Misys Risk Management Systems' Risk Vision was chosen following a competitive tender between two other leading vendors. The solution, to be implemented with immediate effect, will replace existing treasury credit and traded market risk systems with an integrated credit and market risk solution, built on a single data architecture. Current exposure management processes will be upgraded as part of the project to provide more robust real-time control of the enterprise's risk. Once in place, Suncorp will be able to enter new business lines with full confidence in the effectiveness of its risk controls.
The Suncorp Group provides clients with banking, insurance, investment and superannuation products and services. It focuses on retail consumers and small to medium business and is Australia's sixth largest bank. The Risk Vision project will further strengthen the financial institution's regulatory compliance and provide the platform for the reporting requirements outlined in the Basel II Accord. The group will use Misys' Meridian middleware to connect with front and back office treasury systems.
Commenting on the decision to select Misys Risk Management Systems' Risk Vision, Chris Skilton, Chief Financial Officer and Executive Director of Suncorp said, "There was a clear regulatory impetus brought about by Basel II that prompted us to review our treasury risk management infrastructure, but this is not to neglect the wider benefits of this investment. Risk Vision will provide superior risk management capability, not just with tighter controls over our trading and credit exposure, but in helping improve the efficiency and profitability with which we manage the allocation of our capital."
"Increasingly, financial institutions are moving away from a 'silo-based view' to adopt a more integrated approach to risk management, implementing enterprise wide solutions that can take into account diversification benefits across their entire business," comments Frank Weyns, Global Sales Director, Misys Risk Management Systems. "Risk Vision is built on a central data architecture to provide enterprise wide management of credit and market risk. Using the entire Risk Vision product suite will allow Suncorp to effectively control their risk in real time and provide the most robust foundation for their expansion into new business areas," he continues.
Michel van Leeuwen, CEO, Misys Risk Management Systems explains, "Our partnership with Suncorp once again illustrates the progress Misys Risk Management Systems has made in the last year towards establishing its status as a leading supplier of enterprise risk management solutions. The implementation project has already begun, with the parallel run starting in five months. This is when Suncorp will really begin to benefit from the enhanced control over regulatory and economic capital that Risk Vision provides."