FERNBACH-Software, a global market leader in analytical software, has come out ahead of its competitors and signed a contract with Dubai Bank.
Following a rigorous selection process including a functional as well as a technical proof of concept, Dubai Bank chose FERNBACH among renowned providers of risk solutions and is currently implementing the Fernbach Basel II Credit Risk Management solution. The project will provide Dubai Bank with an end-to-end solution including the regulatory calculation and reporting engine, Limit Reporting, Rating, PD-Estimation, LGD-/EAD-Estimation, and Stress Testing. The solution fully covers the Islamic products portfolio of Dubai Bank.
The Central Bank of the United Arab Emirates is encouraging banks to apply the IRB approach, which enables them to optimise their internal credit risk management. Manual mechanisms, such as the use of spreadsheets for calculations and generating reports that are currently a part of standard approaches, will not be enough to meet the future’s challenges.
Working closely together with regional partner Intertec Systems, FERNBACH implements all FlexFinance® Basel II components to ensure total automation of all processes, calculations and reports, as well as FlexFinance® Analytix as platform for individual modelling and reporting.
FlexFinance® Basel II delivers UAE-compliant regulatory calculations and reporting for all regulatory approaches. The engine covers measuring, controlling, management and mitigation of all risk types.
FlexFinance® Analytix is a flexible platform for risk modelling with which the bank can develop its own risk infrastructure, specific to its business. This platform enables the bank to adapt to the changing supervisory landscape and provides a comprehensive overview of the internal risk measurement process. The FERNBACH solution combines standard software with risk modelling tailored to the bank’s individual needs.
“FERNBACH has emerged as our number one choice,” said Faizal Eledath, Chief Information Officer, Dubai Bank. “The extensive range of products and services, the outstanding expertise in the risk area and the local presence the company established with their partner, Intertec Systems, completely convinced us. The SOA architecture of the FlexFinance® solution means the software package can be seamlessly and efficiently be integrated into our existing IT infrastructure.”
“I am very happy that, with Dubai Bank, we were able to add another client from the UAE to our customer base,” said Paul Rothenberger, Managing Director EMEA, FERNBACH-Software. “The project, which includes two of our main risk management components, will support Dubai Bank in implementing automatic management and reporting processes in line with its banking supervisor’s guidelines. FlexFinance® Analytix leverages the IT investments in existing systems and supports Dubai Bank in benefiting from the alignment of its existing risk management practices with increasingly complex Basel II requirements.”
