Category: Regulatory & Compliance
MetricStream Risk Management enables organisations to assess, manage and monitor organisational risks, such as operational, financial, IT, regulatory and reputational risk. Recent enhancements include context-driven analytics, dashboards, drill-down reports, charts and risk heat maps. Key risk indicators (KRIs) and key performance indicators (KPIs) are monitored and compared against expected values and thresholds. A centralised library harmonises risk content, including processes, risk taxonomies, risk factors, controls, assessments, tests and survey templates, and pre-defined KRIs and KPIs. Improved intuitive interfaces and navigation help access contextual information and visualise relationships between risks, processes, controls, regulations, assets and policies.
MG-Alfa is a financial modelling system for insurance and pension funds. The system can be deployed as a desktop solution for typical actuarial modelling, or as an automated end-to-end production solution for Solvency II. Key advantages include processing speed, unlimited capacity for stochastic ALM models, a flexible data model and flexible business logic, Excel-based tabular input and reporting tools, and extensive tools for controls and governance. MG-Alfa is now integrated with Microsoft Azure and future enhancements will expand the Azure integration and offer additional support for International Financial Reporting Standards (IFRS) and Solvency II.
Numerix has introduced Dupire, Bates and local stochastic volatility models for foreign exchange basket pricing, and has added two types of stochastic volatility model for inflation derivatives. The firm has also moved to support CVA calculations, enhancing its Numerix Hybrid pricing and risk framework to produce consistent scenarios among multiple risk factors, with the ability to price specific regional securities and take local data and conventions into account. In addition, the company has adapted its interest rate models to support dual-curve pricing, with separate yield curves for projecting forward rates and for discounting cashflows for collateral.
Mo.net is an enterprise financial modelling platform for producing pensions and insurance valuation balance sheets and pricing products. Mo.net version 6 is built on the Microsoft .Net framework and includes a new Office-style interface, enhanced parallel, stochastic and DLL model creation capabilities and additional audit functionality for compliance with Solvency II. Additions to the model library include defined benefit pension valuation and Takaful finance, along with a Solvency II standard formula model for life insurance.
OpenLink has added Collateral Management Desktop to its Findur financial and Endur energy trading and risk management systems. This supports bilateral credit support annex (CSA) margin analysis, margin stress testing and liquidity analysis, and collateral statement documentation and memos. Meanwhile, Margin Desktop is a module for collateral management of exchange-traded and cleared products, with margin analysis, calculation and validation. Generic Instrument Designer allows users to create exotic options with payouts based on any combination of attributes, including digital, barrier, range accrual, inflation-linked, quanto and floating strike. A module for Financial Accounting Standard 91 compliance supports the accounting of discounts, premiums and fees.
The Price-it suite of pricing models, tools and risk analytics can be installed in-house or is available as a hosted service. It covers life insurance, including variable annuity and mortality-based products, and other asset classes. Recent enhancements include stochastic mortality models, the ability to customise simulation scenarios, credit valuation adjustment (CVA), debt valuation adjustment and bilateral CVA for any derivatives with accurate valuation of potential future exposure and the corresponding probabilities of a default of the counterparty. This year, the company introduced life insurance products to its online valuation platform Price-it Online, and its in-house system connector Price-it API.
Solvexia is a web-based platform for automating manual repetitive processes, including valuations and report preparation, without the need for programming skills. It works with existing files including Excel, Access, text and other file formats. Recently added features include: detailed audit trails of changes to processes and data files; the ability to run major actuarial systems on the cloud within end-to-end processes; management approvals; and enhanced scheduling. This year, the company plans to add support for SQL Server databases and improved web dashboards.
RiskAgility Moses and EC offer enterprise-level risk modelling platforms and economic capital aggregators for life companies. An update in January 2012 enhanced the production application environment. Igloo is the equivalent platform for non-life companies and is available in five editions to suit organisational and budget requirements. Both products support a wide range of regulatory and ERM requirements, with options for economic scenario generation. The company also offers suites of products that cover a wide range of pricing and reserving applications.
Tradar is a leading supplier of portfolio management and accounting solutions to the buy-side, with in excess of 220 clients across more than 30 countries worldwide. Tradar's solutions are highly scalable and support investment management clients ranging from an AUM of US $10m to US $300bn. Founded in 1997, Tradar offers multi-asset class platforms supporting virtually any investment and trading strategy. Tradar has offices in London, New York, and Hong Kong.
The company has introduced a Solvency II package covering all three pillars of the regulation and featuring tools for risk analysis and capital calculation. Also included are reporting tools and a set of risk dashboards. In addition, the company has expanded its ARC Logics enterprise operational risk management system to cover the European market, and enhanced the risk and controls module to strengthen integration with the system's other modules. The firm has also added mortgage prepayment modelling and hedge accounting functionality to its RiskPro financial risk management system, and added a web interface and workflow management functionality to its FRSGlobal regulatory reporting tools.