The SunGard Basel II Capital Manager will help financial institutions to comply with Basel II by providing capital and economic calculation models for the balance sheet, stress testing and reporting for market disclosure, and the flexibility to model different rules and rule sets according to different national jurisdictions.
WhiteLight's Basel II development team will become part of the BancWare operating unit of SunGard Trading and Risk Systems, working closely with Dean Jovic, group managing director, risk/Basel II, to help clients define, build and achieve their desired level of Basel II compliance. More than 50 major financial institutions currently use the SymphonyRPM Analytic Platform. Recently, UK-based Alliance & Leicester selected WhiteLightâs Basel II solution for its regulatory compliance requirements.
The SunGard Basel II Capital Manager is complementary to SunGardâs enterprise-wide risk management solutions for market, credit and interest rate risk management. It will be integrated with SunGardâs overall Basel II offering, including the underlying market and credit risk solutions required to build a Basel II-compliant risk infrastructure, providing both on-and off-balance sheet data for regulatory calculation. SunGard further offers a solution to consolidate, cleanse and enrich the required data, along with integration, consulting and professional services to help clients design and implement their Basel II solution.
Richard Reeves, managing director of WhiteLight, said, "Achieving compliance with the proposed Basel II recommendations is of foremost concern to financial institutions worldwide. SunGard has the global presence, financial strength and resources to see clients through a project to meet regulatory requirements today and into the future. As a part of SunGard we will be able to leverage a global network of resources and distribution channels to provide the presence, delivery and implementation skills needed to help clients comply with evolving regulatory demands."
Jim Ashton, group chief executive officer of SunGard Trading and Risk Systems, said, "A regulatory calculation and analysis engine is a key component for financial institutions that want to be Basel II compliant. With our acquisition of the WhiteLight Basel II solution, we are able to offer the SunGard Basel II Capital Manager for capital calculations, completing our current Basel II offering. We have successfully used the technology underlying the SymphonyRPM Analytic Platform in our BancWare profitability and performance measurement solution for several years. We expect the SymphonyRPM Analytic Platform to add value to other SunGard solutions by providing real-time data access, rule-driven calculations, predictive analysis and interactive OLAP exploration capabilities."