with all known risk vendors. The regulatory solution will help the bank to be compliant with the new regulatory framework and improve their internal risk management and financial control processes.
The new system, to be implemented with immediate effect, will include the regulatory compliance solution from Almonde for Basel II, as well as ALM. It will enable BCEN EUROBANK to generate Risk-Weighted Assets (RWA) and Regulatory Capital using the Standardized and Foundation Internal-Ratings Based (IRB) approaches, including Expected Losses (EL). Through its process management capabilities, the specialised solution will provide automation, structure and security features for making regulatory compliance easier and more auditable. The Data Store will collect and maintain the data and calculated results on a historical basis. Complete Basel II reports will provide a full compliancy for the bank.
Philippe Le Dunff, IT Director at BCEN EUROBANK comments, "We are aiming to achieve accreditation for Basel II and to improve our financial controls by the implementation of the Misys-Almonde platform for Basel II, ALM." He continues, "BCEN chose the Misys-Almonde platform because it not only met the selection criteria but also offered many additional benefits."
Michel van Leeuwen, CEO, Misys Risk Management Systems explains, "We're thrilled with the implementation of our partnership product at BCEN EUROBANK. This sale reflects the strength of our relationship with strategic partner Almonde, and exemplifies the continued advancement of Misys Risk Management Systems and the best of breed Enterprise-Wide Risk Management solutions that we provide."