NEW YORK, June 5, 2002â SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), today announced that the ING Group of Netherlands has selected Credient, a comprehensive credit risk management solution delivered via an application service provider (ASP) framework. Credient will provide ING with a global, integrated, real-time infrastructure, enabling the company to manage the credit risk of its financial markets activities.
Using Credient, ING will implement consistent and global credit risk management processes and measurement methodologies across ING Financial Markets in order to reduce risk management costs, improve transparency, implement modern risk management process and techniques, expand business opportunities without increasing limits and reduce total portfolio risk. Credient will enable ING to monitor, report and control its credit risk across the Group in real-time, and implement industry best practices in credit portfolio management.
As an integrated solution for credit risk management, Credient consolidates and provides tools for portfolio analysis and exposure modeling, as well as global and real-time, pre-deal limit checks for control of credit risks in its financial markets business. Credient will consolidate the full range of credit risk information at ING through Web-based reporting, including exposures, mitigation, ratings, credit loss and portfolio analytics. ING will use Credient to manage and control the counterparty, settlement, country and issuer risks associated with its financial markets activities, and to reduce its portfolio risk through collateralization, netting and diversification. It will incorporate all financial markets products in INGâs treasury, trading and investment activities. SunGard will host Credient in the European SunGard Availability Services data centers, providing a fully resilient business continuity service.
Credient and the supporting processes will help ING meet its business goals, such as providing tools to traders to understand and develop their credit positions through sophisticated exposure modeling, Web technologies for reporting, support of high trading volumes and openness, scalability and user-friendliness. The existing relationship with SunGard and SunGardâs proven reliability, breadth of knowledge and experience were cited by ING as important elements in the selection of Credient.
Steve Husk, president of the Credient/Infinity operating unit, said, "The regulatory changes proposed in the Basel II Accord have increased industry-wide focus on credit risk analyses and portfolio management. Credient provides banks with the infrastructure to consolidate, analyse and exploit their credit portfolios. We are committed to working with ING and our other client partners to help them achieve their global business ambitions through the effective control of their credit risk portfolios."