With the order of an UnRisk FACTORY and VaR Universe by a capital management firm UnRisk customers grew to 32 in Austria alone this week.
Overview
The Austrian banking system is a universal banking system mainly organized by "sectors" - about 900 independent banks are divided into 7 sectors. Names are Bank Austria (joint stock bank), Erste Bank (saving banks), Hypo Landesbanken (state mortage banks), Raiffeisen, Volksbanken (both cooperative banks with central units), 3 Banken, ... with decentralized networks but universal character.
The Austrian Central Bank (also an UnRisk customer) reports the excess of their assets of EUR 1 Trillion in 2008.
32 financial institutions, the majority of the Raiffeisen and Hypo state banks, Volksbanken AG, 3 Banken, Sparkasse, capital management firms and insurance are now UnRisk customers.
Situation
When UnRisk entered into the market in 2002 Austrian financial institutions have dealt with innovative instruments, sophisticated deal types and structured products of interest rate, equities and FX and required valuation and risk management services and tools in trading, treasury, risk management and controlling, asset management and fund management usually in their capital management arms.
The challenge was 3 fold
- a system that applies accurate and robust modeling and valuation for a wide range of deal types
- a single system that integrates a know-how package with a development environment
- an integrated system that combines fast portfolio across scenario calculations with transaction processing and wide web access
Solution
The UnRisk PRICING ENGINE was the perfect solution for financial units where front office professionals and risk controllers wanted to collaborate analyzing small portfolios with sophisticated deal types. With the availability of the UnRisk FACTORY combining portfolio across scenario valuation and analytics with transaction processing widely accessible over the web, customers could stretch their workflow and extend to large portfolios. They often ran scheduled analytics task over night receiving automated reports in the morning.
Unleashing UnRisk-Q our own development platform and the UnRisk VaR Universe quant developers could add their special scenario testing and VaR interpretation.
The FACTORY has been delivered on the demand of 3 featured customers. It is bank-proof from the beginning. Its EXPRESS Edition as scaled as special offer for capital management firms, asset management of insurance or financial consulting and services.
In 2 months it will come with the coverage of UnRisk-Q now at version 5 - including the VaR universe.
Ou customers know what comes beyond.
Why don't we, unlike our competition, disclose concrete use case studies? Because of our co-evolution commitment.
We have about 100 customers, financial institutions, world-wide - although we might not have the same leading position we treat this markets with an equal customer-first commitment.
We have about 100 customers, financial institutions, world-wide - although we might not have the same leading position we treat this markets with an equal customer-first commitment.
