Comprehensive Credit Risk Management with FlexFinance® Basel II
Luxembourg & Dubai, 21.05.2010 - FERNBACH-Software, a global market leader in analytical software, has come out ahead of its competitors and signed a contract with Dubai Bank.
Following a rigorous selection process including a functional as well as a technical proof of concept, Dubai Bank chose FERNBACH among renowned providers of risk solutions and is currently implementing the Fernbach Basel II Credit Risk Management solution. The project will provide Dubai Bank with an end-to-end solution including the regulatory calculation and reporting engine, Limit Reporting, Rating, PD-Estimation, LGD-/EAD-Estimation, and Stress Testing. The solution fully covers the Islamic products portfolio of Dubai Bank.
The Central Bank of the United Arab Emirates is encouraging banks to apply the IRB approach, which enables them to optimise their internal credit risk management. Manual mechanisms, such as the use of spreadsheets for calculations and generating reports that are currently a part of standard approaches, will not be enough to meet the future's challenges.
Working closely together with regional partner Intertec Systems, FERNBACH implements all FlexFinance® Basel II components to ensure total automation of all processes, calculations and reports, as well as FlexFinance® Analytix as platform for individual modelling and reporting.
FlexFinance® Basel II delivers UAE-compliant regulatory calculations and reporting for all regulatory approaches. The engine covers measuring, controlling, management and mitigation of all risk types.
FlexFinance® Analytix is a flexible platform for risk modelling with which the bank can develop its own risk infrastructure, specific to its business. This platform enables the bank to adapt to the changing supervisory landscape and provides a comprehensive overview of the internal risk measurement process. The FERNBACH solution combines standard software with risk modelling tailored to the bank's individual needs.
"FERNBACH has emerged as our number one choice," said Faizal Eledath, Chief Information Officer, Dubai Bank. "The extensive range of products and services, the outstanding expertise in the risk area and the local presence the company established with their partner, Intertec Systems, completely convinced us. The SOA architecture of the FlexFinance® solution means the software package can be seamlessly and efficiently be integrated into our existing IT infrastructure."
"I am very happy that, with Dubai Bank, we were able to add another client from the UAE to our customer base," said Paul Rothenberger, Managing Director EMEA, FERNBACH-Software. "The project, which includes two of our main risk management components, will support Dubai Bank in implementing automatic management and reporting processes in line with its banking supervisor's guidelines. FlexFinance® Analytix leverages the IT investments in existing systems and supports Dubai Bank in benefiting from the alignment of its existing risk management practices with increasingly complex Basel II requirements."
-Ends-
About Dubai Bank
Since its launch in September 2002, Dubai Bank has challenged traditional banking practices by placing service, transparency and convenience at the forefront of its operations and introducing unique products and services to the market. On 01 January 2007, the Bank became a Shari'a compliant financial institution.
The range of Shari'a compliant products and services are delivered with dynamism and excellence in service and quality, with a focus on customer needs, both retail and corporate, to build long-lasting relationships.
www.dubaibank.ae
About FERNBACH
FERNBACH is a global leader in developing analytical software solutions for banks. Our customers optimise their business processes with the software packages for parallel accounting, risk management, regulatory compliance and lending operations.
FERNBACH develops solutions from a modern component portfolio (SOA). Our customers benefit from shorter times to market, effective risk reduction and punctual regulatory compliance.
Our customers use our banking expertise to overcome continuous new challenges. Banks around the world optimise their value added with innovative solutions designed and developed by FERNBACH.
www.fernbach.com
About Intertec Systems
Intertec Systems is an international, ISO 9001:2000 certified and one of UAE leading business systems integrator. Its business is empowering organizations by turning their visions into profits through services of consulting, applications delivery, managed and support business functions.
With revenues near evenly split between software applications and infrastructure solutions, Intertec employs over 250 people and has presences in Middle East (UAE, Bahrain & Oman), India, Pakistan and United Kingdom. The company has developed and forged a powerful network of strong alliances with over 25 industry leaders within various fields and domains.
Through developing long-term collaborative relationships with 1000+ clients, combining unparalleled experience, comprehensive capabilities across (all) industries and business functions Intertec Systems is better able to understand their strategic vision and help them implement solutions and become high performance businesses.
For further information please contact:
Emma Connolly
Director of Group Marketing
FERNBACH-Software S.A.
Tel.: + 352 402244-405
Fax: + 352 402244-310
E-Mail: emma.connolly@fernbach.com
FERNBACH - creating software for banks
www.fernbach.com
© Press Release 2010
