The OneSumX Financial Risk solution helped calculate VaR estimate in under 24 hours
Wolters Kluwer Financial Services announced today that it has teamed with Caisse des Dépôts et Consignations (CDC), a public financial institution specializing in funding governmental projects, to help manage its assets and liabilities and calculate market risk in its banking book.
Through the company’s OneSumX® Financial Risk solution, CDC has been able to calculate Value at Risk (VaR) at a confidence level of 99.99% in less than 24 hours using dynamic Monte Carlo simulations with up to one million scenarios. To achieve these results, CDC has deployed OneSumX in a grid architecture using hundreds of calculation nodes simultaneously. The performance levels CDC has realized goes beyond the recommendation from the French financial services regulatory body.
“Wolters Kluwer Financial Services worked closely with CDC’s IT and business teams to attain high performance using advanced simulation techniques, thereby helping CDC optimize both its regulatory and economic capital,” said Nancy Masschelein, vice president and head of Risk & Finance, EMEA, for Wolters Kluwer Financial Services.
OneSumX Financial Risk is a contract-centric solution, meaning it allows financial organizations to build up their balance sheets based on the details of contracts from which various risk metrics can be calculated, including risk factors, counterparty information and behavioral modeling. A centralized data repository combining contract data and balance sheet structures, along with counterparty and market data, complements the solution and is an integral part of the overall system.
OneSumX is based on Wolters Kluwer Financial Services’ integrated data architecture and is extensible via a full-fledged finance and international financial reporting standards module, making it a truly enterprise-wide risk solution. OneSumX enables balance sheet modeling, risk measurement, pricing and management and regulatory compliance.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of Wolters Kluwer, which had 2014 annual revenues of €3.7 billion ($4.9 billion), employs 19,000 employees worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.