QuIC Financial Technologies Inc, a global solutions provider of risk management, pricing and financial analytics, today announced that Rabobank International has selected the QuIC Credit Risk Solution to perform their credit risk exposure calculations.
“We selected QuIC because of their flexible technology and ability to optimise our credit risk calculations,” says Paul Howden, senior risk advisor for Rabobank International. “With the flexibility and enhanced functionality we receive with QuIC, being combined with our in-house technology and our existing market risk technology, we have designed a comprehensive, powerful risk management architecture.”
Faced with growing demand for more accurate, reliable calculations for credit exposure risk, combined with pending regulatory guidelines for accountability, Rabobank selected QuIC to enhance the management of credit risk across its various market portfolios, providing risk managers with the most complete and transparent view of credit risk exposure.
“We are extremely excited to be working with Rabobank who have recently been ranked as one of the world’s safest banks in Global Finance Magazine’s 2008 Rankings*,” stated Nigel Cairns, president and ceo for QuIC. “Rabobank’s implementation of our Credit Risk Solution is not only a strong validation of the QuIC Product Suite, but we’re confident they’ll benefit from our flexible technology and its ability to confidently work alongside their existing market risk solution.”
By implementing the QuIC Credit Risk Solution, Rabobank International leverages the power, flexibility and speed of the QuIC Product Suite and the knowledge and expertise of the global QuIC team. Specifically, QuIC will provide Rabobank’s risk department with an accurate view of PFE for limit management and the calculation of regulatory capital under IMM.
“Rabobank’s strategic decision to replace one component of their risk infrastructure is a new and emerging trend we’re seeing in banks faced with limited budgets and constantly increasing standards for conformance and transparency,” stated Justin Forrest, executive vp of Global Sales for QuIC. “QuIC is a logical choice for component replacement because QuIC technology is flexible and scalable enough to work alongside a bank’s existing systems, and robust enough to be expanded into other departments within a bank.”
QuIC has commenced the implementation at Rabobank International and expects full deployment in 2010.