Kamakura Corporation announced today that CorpBanca New York, a branch of the fifth largest Chilean bank, has licensed Kamakura Risk Manager for market risk management after a world-wide vendor competition. As part of the agreement, Kamakura will immediately provide risk analysis to CorpBanca New York under its Kamakura On-Line Processing Service (âKOPSâ). CorpBanca New York is planning to assume operating responsibility for Kamakura Risk Manager within a year. The Kamakura Risk Manager output will be distributed to CorpBanca New York senior management in Santiago and New York using the Kamakura Risk Manager Risk Portal (âKRM-rpâ), Kamakuraâs web-based multi-lingual reporting system
David Boldon, Washington DC representative for Kamakura Corporation, said Tuesday, âWe are very honored to be selected by the sophisticated management team at CorpBanca for this mission-critical market risk role. The dynamic Chilean economy and its rich array of financial instruments is exactly the kind of environment in which the power and accuracy of Kamakura Risk Manager are extremely important. We applaud CorpBancaâs management for recognizing that risk management systems are not a commodity product and that the quality, speed and power of the analysis should be the main basis on which a vendor is selected.â
Carolina Alvarez, VP of Risk at CorpBanca New York, in charge of the implementation, added, âIn making our market risk vendor selection, we reviewed the quality of market risk systems from selected leading vendors. Some of our team members, in fact, had used competing systems previously. However, after a detailed proof of concept analysis, it was very clear to us that the Kamakura Risk Manager system was best suited to the complex financial markets that CorpBanca faces in New York and Santiago.â
In both the proof of concept processing and in the production processing of Kamakura Risk Manager (âKRMâ), the full range of CorpBanca New Yorkâs assets and liabilities will be analyzed in KRM.