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Belfius Utilizes Numerix Analytics for Model Validation Reducing Operational Risk and Improving Model Choices
Numerix, the leading provider of cross-asset analytics for derivatives valuations and risk management today announced that Belfius Bank, a locally anchored relationship bank and insurance company based in Belgium has selected the Numerix CrossAsset analytics platform for its model validation processes. With Numerix CrossAsset for Model Validation Belfius can achieve a greater level of independent model assessment ensuring increased transparency and better risk controls are in place to make more educated management decisions.
“As the property of the Belgian government with the mandate of creating added value in various forms of society, we have a responsibility to our customers to guarantee the accuracy and completeness of the models used throughout our derivatives and risk operations,” said Luc Leonard, Head of Validation at Belfius. “But reactivity and efficiency are also key success factors in a very competitive environment. Numerix was thus an excellent match to our needs: it will significantly improve our efficiency by allowing us to perform deeper and more challenging analysis under shorter time delays.”
At its core Numerix CrossAsset provides access to hundreds of market standard models and methodologies for all major asset classes. With Numerix’s highly flexible, fully transparent analytics architecture, Belfius is able to make comparisons between different models to independently validate pricing and risk sensitivity outputs and analyze how the outputs vary under different assumptions. The breakdown of model assumptions can also be detected helping to uncover hidden risks in portfolios. Numerix models in trading and risk operations can also be exported to any regulatory or audit agency if required.
“As decision makers are coming under increasing pressure to comply with new and still-growing sets of regulations and adapt to rapidly changing rules in the OTC markets, they need to be sure of their models, to know that they have been implemented properly, and that they provide a good hedge in all types of markets,” said Steven R. O’Hanlon, President and Chief Operating Officer at Numerix. “Whether a front office or risk department is using Numerix analytics or its own proprietary models, Model Validation with Numerix provides the necessary standardized tests to confirm model accuracy and performance, confirming both mathematical and financial correctness.”
Nick Haining, Managing Director EMEA at Numerix continues: “We are very pleased to add Belfius to the recent expansion of European financial institutions using Numerix for their structured product pricing and risk management. We appreciate their belief that the granularity of model implementation in the Numerix libraries will allow Belfius to increase the transparency of their pricing and model validation.”
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