Société Générale has gone live with Opensee’s real-time self-service analytics platform. Initial uses of the platform are day-to-day regulatory reporting, management of the interest rate risk of the banking book (IRRBB), and management of market risk-related capital requirements linked to Fundamental Review of The Trading Book (FRTB) regulation. The bank will also implement the platform in other areas, notably for its liquidity and risk-weighted assets (RWA) calculations.
Opensee is a spin-off from Société Générale’s Global Markets Incubator programme and is working with the bank to help it tackle big data challenges at scale by pushing the boundaries of self-service data analytics. Its platform allows users to perform data aggregation autonomously, calculate ever-growing datasets, and manage exponential data growth efficiently and at a minimal cost without compromising on performance or volume.
Philippe Vibien, global CIO, finance, risk and market data, at Société Générale Corporate and Investment Banking, says: “Facing a tsunami of data, we needed a system with the flexibility to retrieve data and manage risk. The Opensee solution can analyse and manage data sets of unlimited size. We’re now able to produce specific reports for senior management or the regulator in a very short time, allowing quick decision making. We’ve gained up to 36 months in achieving this objective using the Opensee solution.”
Opensee says its platform saves up to 90% of financial institutions’ infrastructure costs and gives users the freedom to dive deeper into data while broadening access to it. Société Générale users can manage risk more efficiently by analysing instantly and interactively a decade of data instead of a few months’ worth of data. User-defined functions allow business users to access any aggregation or analytics on demand in three hours, instead of waiting for more than two weeks using previous systems.
Stephane Rio, founder and CEO at Opensee, says: “This is a special moment in Opensee’s collaborative relationship with Société Générale. It’s great to be providing an innovative and economical solution that delivers new ways to manage huge volumes of data across several parts of the business. Our mission is to help financial institutions realise their data potential and gain competitive edge through self-service data analytics.”
