German bank Deutsche Postbank has selected Asset Control’s AC Plus financial and reference data management software to provide pricing data to the bank’s risk control department and support its internal value at risk (VaR) model for market risk.
Phil Lynch, Asset Control’s president and CEO, says that the vendor has been speaking to the bank since mid-2007 about the implementation. He reckons that the vendor’s presence in the German financial markets was a strong contributing factor to their selection of Asset Control. “Postbank chose Asset Control for its ease of use, low resource requirements, proven value among customers in Germany, and positive feedback from existing customers,” he says.
Dr Guenter Fiebach, head of risk control at Postbank, confirms the reasons behind the bank’s choice of vendor solution: “We chose Asset Control because the solution’s template driven infrastructure will ensure a simpler initial implementation and allow us to meet our required timelines. The solution also provides a sophisticated workflow that will enable us to automate our data management processes ourselves over time. In addition, Asset Control has a strong, recognised customer base in Germany, and therefore has a unique understanding of the local financial and regulatory environment.”
Lynch explains that prior to its implementation of AC Plus, Postbank used direct feeds of pricing data into its risk system. Postbank chose to move to the vendor solution because it “needed a more comprehensive framework that provides more reliable data and a coherent data history for its risk system”, he adds.