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A-Team Insight Blogs

Raiffeisen Bank Implements Asset Control Data Management Platform

Raiffeisen Bank International (RBI) is in the process of implementing Asset Control’s AC Plus data management platform with a view to centralising data management for end-of-day valuations and market risk calculations across its operations in Europe and Asia. The bank selected Asset Control after an evaluation of competitive solutions and a successful proof of concept.

RBI was using a solution from a large data vendor as well as in-house systems to manage its market and non-static data before it decided that these solutions were not meeting its needs and that it needed a centralised data management system. The bank is headquartered in Austria and has 15 subsidiaries across central and eastern Europe as well as a presence in Asia.

Roland Klimesch, head of RBI’s Balance Sheet Risk Management, explains: “We wanted a proven system that could cover both market data and non-static data in a holistic way. Also, a system that would give us the ability to establish efficient end-to-end processes, from gathering the data, validating it and compiling a golden copy, to pushing it downstream to other systems. Asset Control fulfils all requirements with the functionality we require. In addition, we expect support in establishing our data management processes. Asset Control’s experience in this regard was a decisive factor.”

Implementation of AC Plus has started, with Asset Control acting as an implementation partner, and the software is due to go live at bank premises in Austria in the fourth quarter of the year. Asset Control CEO Richard Petti, says: “Before I joined Asset Control in October 2013, the company sold the data management platform with many technical papers and the customer would implement it. We have changed this as Tier 2 and Tier 3 organisations, such as RBI, do not have the large teams needed to support implementation of the platform. Instead, we work in partnership with customers, taking responsibility for the outcome of implementation and then handing over.”

RBI joins Asset Control customers in central Europe including Erste Bank, Commerz Bank and a number of insurance companies based in Switzerland. The company expects to win more business in the region as regulation drives data management improvement and hopes to add new customers from both the buy- and sell-sides to its total of about 65 worldwide. Some of these are expected to favour Asset Control’s hosted and managed data management solutions that were introduced early this year, while others will deploy enterprise solutions, helped by the company’s commitment to implementation. Existing customers, promises Petti, can look forward to new tools that will support improved use of the Asset Control data management platform.

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