Fiserv's IPS-Sendero Unit Announces Deal with Arab National Bank; Bank Purchases IPS-Sendero Kamakura Risk Management Solution
Fiserv's IPS-Sendero Unit Announces Deal with Arab National Bank; Bank Purchases IPS-Sendero Kamakura Risk Management Solution
November 22, 2005
Fiserv's IPS-Sendero Unit Announces Deal with Arab National Bank; Bank Purchases IPS-Sendero Kamakura Risk Management SolutionLONDON--Nov. 22, 2005--IPS-Sendero, a unit of Fiserv, Inc. (Nasdaq:FISV) and a provider of technology solutions and education for enterprise risk, said Arab National Bank, based in Riyadh, Saudi Arabia, selected the IPS-Sendero Kamakura Risk Management system (KRM) for its market and treasury portfolio credit risk operations.
The $64 billion (U.S.) asset bank will use IPS-Sendero KRM to measure credit risk in both its current flow and portfolio of collateralized debt obligations. It also will use the IPS-Sendero KRM system to measure market risk and credit-adjusted value-at-risk (VaR).
"IPS-Sendero KRM has distinguished itself in credit risk modeling with the quality of its research and its full disclosure to clients of its credit risk model performance," said Yasser Shareef, head of market risk for Arab National Bank. "We believe that KRM is unique in its ability to produce default correlations for any pair of companies with default probabilities on the system. Without this pair-wise correlation, credit risk cannot be accurately modeled and measured."
IPS-Sendero KRM is the result of a strategic partnership between IPS-Sendero and Kamakura Corp. for global financial risk management solutions. The combination of IPS-Sendero's market-leading risk client base, global presence, strong client support and financial resources with Kamakura's advanced, integrated risk analytics and thought leadership provides financial organizations with the very best technology, education, consulting and support in the industry, said Nigel Sirett, managing director of EMEA for IPS-Sendero.
"Arab National Bank aims to be par with the best global banks in terms of how proactively risk is managed," Sirett said. "IPS-Sendero is honored to be working with Arab National Bank in the field of risk management. Both organizations will benefit from active collaboration in the framework of risk modeling."
More information about Arab National Bank can be found at www.anb.com.sa.
IPS-Sendero is a global organization providing risk and value management solutions to deliver fully integrated enterprise risk management and risk-adjusted performance management. The organization's solutions enable financial institutions to comply with Basel II and IAS39, simulate interest rate risk on the banking book and fully test hedge effectiveness using Monte Carlo techniques. More than 3,400 financial organizations in 56 countries have licensed IPS-Sendero products and services to help manage their risk, measure and manage profitability, develop budgets and forecasts and produce information needed for sound decision-making. IPS-Sendero's global headquarters are in Atlanta and its EMEA and ASPAC headquarters are in London and Singapore, respectively. IPS-Sendero is a business unit of Fiserv, Inc. More information about IPS-Sendero is available at www.ips-sendero.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 and 2005 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
The $64 billion (U.S.) asset bank will use IPS-Sendero KRM to measure credit risk in both its current flow and portfolio of collateralized debt obligations. It also will use the IPS-Sendero KRM system to measure market risk and credit-adjusted value-at-risk (VaR).
"IPS-Sendero KRM has distinguished itself in credit risk modeling with the quality of its research and its full disclosure to clients of its credit risk model performance," said Yasser Shareef, head of market risk for Arab National Bank. "We believe that KRM is unique in its ability to produce default correlations for any pair of companies with default probabilities on the system. Without this pair-wise correlation, credit risk cannot be accurately modeled and measured."
IPS-Sendero KRM is the result of a strategic partnership between IPS-Sendero and Kamakura Corp. for global financial risk management solutions. The combination of IPS-Sendero's market-leading risk client base, global presence, strong client support and financial resources with Kamakura's advanced, integrated risk analytics and thought leadership provides financial organizations with the very best technology, education, consulting and support in the industry, said Nigel Sirett, managing director of EMEA for IPS-Sendero.
"Arab National Bank aims to be par with the best global banks in terms of how proactively risk is managed," Sirett said. "IPS-Sendero is honored to be working with Arab National Bank in the field of risk management. Both organizations will benefit from active collaboration in the framework of risk modeling."
More information about Arab National Bank can be found at www.anb.com.sa.
IPS-Sendero is a global organization providing risk and value management solutions to deliver fully integrated enterprise risk management and risk-adjusted performance management. The organization's solutions enable financial institutions to comply with Basel II and IAS39, simulate interest rate risk on the banking book and fully test hedge effectiveness using Monte Carlo techniques. More than 3,400 financial organizations in 56 countries have licensed IPS-Sendero products and services to help manage their risk, measure and manage profitability, develop budgets and forecasts and produce information needed for sound decision-making. IPS-Sendero's global headquarters are in Atlanta and its EMEA and ASPAC headquarters are in London and Singapore, respectively. IPS-Sendero is a business unit of Fiserv, Inc. More information about IPS-Sendero is available at www.ips-sendero.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 and 2005 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.