QuIC Financial Technologies Inc, a global solutions provider for risk management, pricing and financial analytics, today unveiled their Incremental Risk Charge (IRC) Solution. This milestone solution places QuIC in a leading position to help banks comply with pending FSA regulatory requirements.
“We are very excited about our latest solution and are seeing an increased demand from banks being proactive in achieving FSA approval for IRC,” says Nigel Cairns, President and CEO for QuIC Financial Technologies. “The QuIC IRC Solution was developed in conjunction with one of our long-term clients and will be very appealing to other banks looking to implement a flexibly strategy ahead of the regulatory deadline.”
The QuIC IRC Solution provides Risk Managers with the ability to rapidly implement an out-of-the-box initial model that can be easily modified to meet their internal methodology. This gives them complete flexibility to implement their IRC solution quickly and easily, to identify any regulatory gaps earlier, and to understand the potential impact of IRC on their business.
“Banks developing an IRC strategy will quickly discover that speed, performance and flexibility are critical, and extending an existing market risk solution to include IRC is not a viable strategy,” stated Tony Coppellotti, Chief Technology Officer for QuIC. "Pushing an existing market risk solution to run so many scenarios will cause performance issues and have serious hardware and cost implications.”
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