Commonwealth Bank Upgrades to Full Kamakura Enterprise Risk Suite CBA Processing 16 Million Transactions in KRM
HONOLULU, March 12, 2003: Kamakura Corporation announced today that the Commonwealth Bank of Australia has exercised its option to purchase the entire Kamakura Risk Manager enterprise risk management software suite. By doing so, the Commonwealth Bank adds Kamakura credit risk, market risk and asset and liability management simulation software to the Kamakura Risk Manager transfer
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Editorial Team
- March 12, 2003
- 2 minutes
HONOLULU, March 12, 2003: Kamakura Corporation announced today that the Commonwealth Bank of Australia has exercised its option to purchase the entire Kamakura Risk Manager enterprise risk management software suite. By doing so, the Commonwealth Bank adds Kamakura credit risk, market risk and asset and liability management simulation software to the Kamakura Risk Manager transfer pricing module KRM-tp purchased last year. The Commonwealth Bank is one of Australia’s leading providers of integrated financial services, with more than 10 million clients. The Bank, with assets of more than 262 billion Australian dollars on December 31, is one of the largest financial institutions in the Asia-Pacific region and one of the two largest financial institutions in Australia. The Kamakura Risk Manager system is operated by the Bank’s technology partner EDS Australia.
“We are now processing over 16 million transactions daily through our new transfer pricing system, with. Kamakura Risk Manager being the cornerstone for generation of the transfer price rate on all transactions. This project has been one of the most successful software installations in the financial area of the Bank,” said Steven Carritt, General Manager, Asset and Liability Management in Group Treasury at the Commonwealth Bank. “The transfer price rates from KRM go straight into the Group Data Warehouse and are used for the key calculations in measuring all forms of internal profitability – whether it is for a business unit, a product or client. The powerful volume processing that Kamakura offers, combined with its best practice financial analytics, made it a very easy decision for the Bank to expand its commitment to the Kamakura Risk Manager solution.”
“CBA has set the standard for risk management world-wide in our view,” said Dr. Donald R. van Deventer, Kamakura Chairman and Chief Executive Officer. “The volume of transactions processed, the precision of shareholder value-added calculations, and the integrated approach to risk management at the Bank set an example of best practice that few financial institutions can match. Kamakura appreciates the chance to contribute to this effort.”
