Algorithmics, an enterprise risk solutions provider, has announced that Powszechna Kasa Oszczednosci Bank Polski has chosen its credit regulatory capital management solution for banks to assist it in becoming Basel II compliant. This extends the contract that the bank already has with Algorithmics for its integrated market risk and credit risk measurement and analytics solution, as well as its credit limit management solution.
A Powszechna Kasa Oszczednosci Bank Polski (PKO Bank Polski) official said: We needed a solution that would allow us to calculate our Basel II regulatory capital requirements for credit risk, using an internal ratings-based approach and provide the reporting capabilities to meet our regulatory requirements. After a comprehensive search we decided that Algorithmics is the best company to help us achieve these objectives.
The Algorithmics solutions are based on their ‘Mark-to-Future’ methodology. We believe this common architecture between our existing risk management solutions and the new Basel II solution, will allow us to implement it transparently and efficiently, with minimal IT and training costs.
Ben De Prisco, vice president of Algorithmics, said: We are delighted that PKO Bank Polski has chosen to extend its contract with us to meet its Basel II regulatory requirements. Our solution offers flexibility and rich functionality and analytics. In conjunction with the other solutions that PKO Bank Polski already has it will help to provide seamless, consistent analysis of risk across the entire enterprise, assisting the bank in managing and allocating its risk capital more efficiently.