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1、Reprinted from,RISK MANAGEMENT l DERIVATIVES l REGULATIONCompliantthinkingAlgorithmics extends its lead in enterprise risk management,DECEMBER 2009,New financial,1,Financial institutions are under pressure to improve risk management processes,with aparticular focus on credit and liquidity risk.As ba
2、nks respond to these critical challenges,Algorithmics remains their vendor of choice for enterprise risk management solutions,inboth emerging and established disciplines.By Clive Davidson,Compliant,thinking,markets regulation is coming thick and fast.The Basel Committee onBanking Supervision has alr
3、eady announced plans to introduce an,incremental risk charge and stressed value-at-risk measure,and is preparing to finaliseproposals on a leverage ratio,capital buffer and a quantitative liquidity charge.Regulatorshave put greater emphasis on counterparty credit risk exposures,enterprise riskmanage
4、ment,stress testing and accurate market data,while the UK Financial ServicesAuthority finalised new liquidity rules in October,which will place a huge reportingburden on financial institutions of all sizes.,On virtually all fronts,banks will need to improve accuracy,transparency,integration,efficien
5、cy of processing and data storage.For those that relied on a disparate,conglomeration of systems developed internally and purchased from third-party vendors,the push to achieve a consistent,enterprise-wide view of risk will pose particularchallenges.All this comes at a price,and banks are gearing up
6、 to meet the costs of theseprojects.A survey of 824 institutions,published in November by London-based ChartisResearch,revealed that 66%plan to increase their risk technology expenditure by 10%ormore in 2010.But with the memory of the financial crisis and the multi-billion dollarlosses still fresh i
7、n the mind,banks are more discerning than ever in choosing where tospend their money.,In this environment,this years Risk technology rankings throw up few surprises.Thebig,established vendors with long track records have attracted the most votes,demonstrating banks are looking for technology firms t
8、hat can provide a full range ofservices.There has,however,been some shake-up in the top firms overall.New York-basedThomson Reuters takes first place this year,knocking Paris-based Murex off top spot,aposition it had held for four years.But it was a close race,with Thomson Reuters winningsix first p
9、laces,seven seconds and 10 thirds,versus five first places,10 seconds and seventhirds for Murex.The result demonstrates a considerable advancement over the past sixyears for Thomson Reuters and the way its technology is viewed by the industry.Thecompany was placed sixteenth in Risks inaugural rankin
10、gs in 2004,and had only climbedto eighth by 2007.,Toronto-based Algorithmics took third place and has again proved to be the dominantrisk management technology specialist,although it now has Moodys Analytics,a mergerof the Moodys KMV credit risk business with the recently acquired Fermat cross-riskt
11、echnology,snapping at its heels.In the area of operational risk management,Reprinted from Risk December 2009,Algorithmics faces a strong challenge from Wolters Kluwer andits CCH Sword product,which Wolters Kluwer acquired in2008.Meanwhile,Wisconsin-based Fiservs acquisition ofKamakura and its KRM en
12、terprise risk management softwarehas helped boost its position in the rankings to joint-eighth.Despite the breadth of its technology offering,encompassingalmost all the categories in the listings,Pennsylvania-basedSunGard has been unable to mount a challenge for the topposition.The company placed fi
13、fth overall,but maintained itsleading position in the categories that are of central importanceat this time enterprise credit risk management and integratedmarket and credit risk management.SunGard also won secondplaces in limit checking and asset and liability management.California-based Calypso Te
14、chnology and Paris-based Sophistook seventh and joint-eighth positions,respectively,withCalypso maintaining its established lead in credit derivatives andstructured products trading and risk,and Sophis continuing itsdominance of the equity derivatives pricing,trading and risksegments.In tenth positi
15、on overall is New York-based Savvysoft,a vendor that continues to punch far above its weight and hasgained an intensely loyal following,which is reflected in itsnumber one position in cross-asset pricing and risk analytics,and second places in credit,rates and structured productspricing and risk ana
16、lytics.Thomson Reuters is one of the institutions that appears tohave benefited from the increased regulatory focus on enterpriserisk management and liquidity risk management,enabling it toreap the rewards of a recent substantial investment in its productsuite.The revamp of Kondor Global Risk(KGR)fr
17、om a limitsmanagement application to an integrated market and credit risksystem,and the introduction of its risk aggregation platformTopOffice and associated TopOffice Liquidity Risk Managementmodule,have proved timely and,the company asserts,successful.The vendor claims to have 150 clients for KGR,
18、andthree tier-one banks and one tier-two bank live with TopOffice.KGR benefits from the global presence of Thomson Reuters,especially in emerging markets(the vendor has offices in 85countries),as well as the established user base of its Kondor+trading and risk system(although KGR typically links wit
19、hseveral trading systems at an institution).Meanwhile,Kondor+is expanding its market share as banks increasingly look forsingle risk and trading platforms,claims Andrew White,London-based global head of risk management.“We are seeingan increasing demand for more standardised trade and riskmanagement
20、 platforms that can cope with increasing volumesand help to reduce IT complexity,”he says.There is a move awayfrom best-of-breed trading systems for individual asset classestowards cross-asset systems,largely because of cost of ownershipand performance issues,he adds:“At this time,scalability,perfor
21、mance,and cost per transaction come to the front.”Despite losing its top spot,Murex is another firm that has beenable to help customers navigate the new regulatory environment.The firm scored well in the new categories Risk added this year,topping the counterparty credit risk category and coming thi
22、rd inthe liquidity risk and risk dashboard segments.Maroun Edde,chief executive of Murex,believes the new focus on counterpartyand liquidity risks indicate a period of massive change is underway in the financial industry,with the rules being rewritten acrossthe board on things like market assumption
23、s,appetite for risk,“Decision makers realise they need these(risk analysis)tools to grow business in a more constrained world whererisk capital is tighter because risk is being priced morethoroughly.”Michael Zerbs,Algorithmicsversus return,the level of scrutiny of regulators,and tradeprocessing auto
24、mation.“While the fundamental purpose offinancial institutions remains the same,they all need tofundamentally change their business models,”he says.The companys success in the rankings suggests its strategy ofcontinuing to strengthen its cross-asset straight-throughprocessing architecture,while resp
25、onding rapidly to evolving riskrequirements,as well as reducing implementation time and cost ofownership,is paying off in this period of fundamental review andchange,Edde says.However,perhaps contrary to current opinion,vendors cannot abandon support for financial innovation.“Banksand asset managers
26、 need to retain a capability to quickly developnew products,which are more economically sound thanpotentially toxic,but new nevertheless,”he says.Mawheb Amami,product executive at Sophis in Paris,agrees:“Despite needing to demonstrate safe and secure investments,financial institutions still need to
27、be at the forefront of,2,3,innovation.They need to react quickly tomarket demands and develop new cross-asset products rapidly to meet the needsof their clients.”Like Murex,Sophis has balancedsupport for innovation with astrengthening of architecture andperformance and an expansion of riskcapabiliti
28、es.In February,it released RiskManagement Environment,a scenario-based risk analysis platform linked to itsRisque and Value trading and risksystems,but with its own database andinfrastructure.Also proving that some vendors foundnew opportunities in the crisis is Calypso,which signed 20 new clients a
29、nd wonadditional business from 15 existing clientsin 2009,claims Gerard Rafie,senior vice-president,product management at Calypso.“Virtually all our customers have had toadapt their businesses in some way for thenew and very changed trading conditions,”he explains.“Whether it is a treasury servicepr
30、ovider or fund administrator looking touse technology to differentiate theirtransaction management value proposition,exchanges looking to new business aroundthe clearing of over-the-counter derivatives,or regional banks seeking to improvecustomer service by offering currency,energy and interest rate
31、 products in thevacuum left by failed large firms,moreinstitutions than we expected are usingtechnology to expand their businesses.”Aside from enterprise risk managementand liquidity risk,there have been severalother areas of focus for vendors.MichaelZerbs,president and chief operating officerof Alg
32、orithmics,says the company hasconcentrated on providing business decisionmakers with risk analysis tools.“Decisionmakers realise they need these tools to growbusiness in a more constrained world whererisk capital is tighter because risk is beingpriced more thoroughly.Credit valueadjustment(CVA)is a
33、prime example,where five or so years ago only a smallpercentage of institutions applied CVAapproaches and priced credit risk in thefront office.Now,it is emerging as a newmarket standard as credit risk capital isscarce and the market is more discriminatingaround good and bad credit,”he says.Another
34、area of focus has been theprocesses around risk analysis.Thismanifests itself in a number of ways:developing more preconfiguredapplications for smaller clients;providingReprinted from Risk December 2009,new data management tools to helpclients gather and prepare the data for riskaggregation and anal
35、ysis;and building ascalable and resilient infrastructure thatwill support real-time valuation,riskanalysis and limits and excessmanagement in a world of globalcontinuous markets.“When you startcreating truly enterprise-wide risk systemsthat support all asset classes,from thevery complex down to reta
36、il loans,thenyou need an infrastructure that canhandle 10 million20 million loans,which is of a completely different orderthan handling half a million swaps,”explains Zerbs.SunGard has also been experiencingdemand for risk technology for decisionmakers,as well as vastly increasedcomputational power.
37、“We see a drivetowards proper risk-adjusted pricing atthe deal level,which turns riskmanagement from a compliance functionto a key partner in setting businessstrategy,”says Mat Newman,head ofproduct management for SunGardAdaptiv risk systems.“And because of thestrain on IT infrastructures due to the
38、drive for more complex calculations runmore frequently to a higher level of detailand over a wider range of inputassumptions,more banks are looking toinvest in scalable,grid-enabled calculationcapabilities.”Furthermore,high-level summaryresults are no longer sufficient,so banksmust store and analyse
39、 data to the lowestlevel of detail.“This means hundreds ofgigabytes of results data daily that needsto be efficiently stored and processed foron-the-fly navigation and drill-down,andalso stored historically for trend analysisand audit purposes,”says Newman.Tomeet these demands,SunGard recentlyintrod
40、uced a high-performance hardware,software and networking applicationcalled Adaptiv Risk Cube.In parallel with industry attempts tomore closely integrate market,credit andrisk factors,there has been a move tobring together governance,riskmanagement and compliance(GRC).“Increasingly,organisations have
41、 realisedthe need to tie together their risk,compliance and audit activities,”saysMike MacDonagh,enterprise riskmanagement product manager for CCHSword at Wolters Kluwer.In software terms at least,the risk,management in GRC refers to operationalrisk,and for the moment operational riskmanagement and
42、GRC remainfunctionally distinct from market,creditand liquidity risk software.Their onlypoints of overlap are in economic andregulatory capital calculations andenterprise scenario generation and stresstesting,where operational risks can beincluded along with other risk factors.Nevertheless,most vend
43、ors now feelobliged to offer operational riskmanagement software,although the GRCspecialists such as Wolters Kluwer andLondon-based Chase Cooper performedwell in the operational risk managementcategories of the poll.Track record,stability of applications,reference sites,financial strength andglobal
44、support services are all essential forthe success of trading and risk systemvendors today.Thomson Reuters,Murex,Algorithmics and SunGard alldemonstrate this,as do the other vendorsin the Risk rankings.So how does a tiny outfit such asSavvysoft continue to hold a top-10position in the Risk rankings?O
45、ne reasonis continuous product development.Savvysoft has extended its product rangefrom its core pricing and risk analytics toadd the Stars portfolio management riskand accounting system,as well as pricingand hedge accounting services.Savvysoftpresident Rich Tanenbaum believesanother of the keys to
46、success isanticipating industry requirements forinstance,counterparty creditmeasurement and the calculation ofmarket-implied default probabilities,where it has had offerings for severalyears.However,in the current turmoil,Savvysoft is focusing on clients presentneeds.“We feel its more efficient in t
47、hesevolatile times to concentrate our effortson the problems people have now,ratherthan the problems they might have in thefuture,”says Tanenbaum.Many vendors have been able to reactquickly to the changing shape of theindustry and develop systems that meetmany of the requirements of theircustomers,p
48、articularly around the areasof enterprise risk management,counterparty credit and liquidity risk.With regulatory change continuing atspeed,technology firms will have tocontinue to adapt to ensure their productsare relevant.L,6,2,1,OVERALL,Rank123,VendorsThomson ReutersMurexAlgorithmics,1st places654
49、,2nd places7108,3rd places1073,45,Moodys AnalyticsSunGard,32,12,11,How the poll was conducted,CCH Sword,Risk polled thousands of banks,hedge funds,pension funds,insurance,78=8=,CalypsoFiservSophis,222,2,companies and corporate treasurers for this years technology rankings,and received 2,437 valid re
50、sponses.Respondents were asked to vote for thetechnology vendors that provide the best product offering across a number,1011=11=,SavvysoftBloombergMisys,111,311,111,of categories,including enterprise risk management,risk capital calcula-tion,front-to back-office trading systems,and pricing and analy
