Brazilian financial institution Banco Sofisa has teamed up with UK-based financial software company Finastra to implement the latter’s market and credit risk solution, Vector Risk.
After establishing a derivatives desk last year, Banco Sofisa decided to rapidly deploy a risk management solution to support its new product strategy.
The bank consulted Finastra believing that a cloud-based tool would enable speed to market and scalability, and has selected its Vector Risk, which can be implemented within 30 days.
Hosted on Microsoft Azure, and delivered through Finastra’s FusionFabric.cloud, Vector Risk helps the bank to control the risk of new products with no impact on IT resources.
Finastra Americas treasury and risk management solution consultant Francisco Neto said: “Vector Risk’s solution on FusionFabric.cloud enables Banco Sofisa to better compete with the larger banks in Brazil, offering the tools it needs to analyze risk. We look forward to watching the bank grow as it executes its new product strategy.”
Vector Risk’s modules provide easy connectivity with the financial institutions’ internal data and automates the manual processes that consume time and resources.
Banco Sofisa will use the SaaS solution to automate Value at Risk (VaR), Potential Future Exposure (PFE), and Credit Valuation Adjustment (CVA).
Also, the bank is enabled to rapidly launch additional modules within a day.
It had the opportunity to select the right modules for its business and ensure operational readiness by testing the solution in production, said Banco Sofisa.
Banco Sofisa treasurer Renato Perroni said: “As we continue to build on the success of Sofisa, Finastra is the ideal partner to help connect us with the right solutions for our business.
“By implementing Vector Risk, we have the scalability and efficiencies we need to control the risk of our growth strategy with no impact on our existing IT infrastructure.”
Last week, Snapdocs has announced a new integration with Finastra’s Mortgagebot loan origination system (LOS) to support Trustmark’s eClose transformation.
