Hasan Candan, Head of Risk Management at TÅ±rkiye Is BankasÄ± said, âWe had a number of objectives that we wanted to achieve, including integrating risk assessments with loss data, monitoring key indicators, modeling loss event data and scenario analysis. We chose Algorithmics because of the integrated nature of its solutions which could provide seamless analysis of risk across our entire enterprise.
âWe needed a way to integrate our systems, and we needed an improved way to collect our loss data. The Algorithmics solutions we are implementing are all based on the âMark-to-Futureâ framework, which captures accurate, fully integrated measures of risk at every level of the Group, within a single, consistent methodology.
This has reduced the implementation and training costs required for us to meet our Basel II regulatory requirements whilst helping us to manage and allocate our risk capital more effectively.â
Michael Zerbs, President and Chief Operating Officer of Algorithmics, said âInnovation in financial markets has resulted in market risk, credit risk and operational risk becoming interrelated and interchangeable. As a result, we are seeing an increasing number of clients approaching their enterprise risk in a holistic way to help them achieve dynamic growth. We are very pleased that TÅ±rkiye Is BankasÄ± has chosen Algorithmics to provide a truly enterprise wide risk management solution that will help it to compete effectively in the global market place in the years ahead and support its growth plans. We have been working in the Turkish market for several years now and are committed to growth there as the financial institutions increasingly seek to meet the highest international regulatory standards.â