London, June 5, 2006 – Asset Control, a leading provider of Centralized Data Management (CDM) solutions to the financial industry, today announced that Allied Irish Banks PLC Group’s Global Treasury Division has selected Asset Control to centralize pricing data and curves for risk management. Asset Control delivered a turnkey solution within five weeks. The solution passed an initial user acceptance test, and now serves as the platform on which further customizations can be made by AIB, supported by Asset Control. AIB expect to be in production with the full solution by September 2006.
The Turnkey Risk Solution will interface with internal and external data sources and will manage foreign exchange, fixed income and derivatives data for AIB. In addition the AC Contour risk management system will provide managers and analysts the ability to create risk factors by converting data into curves, surfaces, volatilities and covariance matrices for the thorough analysis needed in risk management, portfolio evaluation and pricing. With a centralized database in Dublin, AIB users in New York, Poland and London will access the solution via the AC Desktop.
“Many institutions have multiple databases and a mix of systems which need to be centralized in order to achieve a more auditable, controlled environment,” observes Ger Rosenkamp, CEO of Asset Control. “With AIB’s fast implementation we demonstrated how we could centralize their data management without the uncertainty that typically comes with complex risk management solutions. We are pleased to welcome AIB as a valued new customer of our turnkey initiative.”