EBS Building Society Gets Ready For Basel II with Misys Almonde
6 July 2007 - EBS Building Society has successfully gone live with Misys Almonde, a market-leading compliance and performance management solution, to address the requirements of Basel II.
John Fitzgerald, Basel II Programme Manager at EBS Building Society, comments, “EBS Building Society is committed to meeting both the spirit and the letter of the new Basel requirements. We chose Misys Almonde because of the transparency of the Almonde product, the expertise of Misys consultants and its ability to deliver immediate and long term value-add to our business.”
With Misys Almonde, EBS Building Society can more accurately measure and manage the risk in its lending portfolios, one of the Basel II requirements. “EBS will also benefit from the ‘value add’ features of Misys Almonde, with the ‘scenarios’ functionality in particular helping us to explore hidden risks and opportunities,” adds John Fitzgerald.
“For us, the choice of Misys Almonde was obvious given the breadth and depth of the solution’s capabilities. Misys has made sure that the implementation was smooth and successful. We are running Misys Almonde in parallel with our existing regulatory reporting infrastructure and the first submission of CoRep reports to the regulator is planned for Q3 2007. Additionally, monthly capital reporting is produced for senior management. As a building society, we see new regulations as an opportunity to implement tools that bring added risk insight benefits to day-to-day operations. We are very much looking forward to working with Misys over the coming years.”
Misys Almonde has been designed specifically for financial institutions that require Basel II compliance. It covers the full range of regulatory and business requirements, from advanced data management through to reporting.
Trevor Holford, Misys Almonde Product Manager at Misys, states, “We have worked closely with EBS to provide it with an integrated ‘Basel II in a box’ solution, which smoothly interfaces with its existing systems, delivering it hassle-free Basel II compliance in the most cost-effective manner.
Misys Almonde combines risk-weighted asset (RWA) and credit risk mitigation (CRM) calculations with structured processes, audit trails, data modelling, data storage, stress and back testing, regulatory/ management reporting and analysis tools.
For further information please contact:
Edward Taylor
Global Head of Public Relations
Misys Banking Systems
+44 (0) 208 486 1661
edward.taylor@misys.com
Adam Barber
Financial Dynamics
+44 (0) 207 269 7175
adam.barber@fd.com
EBS Building Society, founded in 1935, is Ireland's largest building society and the 5th largest amongst credit institutions predominantly involved in the domestic retail business with total assets approaching €20bn. EBS has grown successfully by providing competitive high quality products and services to its more than 400,000 members.
Misys plc (FTSE: MSY.L), the global software and solutions company, is one of the world's largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in depth understanding of customers' markets and operational needs. In banking and treasury & capital markets Misys is a market leader, with over 1,200 customers, including all of the world’s top 50 banks. In healthcare Misys is also a leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Misys employs around 5,500 people who serve customers in more than 120 countries. For more information, visit: www.misys.com
