Case Studies

Piraeus Bank Addresses XVA Requirements with Quantifi’s Single Solution

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Piraeus Bank (Piraeus) is the largest bank in Greece, in terms of assets, and is considered the most innovative in the Greek market. Headquartered in Athens, with 18,500 employees across 8 countries, Piraeus Bank Group offers a full range of financial products and services to approximately 5.6 million customers. Total assets of the Group amounted to €82.2 billion, net loans to €48.3 billion and customer deposits to €39.3 billion on September 30, 2016.



Quantifi is a robust, light weight, and flexible
XVA solution, which was integrated smoothly
and swiftly with our internal systems and process.
We trust that this new partnership with Quantifi
will help Piraeus fulfil the challenging current and future regulatory requirements.” 

Christos Arvanitis,
Head of Middle Office and Valuations Department




To keep pace with market conditions and ensure compliance with stringent regulation, Piraeus recognized the need to adapt their risk analytics infrastructure to enhance interoperability with other core systems and align front, middle and back office functions. Senior management also wanted to improve risk control, reduce operational inefficiencies and optimise total cost of risk by streamlining processes, IT and operating models.

Considering the high cost and operational complexity associated with a complete technology overhaul, Piraeus decided to modernise its core system capabilities by integrating Quantifi into its existing infrastructure.


Technology Selection

Quantifi was selected after an extensive selection process of the most advanced and established enterprise-risk technology providers. Following a detailed RFP process, Quantifi was shortlisted for the proof-of-concept phase (POC). The POC was for Quantifi to demonstrate the depth, flexibility and performance of its solution and ability to deliver a smooth implementation.


A Well-Defined Implementation

A key success measure for Piraeus was speed of implementation. The process began in advance of the actual implementation into the client’s environment, starting with a scoping exercise to define key milestones, task owners and timelines. One of the significant implementation phases was integration, with the bank’s complex environment of internal and external systems.


With Quantifi’s next-generation risk, analytics and reporting functionality fully implemented, Piraeus now has a flexible
and high performance solution to address and support computationally intense calculations including XVA. They can
now perform accurate valuations on cross-asset portfolios,
taking into account PFE, VaR, wrong-way-risk, stress testing,
and sensitivities. The ability to generate flexible risk reports
aids  business decision across front and middle office functions. Piraeus has also managed to mitigate operation risk as processes are now fully automated within a controlled environment.


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