Belgium-based Financial Architects, a provider of a finance resource planning platform for the finance industry, has announced that Israel-based Bank Hapoalim has selected its service as the core platform to answer the bank’s capital management requirements to become compliant with the Basel II regulation under Pillar I, Pillar II and Pillar III.
According to Financial Architects (FinArch), Bank Hapoalim is expected to start with the implementation of the IRB approach in Tel Aviv to then smoothly implement the Basel II accord in all entities of the group.
FinArch said that Financial Studio provides a fully integrated capital and risk management system that delivers support for enterprise-wide credit, market and operational risk management, ensuring compliance with external regulations.
Eyal Perry, Basel II program manager at Bank Hapoalim, said: Financial Studio leverages financial information with great flexibility and analytical depth, while preserving the high standards of data integrity and completeness to which Bank Hapoalim adheres to.
Frederic Simons, vice president of regional business development at FinArch, said: Financial Studio offers high scalability in terms of volume and functionality and thus makes the perfect solution for Bank Hapoalim. This partnership also demonstrates FinArch’s further commitment to the Middle East region. We are very pleased with Bank Hapoalim’s confidence in our company, to provide them with a sophisticated risk management platform. Without any doubt Bank Hapoalim rapidly will receive return on investment.