RiskTech Forum

Israel Discount Bank Selects Wolters Kluwer Financial Services’ OneSumX® Risk Solution

Posted: 17 June 2015  |  Source: Wolters Kluwer

Wolters Kluwer Financial Services today announced that Israel Discount Bank (IDB), one of the largest commercial banks in Israel, has selected its OneSumX®  solution for Risk Management.

IDB chose Wolters Kluwer Financial Services following an extensive search for a vendor that could provide a suitably robust risk solution, subject matter expertise and implementation services.

OneSumX provides a complementary and comprehensive ecosystem of governance, finance, risk and compliance solutions. IDB has specifically signed up to use the OneSumX solution for Market Risk, Asset and Liability Management (ALM) and Liquidty Risk.

Based on a centralized data structure specifically designed for financial institutions, the OneSumX Market Risk solution offers all modern risk analytics and techniques, from basic sensitivity and gap analysis, through to more advanced Value at Risk (VaR) techniques and dynamic simulations, based on Monte Carlo modeling.

The ALM solution, meanwhile, is based on Wolters Kluwer Financial Services’ integrated data architecture. This enterprise-wide risk solution enables balance sheet modeling, risk measurement and management, as well as regulatory compliance. And the OneSumX Liquidity solution combines a risk management/stress engine and regulatory reporting platform, enabling firms to monitor, manage and report liquidity risk.

“In today’s rapidly changing environment, financial institutions must have robust systems in place to mitigate a wide array of risks,” said Shaul Rudner, head of Central Procurement at IDB. “The OneSumX solution provides suitably effective risk management tools to help ensure we continue to monitor and manage market, ALM and liquidity risk.”

“We are honored that IDB – a leading bank in Israel - has recognized our continued commitment to developing risk solutions that meet our client’s most challenging needs,” added Kris Van Bavel, vice president of Sales, EMEA, for Wolters Kluwer Financial Services. “We are certainly noting a significant trend across EMEA for banks who are keen to upgrade their risk management platforms.”