Leading Bank Invests in QuIC
to Better Manage Credit Risk; Reinforces Strong Demand for QuIC’s flexible Risk
Management Solutions VANCOUVER, CANADA – March 30,
2009 - QuIC Financial Technologies Inc, a global solutions provider of
risk management, pricing and financial analytics, today announced that Rabobank
International has selected the QuIC Credit Risk Solution to perform their credit
risk exposure calculations.
“We selected QuIC because of their flexible
technology and ability to optimise our credit risk calculations,” says Paul
Howden, Senior Risk Advisor for Rabobank International. “With the flexibility
and enhanced functionality we receive with QuIC, being combined with our
in-house technology and our existing market risk technology, we have designed a
comprehensive, powerful risk management architecture.”
Faced with growing
demand for more accurate, reliable calculations for credit exposure risk,
combined with pending regulatory guidelines for accountability, Rabobank
selected QuIC to enhance the management of credit risk across its various market
portfolios, providing risk managers with the most complete and transparent view
of credit risk exposure.
“We are extremely excited to be working with Rabobank who have recently been
ranked as one of the world’s safest banks in Global Finance Magazine’s 2008
Rankings*,” stated Nigel Cairns, President and CEO for QuIC. “Rabobank’s
implementation of our Credit Risk Solution is not only a strong validation of
the QuIC Product Suite, but we’re confident they’ll benefit from our flexible
technology and its ability to confidently work alongside their existing market
risk solution.”
By implementing the QuIC Credit Risk Solution, Rabobank
International leverages the power, flexibility and speed of the QuIC Product
Suite and the knowledge and expertise of the global QuIC team. Specifically,
QuIC will provide Rabobank’s risk department with an accurate view of PFE for
limit management and the calculation of regulatory capital under IMM.
“Rabobank’s strategic decision to replace one component of their risk
infrastructure is a new and emerging trend we’re seeing in banks faced with
limited budgets and constantly increasing standards for conformance and
transparency,” stated Justin Forrest, Executive VP of Global Sales for QuIC.
“QuIC is a logical choice for component replacement because QuIC technology is
flexible and scalable enough to work alongside a bank’s existing systems, and
robust enough to be expanded into other departments within a bank.”
QuIC has commenced the implementation at Rabobank International and
expects full deployment in 2010.
*Global Finance Magazine named the World’s Safest Banks through a comparison of
the long-term credit ratings and total assets of the 300 largest banks around
the world. Ratings from Moody’s, Standard & Poor’s
About Rabobank Group
Rabobank Group is a Netherlands
based, international financial services provider operating on the basis of
cooperative principles with a predominant focus on providing allfinanz services
in the domestic market, Internationally the focus lies on food &
agriculture. Conditioned by its cooperative roots, Rabobank Group is comprised
of independent local Rabobanks, plus their central organisation Rabobank
Nederland and its (international) subsidiaries. The organisation has more than
60,000 employees and operates in 43 countries.
Rabobank Group has the highest credit rating, Triple A, awarded by the
well-known international rating agencies Standard & Poor's, Moody’s and
Dominion Bond Rating Service. In terms of Tier I capital, the organisation is
among the top twenty largest financial institutions in the world with total
assets of EUR 567 billion and a net profit of EUR 1.5 billion in the first half
of 2008.
De Lage Landen (leasing and vendor financing), Robeco Group (asset
management), Rabo Real Estate Group (real estate management) and Sarasin
(private banking) are well-known Rabobank specialised entities.
For more information about the Rabobank Group go to www.rabobank.com
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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