VANCOUVER, CANADA – March 26, 2009 - QuIC Financial
Technologies Inc, a global solutions provider for risk management, pricing and
financial analytics, today unveiled their Incremental Risk Charge (IRC)
Solution. This milestone solution places QuIC in a leading position to help
banks comply with pending FSA regulatory requirements.
“We are very excited about our latest solution and are seeing an increased
demand from banks being proactive in achieving FSA approval for IRC,” says Nigel
Cairns, President and CEO for QuIC Financial Technologies. “The QuIC IRC
Solution was developed in conjunction with one of our long-term clients and will
be very appealing to other banks looking to implement a flexible strategy ahead
of the regulatory deadline.”
The QuIC IRC Solution provides Risk Managers
with the ability to rapidly implement an out-of-the-box initial model that can
be easily modified to meet their internal methodology. This gives them complete
flexibility to implement their IRC solution quickly and easily, to identify any
regulatory gaps earlier, and to understand the potential impact of IRC on their
business.
“Banks developing an IRC strategy will quickly discover that speed, performance
and flexibility are critical, and extending an existing market risk solution to
include IRC is not a viable strategy,” stated Tony Coppellotti, Chief Technology
Officer for QuIC. "Pushing an existing market risk solution to run so many
scenarios will cause performance issues and have serious hardware and cost
implications.”
About the QuIC IRC Solution
Leveraging key components of
the QuIC Product Suite, the QuIC IRC Solution combines an initial IRC model, a
high-performance calculation engine and the modeling language for banks to adapt
and develop a bespoke IRC solution, based on their own methodologies. Designed
as a simple and quick implementation, without taxing hardware or existing
infrastructure requirements, the QuIC IRC Solution helps risk managers
understand the potential impact of IRC on their business well in advance of the
regulatory deadline. This solution easily integrates into grid fabrics to
optimally distribute IRC calculations, thereby providing firms with a
cost-effective solution to implement IRC models.
About QuIC Financial Technologies, Inc.
QuIC is a global
solutions provider for risk management, pricing and financial analytics. The
QuIC Product Suite features an exceptionally fast vector-based calculation and
simulation platform for pricing, risk management and financial analytics. Built
with fully open technology, the QuIC Product Suite integrates easily with
in-house and partner systems and operates in diverse environments, from a single
laptop to large distributed grids. QuIC technology is delivered on a shared
calculation fabric available to multiple recipients throughout the enterprise,
allowing risk management professionals to collaborate in developing new
analytics strategies and technology solutions.
Press Contact
Julie Zuzek
Director of Marketing and
Communications
QuIC Financial Technologies Inc.
Tel: +44 (0)20 7562 4570
Fax: +44 (0)20 7562 4571
julie.zuzek@quic.com
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QuIC,
the QuIC logo, and QuIC Analytic, QuIC Analytics – XL, QuIC Analyzer, QuIC
Engine, QuIC Functions, QuIC Integration, QuIC Links, QuIC Mechanics, QuIC
Network Engine, QuIC Platform, QuIC Product Suite, QuIC Publisher, QuIC Script,
QuIC Simulation Framework, QuIC Run, QuIC View, and QuIC Workbench product names
are trademarks of QuIC Financial Technologies Inc. or a licensor in Canada, the
United States and/or other countries.