In a bid to ensure compliance with the forthcoming Basel II processing regulations, financial services giant Citigroup is said to be implementing Reveleus’ risk management technology.
i-flex subsidiary and global provider of analytical applications for the financial services industry, Reveleus, says its Basel II solution was selected by the group following an extensive evaluation process.
According to i-flex, the Basel Committee on Banking Supervision has defined the Basel II capital adequacy requirements with the principal goal of reducing risk in the financial system worldwide by aligning each bank’s capital requirements to more accurately reflect its own credit, market and operational risks.
Mr William Belew, managing director, corporate technology, Citigroup, said, We required a comprehensive solution with the flexibility to address the evolving requirements in many jurisdictions. And most importantly, Reveleus demonstrated the capability to manage the home-host needs of a global company such as Citigroup.
i-flex says the solution will be implemented across all lines of business at Citigroup.