Enterprise risk management specialist CubeLogic this week launched a brand new risk analytics solution in partnership with capital markets technology firm Numerix and London-based IOWArocks (formerly MDX Technology), a global marketplace for data, technology and services.
The Risk-as-a-Service (Raas) platform provides advanced risk analytics as a fully managed solution, targeting both capital markets firms and energy and commodity firms specifically. First showcased at the Singapore FinTech Festival in December 2020, it offers a set of pre-configured options combining advanced credit, market and compliance risk analytics in a scalable format with both end-of-day and real-time capabilities.
“Risk-as-a-Service may not be a new term, but our approach is,” says Karl Sees, MD Financial Services CubeLogic. “By combining the specialist, but highly complementary skills and experience of the CubeLogic team, together with Numerix and IOWArocks, we have been able to very quickly construct a robust solution which can flex to suit the specialist needs of our users.”
Capabilities include a RiskCubed risk engine, powered by Numerix advanced valuation and risk analytics, and offering a full range of valuations, greeks, cross greeks, VaR, tracking error, PFE, CVA, xVA, stresses and scenarios. The solution also comes with out-of-the-box data connectivity from IOWArocks covering market, reference, and alternative data, along with business intelligence including reporting, dashboards, charting, historical analysis, and trends.
Steve O’Hanlon, CEO of Numerix, comments, “Across financial services one of the strongest trends we are seeing is the pressure to reduce operating costs. We believe this service further enables firms to outsource business processes to expert providers with confidence, and as a result will enable them to significantly improve risk mitigation capabilities and achieve the cost savings they desire.”
Paul Watmough, Co-founder & CEO IOWArocks, adds, “Cost reduction is most definitely high on everyone’s agenda. Particularly for consumers of market data, which can typically be the second-largest expenditure for most financial services firms. I am delighted to be part of this strategic initiative which will enable firms to rationalize data consumption costs whilst delivering risk competency and regulatory efficiency.”