risk management systems guide 2015

Risk Management Systems Guide 2015

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Thanks to our clients we have been voted ldquoBest Broker-Supplied ToolTechnologyrdquo

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Bobs Guide_option1_0116indd 1 20012015 112920

Risk Management Systems

Guide 2015

wwwbobsguidecom Copyright copy 2015 MyGuides All Rights Reserved 3

Contents

EditorBen Poolebenben-poolecom

CEOAnne-Marie Riceannemariebobsguidecom

Sales DirectorStephen McMaugh stephenbobsguidecom

Senior Account ManagerStefano Perciballistefanobobsguidecom

Business Development ManagerEdward Drewedwardbobsguidecom

Design amp ArtworkDonna Healydonnamissjonesdesigncom

bobsguide is the trusted online global resource for buyers of financial IT technology More than 55000+ users visit bobsguide every month to research and purchase systems for banks dealing rooms corporate treasuries and other financial environments

Copyrightcopy 2015 My Guides Copying and redistributing prohibited without permission of the publisher This information is provided with the understanding that the publisher is not engaged in rendering legal accounting or other professional services If legal or other expert assistance is required the services of a competent professional person should be sought

bobsguideOne Hammersmith BroadwayHammersmithW6 9DLUNITED KINGDOM

Tel +44 (0) 208 080 9167Fax +44 (0) 207 084 7783salesbobsguidecomnewsbobsguidecom

Welcome to the bobsguide Buyers Guide to Risk Management Systems 2015Welcome to the new Buyers Guide to Risk Management Systems from bobsguide

The focus on risk management for banks and corporates alike has been critical since the financial crisis highlighted certain shortcomings and increased the regulatory focus

For organisations looking at purchasing new risk solutions in order to address the increasing pressures in this area our Guide features a comprehensive matrix allowing buyers to compare and contrast the different functionalities of solutions on the market today

Complementing the Risk Systems Matrix we have a selection of features that explore a variety of the key risks that both banks and corporates face in the current economic environment Against the backdrop of recent huge fines handed down to banks from governments that identified violations of sanctions regulations our first feature looks at the issues around compliance in this area Compliance risk is clearly top of mind for financial institutions today

Credit risk is also under the spotlight from Basel III and beyond Our second feature looks at how banks are responding to new regulations and directives and what effect these major changes to banking are having on their clients

We also explore how as technology evolves the threats to bank systems continue to increase and how financial institutions can counter this Finally we explore how corporate treasurers are now in a leading position when it comes to organisational risk management

I hope you enjoy the Guide

Ben Poole Editor

6 Compliance Hits HomeBanks have been hit with huge fines for breaking sanctions rules What can they do to ensure compliance with the various sanctions edicts around the world

12 Basel III Shines Spolight on Credit RiskThe phased implementation of Basel III is forcing banks to pay close attention to their credit risk management policies

14 Technology and Risk Evolving TogetherWith organised crime groups exploiting the latest technology the stakes have never been higher for banks systems risk management policies

18 Functionality Matrix

22 Treasuryrsquos Rising Role in Risk ManagementThe treasurers focus on risk management is stronger than ever as treasury departments take on more risk responsibilities from the organisation


4 Copyright copy 2015 MyGuides All Rights Reserved wwwbobsguidecom

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As the volume of electronic payments continues to rise in line with new digital channels so does financial crime 2014 has seen anti-money laundering (AML) sanctions breaches and countering financing of terrorism (CFT) dominate the financial services landscape

rdquoWhile there are some differences in compliance regulations in different jurisdictions overall if you look at Europe Asia and the US regulators are trying to similar things regarding sanctions AML and know your customer [KYC]rdquo says Luc Meurant Head of Compliance and Banking Markets at SWIFT rdquoOverall the intention is fairly consistent

across the geographies The details of implementation can still differ and the fines involved can also differ country by countryrdquo

While the fines may differ the past year saw a number of large-scale fines hit the headlines rdquoIn terms of why the fines have been so big the general

Compliance Hits HomeWords Ben Poole

The US government has been in the news for handing out multi-billion dollar fines to banks that it views as having broken sanctions rules With the severity of the potential punishments hanging over them what can banks do to ensure they comply with the various sanctions edicts around the world

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Automation

view was that the cost of compliance was historically higher than the cost of adhering to the regulationrdquo says Amanda Gilmour Product Director of Payments at Temenos rdquoFor the larger banks operating in a wide number of jurisdictions with differing regulations operating with different systems in their satellite offices it was just not worth it Regulators have started to realise that for banks to take the issue of financial crime seriously they must hit the banks where it hurts themrdquo

US v EuropeThe cases that have received widespread coverage in 2014 have generally seen the US government handing down multi-billion dollar fines on banks that are based in Europe While every case is different these fines often occurred as a result of the difficulty some non-US banks have had in complying with US law andor possibly a resistance some institutions feel in having to do so This was seen when BNP Paribas was hit with a fine of almost US$9bn from the US

rdquoFrench government officials have repeatedly mentioned that BNPs alleged actions dont violate European

lawrdquo says Temenos Gilmour rdquoHowever the US Justice Department is not interested in whether BNPs actions violate European law by operating in the US (through Bank of the West and First Hawaiian Bank) BNP has agreed to follow US law US officials view sanctions violations seriously and these violations do not have to occur in the country for US authorities to actrdquo

Ensuring ComplianceIn terms of the steps banks should take there are two elements that are essential 1) having the right frameworks and 2) having the right technology to support those frameworks

In terms of the framework regulations stipulate that a sanctions compliance programme be setup This must meet the minimum requirements such as policies procedures and internal controls to comply with the Bank Secrecy Act (BSA) These include verifying customer identification filing reports detecting suspicious activity creating and retaining records and responding to legal requests In addition it is usually stipulated that a

designated compliance officer be in place to assure daily compliance with the programme and support other elements such as training and updating policies and procedures

In particular where an FI has a presence in more than one jurisdiction it must adopt a group AMLsanctions policy rdquoBanks should comply with the standards of the most stringent national frameworks and the territories where it has a presence even through a subsidiary companyrdquo says Temenos Gilmour rdquoCustomer centric regulations

ldquo The challenge for banks is to know when what they are doing is good enoughrdquo




such as KYC and customer enhanced due diligence (CEDD) must also be considered Financial institutions are required by law to establish well defined processes to meet global KYCCEDD requirements and involves constant tracking of sanctionwatchembargo lists from around the world along with being in constant sync with regulatory changes in different jurisdictionsrdquo

These requirements vary along many lines including

bull Geographic areas that bank customers deal in

bull Lines of businesses

bull The product and service portfolios and delivery channels they use

bull Type and size of transactions undertaken by institutions customers

bull The risk profiles that they belong to

rdquoBanks need to invest in the systems that help them comply with regulations around sanctions AML and KYCrdquo says SWIFTs Meurant rdquoThe challenge for banks is to know when what they are doing is good enough There is no real benefit for them in being the best in class in financial crime compliance as they dont get any new customers because of this All banks are expected to comply and what they want to make sure is that they are as good as the others Unfortunately there is no clear measurement that a bank can do to see how it compares to the average That is a challenge for banks At SWIFT banks often ask us about how we can

help with market practices You get a real sense that there is a real appetite from banks to benchmark what they are doing compared to othersrdquo

A Community IssueSanctions regulations must not just be adhered to by banks Business must also meet regulatory requirements If companies do not adhere they risk injunctions levy hefty fines and prescribe temporary or permanent bans Government sanctions adversely affect operating activities particularly with regard to production costs and corporate reputation

rdquoMost industries are affected by sanctionsrdquo says Temenos Gilmour rdquoThe manufacturing industry in particular must consider them During the manufacturing of a product the elements that make that item may come from a wide variety of sources and countries If a sanction is imposed on one of these countries or individuals then the total cost of production may increase greatly unless this new source is found at the same or lower cost In addition time may be lost sourcing this item elsewhere and establishing a new relationshiprdquo

Organisations also need to employ personnel to ensure that they are not working with companies that feature on sanctions lists Those employed may include cost accountants financial managers compliance specialists and factory foremen To support the tracking they may use tools as varied as defect-tracking programmes warehouse shipping

management software product life cycle management applications and risk assessment software

The Continuing ChallengeWithout the right policies and technology the trend of large fines is expected to continue rdquoI expect an increase in the volume and scale of personal finesrdquo says Temenos Gilmour rdquoBanks and individuals may be forced to plead guilty to criminal charges and fire employees close to the issue The recent fines are a clear indication that governments may reconsider the doctrine of too big to jail as fines levied in the past seem to have had little impact in curtailing illegal behaviourrdquo

Regulators particularly within the US are also talking about suspending at least temporarily a bankrsquos ability to move money if it falls foul of compliance regulations This level of suspension would impede the bankrsquos ability to process payments or issue letters of credit (LCs) for a period of time which could cause significant disruption for its customers A penalty such as this combined with a fine and potential additional penalties may damage a bankrsquos credit rating

rdquoBanks are aware of the need for change howeverrdquo says Gilmour rdquoFindings in CEB TowerGrouprsquos Adoption and Investment survey illustrated this with 41 of institutions expected to replace their AML and sanctions systems by 2018 while 48 will increase their spending in the coming yearrdquo

Risk Management Systems Guide 2015 ADVERTORIAL

Prometeia is a leading provider of consulting services and IT solutions focused on Enterprise Risk Management Founded in 1974 it serves more than 200 financial institutions in twenty different countries through a consolidated network of foreign branches and subsidiaries located in Europe Africa and Middle East

Prometeiarsquos client base includes primary financial institutions central banks and multilateral organisations although the company is rapidly expanding into emerging markets where it supports the growth of the local banking players

Prometeiarsquos business model is atypical in the Risk industry combining extensive consulting services software solutions implementation support and methodological training for risk practitioners

ERMAS Suite is the flagship solution of Prometeia integrating the enterprise risk management with analysis of balance sheet risks and performance analytics

The ERMAS software solution has an integrated and flexible structure comprised of three main components

bull Risk Datamart and ETL tool to import and manage data from core systems The ETL tool is highly customisable and provides data profiling and mapping capabilities

bull Distributed computation engine fully compatible with Microsoft Parallel DWH technology which allows the maximum degree of performance in all risk calculations

bull Presentation component entirely based on Microsoft rdquoin memoryrdquo technology includes drill-down and dashboard-generating functionalities

This all-inclusive suite covers ALM market risk liquidity risk credit risk analysis and regulatory reporting with a strong emphasis on commercial banking business This application is complemented by ECAPro a workflow-driven software platform supporting the credit origination process in conjunction with ERMAS risk analytics This combined application is designed to improve portfolio credit quality by putting the lending process under structured control

ERMAS ALM capabilities provide interest rate risk calculations and credit risk adjusted balance sheet analysis Shocks to yield curves can be simulated for interest rates and other market risk factors by defining specific scenarios for curves FX rates and various other parameters

Regulatory reporting - including Basel III Pillar I RWA and regulatory liquidity stress test EBAECB COREP ICAAP - is provided in compliance with both national and supranational regulatory requirements including periodic updates of regulatory reporting formats ERMAS creates reports on different consolidation levels (eg individual subgroup group) which can be exported into multiple formats (MS Excel XBRL)

ERMAS provides also liquidity and credit risk analytics that support cash-flow analysis stress testing and fund and credit capital planning The solution is designed to run hypothetical and historical scenario-based simulations both on market and credit risk factors

FTP capabilities are based on the cash flow schedule of each individual position its financial characteristics and behavioural assumptions All market liquidity and credit risk components are considered in the fund transfer pricing process in order to support a clear allocation of risk and financial PampLs

Capital Management capabilities cover credit market and operational risk supporting economic capital assessment and business planning including stress testing functionalities Users can simulate the impact of stressed macroeconomic scenarios on PampL and capital as well as obtain a dynamic projection of future balance sheets

Prometeiarsquos ERMAS Suite and consulting services offer a fully adaptable and all-inclusive solution for all risk management needs helping clients monitor analyse manage and control risk to maximise their profitability while still meeting regulatory requirements

Prometeia all rights reservedHeadquartered in Bologna (Italy) Via Marconi 43 40122For additional information please visit our website wwwprometeiacomLocal offices in London Istanbul Moscow Beirut Lagos Milano Rome


Are your systems agile enough to meet your financial reporting demands

Since the 2008 global economic crisis transparency in all financial reporting has

become increasingly important Advances in technology the growth of the internet and the functionality that accompanies this rapid growth mean that organisations have the opportunity to transform how they do business So what can your organisation do to ensure it isnrsquot constrained by old habits

A rise in computing capacity

The growth of the internet has changed the way that we all operate in both our personal and professional lives we live in an interconnected world where we can communicate instantly via email social networks and our smartphones and tablets When it comes to financial reporting the submission of financial statements has also moved on from the dark ages with new reporting languages that enable fast analysis by the worldrsquos regulators

To date UK and European regulators have been forward thinking in their

adoption of XBRL for the submission of financial statements A human readable format of XBRL makes sense and we believe is the global financial reporting language of the future

iXBRL adoption and the impact on your business

At Arkk Solutions we appreciate that new reporting methods can be a challenge with over five yearsrsquo experience of helping leading organisations manage their transitions we have developed reporting solutions which between them result in transparent self-describing documents that take the hassle out of financial compliance

With a commitment to innovation and a passion for helping organisations be more efficient and transparent we have developed solutions for capital adequacy reporting ndash specifically CRD IV (COREP amp FINREP) and Solvency II reporting in XBRL ndash which we provide to filers across Europe including the UK Ireland France Germany Spain the Netherlands Norway and Denmark Additionally we have an AIFMD reporting solution that has

been adopted by some of the worldrsquos largest fund managers

More than just XBRL and iXBRL

Along with delivering market leading software products we also assist organisations with the adoption of reporting standards for new legislation and specialise in projects to convert internal business information into specific reporting formats for external regulators

Next steps

If you are looking for the most efficient easy to implement solutions to convert your internal data to a format that your regulator demands then we can help with simple to adopt products and great customer support

lsquoWe experienced no challenges during the transition to iXBRL and we have been very happy with Arkkrsquos efficient and friendly support service and technology excellencersquo

Kevin Lane Group Financial Controller Aspers Group

Get in touch

Join the conversation on Google+

Follow us on Twitter iXBRL

Connect with us on LinkedIn

e enquiriesarkksolutionscom w wwwarkksolutionscom t 020 7036 2758

gt



Basel III Shines Spotlight on Credit Risk Words Ben Poole

The capital component of Basel III has forced banks pay very close attention to their credit risk management policies While the timeline for full compliance with Basel III runs until 2019 the effects are being felt today

From a capital perspective Basel III requires firms to hold more capital and also a higher quality of capital The goals of the capital requirements are so that banks have a better ability to absorb shocks such as those seen during the financial crisis as well as to improve risk management in banks overall As well as the minimum capital component a capital buffer is also required for Basel III compliance Between the capital component and the buffer banks need to hold much more capital

Faced with these challenges there are three main areas where banks have been most proactive in responding

1 Technical responses 2 Strategic responses 3 Operational responses

Technical responsesIf banks have to hold more capital it means they cannot use that money for something else It is costly to hold this capital and it can impact profitability particularly in the current low interest rate environment rdquoFrom a technical perspective banks are looking to reduce more risky and highly capital consuming exposuresrdquo says Nancy Masschelein VP Market Management Risk amp Finance EMEA at Wolters Kluwer Financial Services rdquoThat is something we have

seen in asset restructuring - banks have had a continuous focus on reducing securitisation exposures for examplerdquo

As holding capital is costly banks are also incorporating this into their overall pricing creating more risk sensitive pricing The more capital needed to be held for a counterparty exposure the higher the pricing will tend to be

Strategic responsesSome banks have changed their business models by selling business units that consumed more capital or the group organisation changed its overall structure to minimise exposure Additionally since Basel III was first mentioned banks have issued a lot of new capital This is partly a strategic response and partly a technical response

Operational responsesrdquoOne of the operational responses from banks has been to ensure that data is managed in an efficient wayrdquo says Wolters Kluwers Masschelein rdquoThis allows banks to readily identify their exposure to higher capital meaning they can think about the responses and actions that they need to employ In addition quite a lot of investment has been made to improve the calculation capabilities overall Here Im talking about investments in risk weighted assets [RWA] optimisation techniques or in collateral optimisation techniquesrdquo

Other operational responses have been seen with bank processes with stricter credit approval processes and a closer integration of the risk and finance function for example

Credit Risk ManagementDue to the financial crisis the management of credit risk has had a much stronger focus from both banks and regulators (as seen in the Basel III framework) Banks are much more tightly managing their credit risk as a consequence rdquoIn addition there is an interesting dimension on intra-day credit which didnt really exist that much as an area of focus beforerdquo says Ruth Wandhofer Global Head of Regulatory amp Market Strategy at Citi rdquoNow that the Basel Committee requires banks to report data on intra-day liquidity extended to clients [from 1 January 2015 subject to national implementation] this comes into the intra-day credit conversation Technical monitoring and getting data has to be linked back to internal business management processes to ensure that the credit department is involved for any intra-day sign offs that may be required This is happening in a much more formal way than may have been the case pre-crisisrdquo

The pressure around credit risk is not only coming from Basel III There are the European Central Bank (ECB) stress tests



that are looking at the balance sheets of all the big European banks and checking that they hold sufficient capital to cope with adverse market eventsrdquo says Wolters Kluwers Masschelein rdquoYou can also think about the regulations coming from the International Accounting Standards Board (IASB) In IFRS 9 one of the key components is to make sure that impairments are better reflected on the balance sheet taking account of the forward-looking nature Also banks are focusing on having a better and more accurate view on their credit riskrdquo

Unintended Consequences for ClientsFollowing financial crisis and in the context of the Basel Framework counterparty risk and the credit rating of counterparties including customers is very relevant rdquoIf a bank has a rated counterparty such as a large corporation that has a AAA rating this large corporation will not be seen as a significant lending risk under Basel translating into a lower level of risk weighted assets on the banks balance sheetrdquo says Citis Wandhofer rdquoAlternatively lower credit rated or the non-rated may have more difficulty to obtain lending This is particularly the case in relation to the liquidity coverage ratio [LCR] Here the value of deposits of corporate customers has been redefined reflecting a lower liquidity value for the bank compared to Basel II As a consequence banks have responded by developing LCR-friendly deposit solutions and are ensuring that operational deposits which receive a higher liquidity value are clearly identifiable for regulatory reportingrdquo

Banks are working with both the regulators and their clients on the issues that have arisen from Basel III rdquoAn area where we did a lot of work with the Basel Committee on a global level was to improve the liquidity treatment of corporate operational and non-operational depositsrdquo says Citis

Wandhofer rdquoThese were reflected in the updated LCR version of 2013 and subsequently adopted by many key jurisdictions Corporate operational deposits maintain a liquidity value of 75 so theres only a 25 run off rate Any non-operational deposit of a corporate would have a 40 run off rate reducing the liquidity value in times of short-term stress by this percentage To ensure more stickiness of deposits LCR-friendly deposits that go beyond the 30-day Basel timeline have been developed in the market It is all about designing solutions for clients that align with the new regulatory frameworkrdquo

Future ProspectsThe financial crisis meant that Basel III followed hot on the heels of Basel II Could Basel IV be just around the corner rdquoIf you just look at the Bank of International Settlement (BIS) website every month theres a lot of material published and not all of it is under the header of the Basel frameworkrdquo says Citis Wandhofer rdquoSome measures are ancillary rather more like Basel plus As the Basel implementation timeline runs up until 2019 there is still a way before we have completed Basel III and the majority of jurisdictions are having their financial industry operate on a safer level of capital liquidity and limited leverage That is why I still think we have some time before we see a Basel IVrdquo

Wolters Kluwers Masschelein agrees rdquoI dont see any signals of Basel IV just yetrdquo she says rdquoRather there is a focus on fine tuning on the details of Basel III For example further fine-tuning is going on with counterparty credit risk and the trading book review is completely overhauled at the moment There is also a focus on implementation of Basel III Furthermore there is a focus from the Basel Committee on alignment with the accounting world Aligning with non-Basel Committee countries is another priority This is what I see coming from the Basel Committeerdquo

ldquo There is a focus on fine tuning on the details of Basel IIIrdquo



documentation may be a bit sparse and the people that originally wrote it may no longer be with the organisation There can be a lot of ongoing maintenance issues around that

rdquoBanks can sometimes have between five thousand to 10 thousand legacy applicationsrdquo says Solarflares Stern rdquoIf these systems are not broken banks arent going to rewrite or put more money in these Because some of these legacy applications were written before the next generation of firewalls and security devices existed they dont integrate well in a legacy environment Legacy applications need to be put under heavier guard and networks that are attached to these types of applications must be isolatedrdquo

IBMs Jopling agrees rdquoWith cyber attacks on legacy systems we can work to put a bubble around that technology because it is going to be nigh on impossible to patch There will be known vulnerabilities within the coding itself because that is how the code was written in the first place The best way is not to try and re-engineer this as it takes a huge cost and can be a big risk

Lots of data generates alerts and audit trails but sometimes it can be difficult to identify the key action items amongst all this Banks require governance processes that are driven by technology in order to provide them with the ability to focus on the areas that they need to action against rdquoFinancial organisations have a lot of different solutions in place but sometimes what they dont get is that holistic viewrdquo says IBMs Jopling

rdquoFinancial institutions are willing to use many different technologies to build up their layers of defencerdquo says Russell Stern CEO of Solarflare rdquoYou do not see one vendor dominating in a particular type of technology because if you want to stop the bad guys you have got to throw a lot of different types of defences at them including ones that they dont realise you are implementing Capturing more data at more points over longer periods of time is also key You will see that continue to be a trendrdquo

The Legacy IssueMany financial institutions have legacy equipment and systems in place While this may still work for the bank there can be challenges For example the

Banks are effectively in a cyber war with malevolent forces that are constantly seeking ways to infiltrate their systems to steal data and money For financial institutions there is a lot at stake - just being able to access a small amount of their information or subvert funds and transfers means that it is extremely lucrative for the organised crime gangs that are increasingly targeting this space There are a lot of zero-day attacks from malware specifically tailored to subvert an organisation Organised crime groups carry out a lot of profiling using social media and other sources so they can fine-tune an attack

rdquoWe have seen quite a few examples in recent months at some of the large US banks being targetedrdquo says Peter Jopling CTO amp Software Security Executive UK amp Ireland at IBM rdquoFor example one bank found that a single attack led to over 60 million accounts being compromised These are huge numbers This is bad news for the bank reputationally and there is a huge cost to potentially indemnify users credit scoresrdquo

Technology and Risk Evolving TogetherWords Ben Poole

The stakes have never been higher for banks systems risk management policies Powerful organised crime groups are exploiting the latest technology to find any way to manipulate banking systems for financial gain

wwwbobsguidecom Copyright copy 2015 bobsguide All Rights Reserved 15


but rather to try and put a virtualised bubble around it so that you can protect against current and potential threats while allowing the core legacy system to operate as it was intended tordquo

Cloud SecurityIf legacy applications represent banking systems past cloud applications are very much the present and future There is a lot of hype around cloud computing but it is just another platform and banks need to take the same pragmatic approach that they would if it were hosted in-house

rdquoMost financial institutions will only use public clouds very sparingly and usually not in a case where sensitive data is exposedrdquo says Solarflares Stern rdquoThey will build a private cloud They will do this for two reasons First they have the scale Going to a public cloud doesnt give them a big cost advantage - they buy enough computers The second point is security Financial institutions dont want to have their client information sitting in a location that they dont have control overrdquo

rdquoThere are examples of federating

cloud services todayrdquo says IBMs Jopling rdquoThrough a single portal a customer gets one logical view being authenticated which is then authorised based on a dynamic centralised security policy as to how when and where the user has connected The dynamic security aspects are handled behind the scenes using common open standards allowing them to transparently access other cloud services based on their real time access rights The question for banks around federated identity is how this can be achieved across multiple domains In

quite a few cases banks dont supply all of the products that they are actually selling but buy those services in such as insurance The back end application is still going to expect a credential or a token to let that person in so its about the user experience underpinned by robust security mechanismsrdquo

Online and Mobile ThreatsAs banks roll out new services to their different customer bases many of these take the form of online or mobile solutions As such the systems risk threat lurks here too with banks constantly trying to find new ways to secure their offerings

rdquoThe risk departments within banks acknowledge that online and mobile banking are areas where there is a lot of focus from external threat actors trying to subvert that type of communicationrdquo says IBMs Jopling rdquoAnd although the average user in the street can be targeted organised crime would in most cases target a larger organisation specifically high value targets such as an accounts department where a phishing attack can potentially gain far higher financial rewards as the current Dyre malware which purports to be an unpaid bill demonstratesrdquo

Future ThoughtsA main point about security is that it is ever evolving There is not one thing that banks can do that will make them 100 secure It is about having a number of tools working in harmony creating a fluid environment that can change dynamically as and when necessary depending on what that activity is Threats such as open SSL encryption or the Unix security issues that have occurred have affected large numbers of organisations This highlights just how critical systems risk management is for financial institutions

rdquoSomething else to watch going forward is how the regulators get involved in this processrdquo says Solarflares Stern rdquoUntil now regulators associated with the banking industry have talked more about the handling of financial transactions between various players looking for people that are deceiving banks and looking for ways to launder money for example The systems risk that banks face adds a whole dimension for the regulators The people that staff those organisations are going to have to be much more sophisticated and knowledgeable in the domain in order to implement regulations I think that learning cycle may take some timerdquo

ldquo One bank found that a single attack led to over 60 million accounts being compromisedrdquo



RMS Functionality Matrix

Company Name System Name

Ass

etamp

Liab

ility

M

anag

emen

t

Beh

avio

ur

Det

ecti

on

Pr

edic

tive

An

alyt

ics

Co

llate

ral M

anag

emen

t

Co

mp

lian

ce

Cre

dit

Ris

k

Grc

Erm

Liq

uid

ity

Ris

k

Mar

gin

So

ftw

are

Mar

ket

Ris

k

Op

erat

ion

al R

isk

Ris

k A

nal

ytic

s

Ris

k D

atab

ases

Ris

k M

anag

emen

t

Stru

ctu

red

Fin

ance

So

luti

on

s

3i Infotech Limited Kastle solutions l l l l l

3V Finance treasury solutions TITAN CUBE Treasury amp Risk l l l l l l l l l l l l

Acuity Risk Management STREAM l l l l l l

Advent Software Syncova l l l l l

AlternativeSoft AlternativeSoft l l l l

Aqua Global Solutions e2gen l l l

Aspect Enterprise Solutions AspectCTRM l l l l l l

Atlas Risk Advisory LLC AtlasFX l l l l l l l l

AutoRek AutoRek l l l l l l l l l l l l l l

AxiomSL AxiomSL l l l l l l l l l l

Brady Trading Limited Fintrade l l l l l l l l l l l l

Brady Trading Limited Brady ETRM l l l l l l

Brady Trading Limited Aquarius l l

Brady Trading Limited Trinity Cross Asset and Risk Management Solution l l l l l l l l l

Broadridge Financial Solutions CollateralPro l l l

Chatham Financial ChathamDirect l l l l l l l l

ClusterSeven ClusterSeven ESM l l l l

CompuHedge CompuHedge l l l l l l l l

CoreFiling Limited Seahorse XBRL for COREP FINREP Solvency II amp iXBRL filing l l

CRIF CRIF Credit Platform l l l l l l l l

C-RISK Software CRISK Credit Risk and Margining System l l l

CYMBA Technologies LTD Athena IMS l l l

Derivation Software Derivation Software l l l l l

Enablon Enablon Risk Management Platform l l l l l l

Fairmat Srl Fairmat l l l l

Fenergo Fenergo Client Lifecycle Management l l l l l

Financial Sciences Corporation ATOM l l l l l l l l l l l l l l

G2Link G2Link l l l l l l l l

ICS Financial Systems ICS BANKS l l l l l

Imagine Software Inc Imagine Software l l l l l l l l l l l l l l

InfoCat CDM for European Mandates l

INFORM GmbH RiskShield l

Investor Analytics Investor Analytics - Risk Transparency Service l l l l l l l l l l

KnowCo Limited KnowCo ALM System l l l l l l l l

KYCnet BV Passport l l

Loxon Solutions Loxon Basel IIIII Loxon Collateral Management System Loxon RatingScoring System Loxon Lending System

l l l l l l l l l l l

Maclear Maclear eGRC Suitetrade l l l l l l

Maraging Funds RiskSystem l l l l l l l

Misys Misys FusionRisk l l l l l l l l l

MORS Software MORS Liquidity and Treasury solutions l l l l l l l l l l l

Murex MX3 l l l l l l l l l l l

Nasdaq BWise GRC l l l l l l l l

Northfield Information Services MARS Enterprise Risk Management Service (ERM) l l l l l l l l l l

Northstar Risk Corp Northstar Risk Corp l l l l l



KEY l Yes Some


Ass

etamp

Liab

ility

M

anag

emen

t

Beh

avio

ur

Det

ecti

on

Pr

edic

tive

An

alyt

ics

Co

llate

ral M

anag

emen

t

Co

mp

lian

ce

Cre

dit

Ris

k

Grc

Erm

Liq

uid

ity

Ris

k

Mar

gin

So

ftw

are

Mar

ket

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k

Op

erat

ion

al R

isk

Ris

k A

nal

ytic

s

Ris

k D

atab

ases

Ris

k M

anag

emen

t

Stru

ctu

red

Fin

ance

So

luti

on

s














































20 Copyright copy 2015 bobsguide All Rights Reserved wwwbobsguidecom




Ass

etamp

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ility

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anag

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t

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avio

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ecti

on

Pr

edic

tive

An

alyt

ics

Co

llate

ral M

anag

emen

t

Co

mp

lian

ce

Cre

dit

Ris

k

Grc

Erm

Liq

uid

ity

Ris

k

Mar

gin

So

ftw

are

Mar

ket

Ris

k

Op

erat

ion

al R

isk

Ris

k A

nal

ytic

s

Ris

k D

atab

ases

Ris

k M

anag

emen

t

Stru

ctu

red

Fin

ance

So

luti

on

s

Numerical Technologies NtInsight l l l l l l l l l

OpenGamma The OpenGamma Platform l l l l

OpenLink OpenLink l l l l l l l l l l l l l l

Paymantix pmFraud l l l l l

Percentile RiskMine l l l l l l

PortfolioScience RiskAPI Add-In l l l l

Prognoz Prognoz Risk Management l l l

Prognoz Prognoz Credit Risk l l l l l

Qualco SA Qualco Debt Management l l l l l

Quartet FS ActivePivot l l l

Quaternion Risk Management Ltd Quaternion Risk Engine l l l l l l l l l

RaTT-Pac Computer Systems PTY LTD Risk101 l l l l l l

Resolution Financial Software ResolutionPro l l

Rikma ERE and On-boarding risk l l l

Risk Focus Inc Risk Focus Inc l

RiskFactor Solutions Ltd RiskFactor l l l l l l l l l l l l

RiskFirst PFaroe l l l l

RiskVal Financial Solutions Fixed Income Relative Value (RVFI) l l l l l

Rockall Technologies Ltd STOC l l l

SampP Capital IQ Desktop and Enterprise Solutions l l l l l l l l

SecondFloor eFrame l l

StatPro StatPro Revolution l l l l l l l l

SunGard Protegent l

SunGard Adaptiv l l l l l l l l

SunGard Ambit Risk amp Performance l l l l l l l l

SunGard Kiodex l

Sword Active Risk Active Risk Manager l l l l l

SYSTEMIC RM RISKVALUE l l l l l l l l l

Thomson Reuters Accelus l l l l l l

TMX RazorRazor Risk Razor Risk l l l l l l l

TradeWatcher TradeWatcher l l

TwoFour TwoFour l l l l

UBS AG UBS Delta l l l l l

UnRisk UnRisk Factory l l l l l

VERATEC LTD VERASIS RISK l l l l l l l l

Wealth Management System Limited BONANZA ALM l l l

Wolters Kluwer Financial Services OneSumX l l l l l l l l l l l

zeb zebcontrol l l l l l l l l l l



KEY l Yes Some


Ass

etamp

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ility

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anag

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avio

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ecti

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edic

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alyt

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ytic

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emen

t

Stru

ctu

red

Fin

ance

So

luti

on

s























SunGard Protegent l



SunGard Kiodex l















Treasurys Rising Role in Risk ManagementWords Ben Poole

Following the 2008 financial crisis the role of the corporate treasurer has been elevated The treasurers focus on risk management is stronger than ever as treasury departments take on more risk responsibilities from the organisation



ldquo There was a need to gain visibility into cash because liquidity was scarcerdquo

Risk management has always been part of the corporate treasurers responsibilities Liquidity risk is a key focus - providing liquidity to the company is one of treasurys core activities This can include external financing internal financing cash forecasting - everything that is part of managing the risk running out of cash Alongside liquidity risk foreign exchange (FX) risk and interest rate risk are the other classic risks that treasury has had responsibility for

In addition there are risks that some treasuries deal with and others do not Credit risk counterparty risk and commodity risk are examples of risks that are dealt with by some but not all treasurers This depends on the strategic set-up of the organisation rdquoSometimes the responsibility for certain risks is due to historic reasonsrdquo says Carsten Jaumlkel partner finance amp treasury management at KPMG rdquoFor example credit risk management has always been done by the accounts receivable department In other cases it can be because treasurers do not want extra workload When it comes to the commodity risk management for example this can be left with purchasingrdquo

Additional Risk Responsibilities While risk management has always been part of the corporate treasurers job treasurers have taken on additional risk responsibilities since the financial crisis Indeed for certain risks this became the case before the credit crisis hit rdquoTake commodity risk as an examplerdquo says KPMGs Jaumlkel rdquoThis was not so much an issue during the financial crisis but actually before the financial crisis when commodity prices skyrocketed This is when treasurers began working in that area more than ever beforerdquo



Post-credit crisis there has been more of an emphasis on counterparty risk and liquidity risk At the time of the crisis these two risks went hand in hand rdquoThere was a need to see visibility into cash and liquidity because liquidity was scarce with certain institutions not lending at all or not to the same degree as a consequence of the crisisrdquo says Bob Stark VP strategy at Kyriba rdquoThe pendulum swung pretty far in one direction in terms of the conservation of cash Treasurers had to make sure that everyone understood their liquidity responsibilities and that policy was tight around what they could be exposed to from a capital and credit perspective While these were best practices at the time they are now very much normal practicesrdquo

Taking the LeadAs well as having more risks to focus on treasurers have also been taking a lead role within the organisation in managing these risks This also includes managing the risk consequences and the programmes that need to be put in place to deal with the risks

In 2009 treasurers had to be very reactive to questions that were coming down to them from board level senior management These questions concerned issues such as counterparty risk liquidity risk and volatility in the currency markets around that time rdquoTreasurers were put in the spotlight but in a reactive capacityrdquo says Kyribas Stark rdquoGenerally treasurers were able to do a very good job of responding identifying risks and taking action in a reactive manner They were effectively able to prove that they could do more than they had previously been asked for As a result they were given more responsibilityrdquo

With more doors open to them treasurers were able to take the lead on issues and become proactive rather than just answer questions rdquoThe treasury team is the best in the organisation at understanding the impacts of currency rates interest rates commodity prices and in fairness counterparty and liquidity effects to They understand how that affects the financial assets and as a result they understand how that affects the entire organisations value As well as taking the opportunity that was there treasurers have also injected an information perspective that was lacking because other teams are just not as expert in how these factors affect the businessrdquo

A Permanent Shift The lead role that treasurers now hold over an expanded portfolio of risks is a responsibility is now part of the job rdquoThis responsibility is more than just here to stay it will continue increaserdquo says KPMGs Jaumlkel rdquoThis is particularly the case when you look at an area like commodity risk management Here there is still an issue over whether this is the responsibility of treasury or purchasing I would say that it is the responsibility of both but someone has to take the lead in that respectrdquo

rdquoThe role of the treasurer is now much more value orientatedrdquo says Kyribas Stark rdquoRisk management is an integral part of treasury now because if you ignore those risks you will effectively not be protecting the value of the organisation which is what the treasurers role has becomerdquo

While the financial crisis was the event that triggered treasurys elevated role in risk management there are other drivers in the market that will ensure this focus continues The fallout from regulations brought about by the crisis is one example of this While Basel III is a bank regulation and does not affect corporate treasurers directly they will need to start making determinations about how they need to change the way they look at cash and liquidity in order to be able to react to what is going to come down the line

rdquoThere is a high expectation that borrowing costs will completely change - not just the availability of credit but

the cost of achieving those funds is going to changerdquo says Kyribas Stark rdquoThat is not to say that interest rates primary rates and LIBOR are necessarily going to skyrocket but rather that the cost the banks incur to lend money is going to change under Basel III The composition of the balance sheet will change as it becomes more costly to lend and as a result costs will go up for corporate banking clients Because of this many treasurers are assessing liquidity risk as something that is a bit different to what it was in 2009 At that time it was just about making sure that they knew that they had access those sources of liquidity Now it is a matter of determining what the most effective way to borrow is finding the cheapest option to access fundsrdquo

Many treasurers are looking at working capital and are investing in those types of programmes for that exact reason From a risk standpoint liquidity could start to become more expensive Treasurers are now in a leadership position on liquidity risk and can provide guidance and solutions for the organisation

rdquoWith a direct regulatory impact that is a risk that treasurers need to be able to have a solution forrdquo says Kyribas Stark rdquoIf it is indirect that creates a downstream risk which is what we have seen with liquidity and Basel III There is no end to the types of risks that treasurers have to deal withrdquo




Post-Christmas returns are in full-swing so Monica Eaton-Cardone CIO and Co-Founder

of Global Risk Technologies explains how banks and merchants can manage the financial

threat of chargebacks

With consumers predicted to spend a staggering pound107bn online in 2015 and cybercrime

costing businesses across the globe an estimated pound265bn the threat of chargebacks to

banks and merchants has never been greater

An estimated pound810m was spent online by British consumers alone on Black Friday and Cyber

Monday spending grew 15 compared to the previous year proving consumers took full advantage

of the drastically reduced retail costs during the Christmas and New Year period Not only did

retailers offer huge discounts they also lowered their fraud prevention solutions to increase the

amount of transactions As a result of astronomical consumer spending during the festive season

and a lack of cash flow during the New Year banks and merchants need to be aware that the risk of

friendly fraud and chargebacks increases

2015 will be a huge year for fraud and security with two key industry developments expected to

disrupt the industry Consumers are set to contribute to more fraud than identity-theft criminals

With a rise in consumers committing friendly fraud resulting in a chargeback for a retailer merchants

need to address this hidden problem Another key development will be the shift in chargeback fees

as consumers are set to be issued fees if they have to file a chargeback case with their bank

Injecting the industry with chargeback compliance expertise Global Risk Technologies

provides a comprehensive and highly scalable web centric solution for chargeback

processing risk mitigation fraud management and merchant education that is unrivalled

anywhere else in Europe Built upon years of risk management experience Global Risk

Technologies serves to focus on bringing exclusive solutions for ecommerce payment

processing to merchants in the European market

It has taken years of education on the chargeback process to educate those at risk The good news is

there are solutions in place that will enable banks and merchants to reduce the risks and ensure they

step one step ahead of the threat

For more information please visit wwwglobalrisktechnologiescom

Chargeback Season Unveiled

Time for Banks and Merchants to Manage the Risks

Is applying hedge accounting at your company time consuming and complex Are you concerned with the changing landscape of accounting standards ChathamDirect a SaaS solution dramatically reduces the burdens of applying hedge accounting and simplifies the operational requirements needed to maintain a best in class hedge accounting program ChathamDirect is scalable to address all hedge accounting needs It is supported by our accounting experts that are working with auditors and standard setters to ensure ChathamDirect keeps pace with changing accounting standards Whether you have a straightforward or highly complex hedging program to manage ChathamDirect offers an intuitive and easy to use solution

riskchathamfinancialcom bull 6109253120 bull chathamfinancialcom

AUTOMATEDHEDGEACCOUNTINGSUPPORTED BYEXPERTS

UBS DeltaQuantifying risk and performance

copy UBS 2015 The key symbol and UBS are among the registered and unregistered trademarks of UBS All rights reserved

UBS Delta is an award-winning provider of client reporting solutions portfolio exposure tools risk analytics and performance measurement and attribution for asset managers and asset owners

globally across fixed income equities FX commodities alternatives and derivatives

Thanks to our clients we have been voted ldquoBest Broker-Supplied ToolTechnologyrdquo

making it three years out of the last four that UBS Delta has won this award

Our team is committed to constantly evolvingUBS Delta to help our clients face the

challenges and risks of their businesses

Learn more about how we are evolving to help you please visit

wwwubscomdelta or email deltaubscom

ab

Bobs Guide_option1_0116indd 1 20012015 112920


Guide 2015


Contents


















Ben Poole Editor











wwwaxiomacom





Axioma Risk














RiskMine





Automation




























































Next steps




Get in touch





gt






















































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etamp

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ility

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anag

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ur

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ecti

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KEY l Yes Some


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anag

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are

Mar

ket

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ytic

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anag

emen

t

Stru

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Fin

ance

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luti

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SunGard Protegent l



SunGard Kiodex l















KEY l Yes Some


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t

Stru

ctu

red

Fin

ance

So

luti

on

s























SunGard Protegent l



SunGard Kiodex l









































































Guide 2015


Contents


















Ben Poole Editor











wwwaxiomacom





Axioma Risk














RiskMine





Automation




























































Next steps




Get in touch





gt






















































Ass

etamp

Liab

ility

M

anag

emen

t

Beh

avio

ur

Det

ecti

on

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alyt

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anag

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Cre

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Grc

Erm

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uid

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are

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ket

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ytic

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k M

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Stru

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luti

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KEY l Yes Some


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Ris

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Mar

ket

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erat

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ytic

s

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k D

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anag

emen

t

Stru

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Fin

ance

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luti

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s


















































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anag

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ecti

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alyt

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llate

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anag

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mp

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k

Grc

Erm

Liq

uid

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k

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ftw

are

Mar

ket

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k

Op

erat

ion

al R

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k A

nal

ytic

s

Ris

k D

atab

ases

Ris

k M

anag

emen

t

Stru

ctu

red

Fin

ance

So

luti

on

s























SunGard Protegent l



SunGard Kiodex l















KEY l Yes Some


Ass

etamp

Liab

ility

M

anag

emen

t

Beh

avio

ur

Det

ecti

on

Pr

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alyt

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Co

mp

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Cre

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Grc

Erm

Liq

uid

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Ris

k

Mar

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are

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ket

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k

Op

erat

ion

al R

isk

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k A

nal

ytic

s

Ris

k D

atab

ases

Ris

k M

anag

emen

t

Stru

ctu

red

Fin

ance

So

luti

on

s























SunGard Protegent l



SunGard Kiodex l













































































wwwaxiomacom





Axioma Risk














RiskMine





Automation




























































Next steps




Get in touch





gt






















































Ass

etamp

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ility

M

anag

emen

t

Beh

avio

ur

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ecti

on

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uid

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are

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k

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al R

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ytic

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k M

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emen

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Stru

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red

Fin

ance

So

luti

on

s
















































KEY l Yes Some


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mp

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emen

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Stru

ctu

red

Fin

ance

So

luti

on

s


















































Ass

etamp

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emen

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Stru

ctu

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Fin

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So

luti

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s























SunGard Protegent l



SunGard Kiodex l















KEY l Yes Some


Ass

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Fin

ance

So

luti

on

s























SunGard Protegent l



SunGard Kiodex l

















































































RiskMine





Automation




























































Next steps




Get in touch





gt






















































Ass

etamp

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ility

M

anag

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Beh

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ur

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So

luti

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emen

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Fin

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luti

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ecti

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Ris

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anag

emen

t

Stru

ctu

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Fin

ance

So

luti

on

s























SunGard Protegent l



SunGard Kiodex l















KEY l Yes Some


Ass

etamp

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ility

M

anag

emen

t

Beh

avio

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Det

ecti

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edic

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Next steps




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risk management systems guide 2015

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