Pictet Group is extending its use of Wolters Kluwer Financial Services solutions with the addition of the supplier’s financial risk management software to existing regulatory reporting capabilities. The Geneva-based asset manager has started to integrate the solutions with a view to creating a single platform and standardised data management processes across its risk and finance functions.
Pictet selected the Wolters Kluwer Financial Services risk management software, which will replace a competitive vendor solution, to meet its requirement for an integrated and scalable solution to automate asset and liability management, liquidity risk and market risk. The software also provides indicators such as value at risk, capital requirements and liquidity ratios, and supports business and regulatory requirements for stress testing, dynamic simulations and reporting. Implementation of the software started recently at Pictet’s head office in Geneva and is expected to be complete by the end of the first quarter of next year.
Emmanuel Duterme, risk manager at Pictet, says: “Wolters Kluwer Financial Services’ integrated platform provides us with the ability to conduct more advanced risk measures and handle multiple positions, including complex derivatives, enabling a more in depth understanding of our trading risk portfolio. It also allows us to add additional finance capabilities, such as funds transfer pricing and consolidation, at a later date.” On the combination of the Wolters Kluwer Financial Services regulatory reporting and financial risk management solutions, he adds: “Integrating the solutions on one platform made sense from both a regulatory and business standpoint.”