Nimbus, a global provider of business process management software, and Quadrant Risk Management, a specialist provider of business intelligence and risk and compliance solutions, have today announced a strategic partnership to help financial services organizations to quickly and successfully comply with new regulatory requirements. It is aimed at accelerating business process improvement efforts and embedding liquidity risk management and liquidity adequacy assessment within the organization.
âUnderstanding the business processes that support risk disciplines for financial institutions is a key factor in being able to deliver an effective risk assessment and controls framework. And it is this that ultimately ensures both cost-effective regulatory compliance, and competitive advantage,â says Antony Bream, Global Head of Financial Services, Nimbus Partners. âWith Quadrantâs detailed understanding of the liquidity and financial risk sector, combined with Nimbus Partnerâs intuitive, business-focused approach to process management, we are able to take risk management, assessment, control and compliance to a new level, enabling real time, quantifiable decision-making for key executives.â
âRecent changes to qualitative standards for liquidity risk management have brought an additional need for transparency and operational oversight,â says Paul Lockyear, CEO, Quadrant. âThese standards were formally adopted in the UK by the Financial Services Authority in December 2009 and similar requirements for the near future have been echoed by the Committee of European Banking Supervisors and the Basel Committee. They identify a vital need for more adaptable and transparent risk management which, in our experience, is significantly easier to achieve when an organizationâs operational business processes are clearly documented, understood and up-to-date. Weâre pleased to be partnering with Nimbus to bring our combined knowledge to the market, and Nimbusâ business process modelling excellence perfectly complements Quadrantâs quantitative liquidity stress-testing and reporting solution powered by the Quadrant Intelligence Centre.â
Under the alliance, Nimbus and Quadrant will provide financial institutions with access to superior business process governance and ensure that ongoing business process improvement endeavours are tightly and visibly coupled with liquidity risk management and monitoring requirements. Nimbus and Quadrant clients will be able to maintain, via a transparent audit trail, integrity between regulation, policy and operational processes, and will be able to receive evidence of controls, risk-sensitive key performance indicators, and right-time management information around liquidity compliance.
âThis is something we see as valuable for clients across the globe, and have already registered interest from a number of customers who will undertake pilot programs within the next few weeks,â continued Bream.
The jointly developed solution integrates Nimbus Control with Quadrantâs Continuous Assurance Solution, powered by the Quadrant Intelligence Centre, and can be installed in-house or delivered online via software as a service, avoiding the IT infrastructure hurdles often associated with technology implementations. It provides clients with immediate access to a process based liquidity risk framework, via a paid subscription, which makes it economic for institutions of all sizes.