Major Indian banks view Risk Management Software
Major Indian Banks like RBI, SBI, IDBI, UTI and ICICI have shown keen interest in an advanced Risk Management software, costing anywhere between $50,00 to $200,000.
Canadian global risk management solutions provider Algorithmics and IT MNC Datamatics Ltd, have joined hands to market Algorithmic¨s solutions for risk management in India.
Financial Institution professionals at the level of CRO¨s and Directors of Risk Management from leading India banks attended a seminar at the World Trade Centre, Mumbai on 9th. October, where representatives of Algorithmics and Datamatics, presented the latest global trends in risk management and the impact of technology for the benefit of the Indian financial services industry.
The seminar also addressed key issues vital to developing a successful risk management approach towards Basel 2 compliance with respect to operational risk management.
According to Swapneesh Patel, Vice President, Banking and Financial Services, Datamatics, “Algorithmic¨s RMS is primarily to measure growth and the risks associated with the growth. By using this tool decisions become more informed, comply to Basel 2 norms and improve the overall reliability of the bank¨s decision making and management of risk.”
The solution has modules built into the system where it takes data from leading institutions like Standard & Poors, Bloomberg, Moodys, Crisil etc and adds to it the historical data of the bank in addition to Algorithmic¨s own learnings.
The software captures the data from various sources and feeds, cleans the data, organizes and automates the process. It then builds in scenarios from bankers according to the limits set and business rules.
The solution has a web-based user interface and although it is configured to run on most popular platforms, a Linux platform would bring the cost down considerably.
“The cost of the risk management software ranges from anywhere between $50,000 to $200,000, depending on the size of the implementation and the requirements of the banks,” said Swapneesh Patel.
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