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Tűrkiye Is Bankası chooses Algorithmics’ solutions for its Basel II and advanced enterprise wide risk management requirements

email this aricle - Tűrkiye Is Bankası chooses Algorithmics’ solutions for its Basel II and advanced enterprise wide risk management requirements - Toronto/London/Istanbul - 26 July 2007 print this article - Tűrkiye Is Bankası chooses Algorithmics’ solutions for its Basel II and advanced enterprise wide risk management requirements - Toronto/London/Istanbul - 26 July 2007
Algorithmics has today announced that after an extensive selection process, Tűrkiye Is Bankası has chosen Algorithmics’ integrated market risk, asset liability management, credit regulatory, economic capital and operational risk management solutions for its group wide risk management.

Hasan Candan, Head of Risk Management at Tűrkiye Is Bankası said, ‘We had a number of objectives that we wanted to achieve, including integrating risk assessments with loss data, monitoring key indicators, modeling loss event data and scenario analysis. We chose Algorithmics because of the integrated nature of its solutions which could provide seamless analysis of risk across our entire enterprise.

‘We needed a way to integrate our systems, and we needed an improved way to collect our loss data. The Algorithmics solutions we are implementing are all based on the ‘Mark-to-Future’ framework, which captures accurate, fully integrated measures of risk at every level of the Group, within a single, consistent methodology.

This has reduced the implementation and training costs required for us to meet our Basel II regulatory requirements whilst helping us to manage and allocate our risk capital more effectively.’

Michael Zerbs, President and Chief Operating Officer of Algorithmics, said ‘Innovation in financial markets has resulted in market risk, credit risk and operational risk becoming interrelated and interchangeable. As a result, we are seeing an increasing number of clients approaching their enterprise risk in a holistic way to help them achieve dynamic growth. We are very pleased that Tűrkiye Is Bankası has chosen Algorithmics to provide a truly enterprise wide risk management solution that will help it to compete effectively in the global market place in the years ahead and support its growth plans. We have been working in the Turkish market for several years now and are committed to growth there as the financial institutions increasingly seek to meet the highest international regulatory standards.’

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