Percentile, a provider of risk management and regulatory compliance solutions, has partnered with global investment bank Jefferies & Company.
The bank has gone live with Percentile’s RiskMine Cube software, an aggregation and reporting layer that allows every risk exposure within a firm to be made available via multidimensional cubes. According to the company, the data can be replicated globally, allowing efficient, accurate and consistent risk reporting wherever end users are located. The automation also reduces the maintenance burden for IT teams in developing risk reports.
Michael Schulz, chief risk officer for Jefferies International, said: “RiskMine Cube has allowed us to rapidly incorporate both market and credit risk into Analysis Server cubes; and enabled our risk managers to slice and dice significant amounts of data. This in turn has facilitated a more efficient analysis and investigation of the Firm’s risk profile. The introduction of new risk attributes and measures is now a simple matter of a configuration change.”
Percentile is a London-based provider of technology to align risk management and front office for better decision making and easier regulatory compliance. The company helps banks address regulatory challenges including FRTB BCBS239, and helps hedge funds, asset managers and pension funds unlock the power of risk data.
Its flagship solution, RiskMine, provides an automated data pipeline for a firm’s risk data in any format according to the company. The company claims to incorporate automation to collect, process and aggregate in an efficient and scalable manner.
Anthony Pereira, CEO of Percentile, added: “Risk Management teams in most banks are facing constantly growing demands from the business and regulators for more granular, frequent and, above all, insightful risk analysis. New regulations add to the significant burden of data management and reporting for Risk teams. With RiskMine Cube, Jefferies is taking proactive steps to lay down the infrastructure required to easily handle today’s requirements and scale with future demand.”
The company’s other solutions provide a flexible and bespoke framework for stress testing whether it is ad-hoc intra-day stress tests, or regulatory VaR and Expected Shortfall calculations. Percentile also claims to reduce the manual effort of integration and data management, as well as providing transparency and audit trails for compliance requirements.
With Regulatory compliance and risk management creating time and cost burdens to the financial services industry, many of the big players are turning to RegTech. Earlier this week, an unnamed global investment bank started deploying the NICE COMPASS Communication Compliance Assurance solution. The solution will streamline and automate the bank’s financial communication compliance processes to help it meet regulatory requirements and reduce compliance-related workloads, costs and risks.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
