OeKB selects Quantifi to Replace Existing Front-to-Middle Solution

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Oesterreichische Kontrollbank AG (OeKB) is a specialised institution owned by commercial banks located in Austria. OeKB’s mandate is to support the Austrian economy, offering a uniquely broad variety of services to Austria´s industry and capital market participants. These include services for exports and foreign investments and capital and energy markets services. As of June 2016, OeKB had total assets of €29 billion and employed over 400 people.

 


 

"Having conducted a demanding selection process, we chose Quantifi, which we believe offers us a modern and functionally rich strategic platform to modernise and streamline our trading and risk management processes.
Achim Keuchel, Vice President, Treasury, OeKB


 

Background 

Regulatory changes has led to number of implications for banks and financial intermediaries. There are strategic implications that can, however, bring business opportunities and competitive advantages to firms that are well prepared. Despite various exemptions due to its public mandate, OeKB has also been impacted with these regluatory changes. Having reviewed their existing risk infrastructure, OeKB decided that to support future business demands, they would need to replace their front-to-middle office platform with a next generation solution.

 

Requirements

To respond to the evolving regulatory and market landscape, a key priority for OeKB was to replace their existing external systems with a next-generation single solution for risk and analytics. To satisfy counterparty risk and IFRS 13 audit requirements, OeKB also needed the ability to accurately calculate XVA using sophisticated Monte-Carlo based simulation across all relevant derivatives asset classes.

 

Selection Process

Following a comprehensive review of several solutions, Quantifi was selected for a proof-of-concept phase. After a successful 2 month proof-of-concept, Quantifi stood out as the solution best suited to allow OeKB to dynamically monitor, report and identify risk in real-time. Quantifi also demonstrated the ability to achieve tight consistency between front-office trading and risk control.

Implementation

A key success metric for the client was speed of implementation. Remote and on-site assistance by Quantifi's client services team ensured a successful and smooth transition, delivered on time and within budget. With its single integrated front-to-middle solution, Quantifi has revamped OeKB's trading and risk management infrastructure, across several lines of business, to provide new levels of accuracy, usability, flexibility and integration.

 

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