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Celent Awards Alfa-Bank and Misys for Basel compliance project

Single platform increases transparency and enhances risk visibility

Misys has been recognised for the second time in this year’s Celent Model Bank Awards, for its work with Alfa-Bank, Russia’s largest private commercial bank. Both are awarded in the security, fraud and risk management category.

Looking to implement Basel II and III standards under very tight local regulatory deadlines, Alfa-Bank selected Misys FusionRisk to achieve this goal. Misys was able to implement a central default system with a Basel-compliant risk rating and risk-weighted asset calculations engine within a challenging timeframe. FusionRisk increases overall transparency and provides enhanced risk visibility through a single integrated digital platform.

Russian banks are facing stringent and increasingly complex regulations for capital planning, while managing in a fluctuating economic and market environment. The timeline in which banks are expected to implement Basel II and III is exceptional and has meant that banks have to comply with Basel II’s advanced measurement approach and Basel III requirements simultaneously.

Alfa-Bank saw the opportunity to not only comply with these regulations, but to add value to its existing risk management capabilities across the enterprise. The implementation of FusionRisk encourages a stronger second line of defence and independent ownership of processes and controls. Before the project with Misys began, the bank had relied on 27 different controlling processes across different functions for managing corporate loans. The initiative has streamlined its corporate credit risk and default risk processes and controls.

“We’re very pleased to have been selected by Celent in this year’s Celent Bank Model awards,” said Martin Pilecky, CIO, Alfa-Bank. “Misys FusionRisk has enabled us to make faster and more informed business decisions on behalf of our clients. The Misys team partnered very closely with our own to deliver a fluid, comprehensive and fast-moving project which has made Alfa-Bank fully Basel II and III compliant, without having to compromise on risk visibility, making sure we are best equipped to respond to market and regulatory challenges.”

“The ever-changing regulatory landscape is a tricky one for banks to navigate when it comes to operations,” said Simon Paris, President, Misys. “This award-winning project has ensured that Alfa-Bank is not only able to comply with these specific pressing regulations but will also gain a comprehensive and integrated view of risk. It will have the insight needed to compete more effectively while not compromising on compliance – a testament to the capabilities of a single digital platform.”

Working with local implementation partner Cinimex, Misys and Alfa-Bank collaborated seamlessly throughout the project to ensure that there was a tight-knit cooperation between the teams. This was crucial given the extent of customisation required for the Russian market and regulatory pressures.

Celent’s program recognises excellence in banking technology in helping financial institutions improve performance and meet market demands. It assesses technologies and technology projects across seven categories, with the security, fraud, and risk management category including enterprise risk management transformation, financial crime risk management and cyber security.