| Copyright: | M2 COMMUNICATIONS | | Source: | M2 PressWIRE | | Wordcount: | |
Toronto, London, Taipei -- Algorithmics announced today that the First Commercial Bank (FCB), a leading tier one Taiwanese bank, has chosen Algorithmics' integrated risk solutions to help with Basel II compliance and for counterparty credit risk management and credit limits monitoring.
FCB will be implementing Algorithmics' integrated and enterprise wide risk management solutions Algo Market Analytics, Algo Credit Exposure and Algo Credit Limits. The implementation will be supported locally by APFC, a risk management consultancy in Taiwan and an Algorithmics partner in the region.
FCB, said: "We had two clear objectives to consider in selecting our solution partner for this important project - we needed to comply with Basel II rules for market risk and counterparty credit risk and we needed to be able to calculate risk in an integrated way to provide consistent risk metrics. We chose APFC for their risk management expertise and Algorithmics' software because it is proven to be robust and for its comprehensive product coverage. In addition, we were impressed by Algorithmics' and APFC's reference sites in Taiwan and their experienced service consultants.
"At a time when credit risk management is so important, Algorithmics' credit limits solution, Algo Credit Limits, will give us the ability to access immediately our consolidated exposure information so that we can set and manage credit limits across FCB. Its functionality will provide our senior management with a well-managed control environment within which we can grow our business volumes." Mina Wallace, Executive Vice President, Global Services and Support, Algorithmics, added: "We are delighted to be working with FCB and APFC in Taiwan to deliver a risk system that will go beyond FCB's compliance requirements. This implementation will provide FCB with an extensive range of simulation based risk measures such as VaR and scenario-based profit and loss estimates that will help the bank become aregional benchmark for enterprise risk management. We welcome FCB to the Algorithmics risk community and look forward to continuing to grow our presence in Taiwan." For an overview of Algorithmics' risk solutions, please visit: http://www.algorithmics.com/EN/solutions/overview.cfm ENDS For further information please contact:
Heather Smith, Senior Communications Manager, Algorithmics (UK) Ltd
Direct line +44 (0) 20 7392 5820 Mobile+44 (0) 7515 974223 E-mail Heather.smith@algorithmics.com
Notes to Editors:
First Commercial Bank (FCB), established in 1899, is one of three major state-affiliated money-centre commercial banks in Taiwan. It is Taiwan's fifth-largest bank in terms of assets with a market share of 5.4% in loans and a network of 181 branches. FCB was privatized in 1998 as part of the government's drive to implement financial reforms. First Financial Holding Co., Ltd. ("FFHC"), which owns 100% of FCB, was formed in 2003, and its subsidiaries are engaged in insurance broking, securities broking, and other financial services. Government agencies currently hold a 23% stake in FFHC and appoint the majority of its board of directors.
Algorithmicsis the world's leading provider of enterprise risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. www.algorithmics.com APFC is the premier consultancy in Taiwan in the area of risk management, and has a high proportion of the banks in Taiwan as its clients.
Algo Market Analytics supports market risk capital measurement, management and mark-to-market, enabling calculation of minimum capital under standardized and internal model approaches. Algo Market Analytics captures and consolidates exposures arising from multiple risk factors including interest rates, equity markets, credit spreads, volatilities, FX, power and commodities.The range of risk analytics offered includes stress testing, simulation-based scenario generation, aggregation, drilldown and portfolio optimization. Since 1996, firms have used Algo Market Analytics to secure regulatory approval for their Internal Models Approach (IMA).
Algo Credit Exposure is a comprehensive solution for measuring and managing counterparty credit risk, supporting the real time demands of operations while addressing all areas of Basel II for the trading book.By providing a rich set of statistical and scenario-based results with industry-leading analytics for each counterparty, Algo Credit Exposure helps firms achieve business and regulatory objectives.
Algo Credit Limits enables users to view and manage an institution's consolidated risks across all exposures. Users are able to drill-down to view the institution's risk exposure to a single customer relationship or to a particular industry, product or geographic market. With real-time access to risk exposure, Algo Credit Limits is fundamental to managing customer relationships, global limits and your bank's overall credit portfolio.
Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings' global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London.
The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions.
The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France.
2009 Algorithmics Software LLC. All rights reserved. ALGO, ALGORITHMICS, Ai & design, ALGORITHMICS & Ai & design, KNOW YOUR RISK, MARK-TO-FUTURE, RISKWATCH, ALGO ALM, ALGO COLLATERAL, ALGO CREDIT ADMINISTRATOR, ALGO CREDIT DATA SERVICES, ALGO CREDIT ECONOMIC CAPITAL, ALGO CREDIT EXPOSURE, ALGO CREDIT LIMITS, ALGO CREDIT REGULATORY CAPITAL, ALGO CREDITVANTAGE, ALGO ETREASURY CREDIT, ALGO FIRST, FIRST 500, ALGO MARKET ANALYTICS, ALGO OPDATA, ALGO OPVAR, ALGO RECONCILIATION, ALGO RISK, ALGO RISK SERVICE, and ALGO SUITE are trademarks of Algorithmics Trademarks LLC.
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