Formicary, a specialist technology integration company for the financial services industry, has launched the latest version of RiskSeer – its integrated Independent Price Verification application. Designed to transform and improve risk management processes, RiskSeer centralises market and trade data to facilitate accurate and timely decision making by the risk, product control and finance units of financial institutions. Riskseer’s core data consolidation features also provide significant market data cost savings to its users.
Building on the success of the original application, the new version of RiskSeer features: extended securities coverage; position valuation calculation and tolerance check; rules-based price averaging from multiple raw data sources; ability to integrate custom pricing models; and extended market data feed handling for Reuters, Bloomberg and Markit.
As management become increasingly focused on price and risk analysis, market valuations and measures of exposure to risk, the need for a means of consolidating pricing, valuation and risk data is a growing priority for organisations.
RiskSeer automatically pulls together data from multiple price sources and is able to feed multiple price destinations one, consolidated view – organised by any available data attribute, such as instrument type, currency, index, or counterparty.
The application enables authorised users to access, manipulate and quality check trade / pricing data and export the information on demand. Product controllers, risk and finance personnel can all request the market value of positions from an individual asset, book, regional or global perspective at any given time.
RiskSeer’s configurable, rules-based workflow will automate the distribution of consistent, approved pricing, ensuring clear and accurate reporting within a bank’s approved audit process. Full built-in exception handling ensures any market data discrepancies are identified to the user as soon as they occur.
The ability of RiskSeer to verify prices allows for a more robust delivery of clean, risk-approved market data across multiple systems, providing a consistent foundation for calculation of intraday and end of day profit & loss and risk. Full auditing and reporting streamlines end-of-day and month-end processing.
Alexander Millington, director of Formicary’s Trading and Risk Technology Group, said: “Financial institutions are under greater pressure than ever before to manage risk and make profitable decisions, but these can only be based on the accuracy of the information their teams have at their disposal at any one time. Accurate Front Office market valuations play a critical role in the risk management process. Many financial institutions have created their own in-house systems for price verification, but these don’t always show the full picture. RiskSeer is different in that it brings together data from multiple price sources to multiple price destinations, working alongside existing trading and market data applications to create a transparent, integrated workspace that eases every aspect of the valuation and risk process.”