QuIC’s Industry Expertise and Risk Management Technology Accelerate IMM Approval Process
VANCOUVER, CANADA – June 11, 2009 –QuIC Financial Technologies Inc., a leading global solutions provider of risk management, pricing and financial analytics solutions, is pleased to announce that two clients have obtained Internal Model Method (IMM) approval from their regulator, further reinforcing QuIC as the partner of choice for leading banks who seek rapid and successful compliance to important regulations.
“It has been QuIC’s focused strategy to invest in our dedicated team of Financial Engineers and risk experts to complement our technology. We’re now uniquely positioned to offer banks extremely valuable insight and help in quantifying their risk to obtain IMM approval.” stated Nigel Cairns, President and CEO of QuIC. “We are now leveraging the expertise and insight gained from assisting these two clients to help other clients gain approval.”
Drawing on QuIC’s expertise in helping clients meet industry regulations, and combining it with access to the highest performance risk management tools to calculate model valuation and Counterparty Credit Exposure, QuIC has established many working relationships with banks helping them meet important regulations.
Banks are facing increasingly rigorous credit risk and exposure demands, and are now looking to obtain IMM approval as part of their overall risk management strategy to better understand their exposure risks and capital requirements. In recognition of our client’s need of assistance both implementing and executing a successful IMM strategy, we are providing the necessary services to support model validation, documentation, back testing and stress testing.
“We witnessed first-hand how the flexibility of our technology provided these two clients the advantage in obtaining IMM approval,” added Tony Coppellotti, Chief Technology Officer for QuIC. “Calculating credit risk on a full monte carlo basis for a tier one bank’s global book requires the speed of a super computing solution, the stability of a proven risk architecture, and the flexibility to tailor the solution to the client’s environment.”
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
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QuIC Financial Technologies Inc.
Tel: +44 (0)20 7562 4570
Fax: +44 (0)20 7562 4571
julie.zuzek@quic.com
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