NEW YORK, April 26--PRNewswire-AsiaNet/InfoQuest
Reveleus(TM), a business of i-flex(R) solutions (Reuters: IFLX.BO &
IFLX.NS) and a global provider of analytical applications for the financial
services industry, announced that BMO Financial Group, one of the largest
financial services providers in North America, has selected the Reveleus Basel
II Solution. The solution will provide BMO with a complete set of rules,
computation engines, business definitions and underlying data structures to
help the bank accelerate compliance with the risk management requirements of
the Basel II Accord.
The Basel Committee on Banking Supervision's principal goals is to reduce
risk in the financial system worldwide by aligning each bank's capital
requirements to more accurately reflect its own credit, market and operational
risks.
"Banks are left with little choice but to adopt analytics that enable
compliance with the Basel II capital adequacy requirements," commented
Guillermo Kopp of TowerGroup, a leading research firm. "Basel II is driving a
greater degree of convergence between banks' finance and risk departments to
achieve a more unified understanding of risk. However, banks will face ongoing
challenges to stay current with the ever-changing Basel approaches in
different jurisdictions and must invest in flexible software solutions that
address all of the above issues."
BMO is planning an accelerated implementation of the Reveleus Basel II
Solution at its Canadian offices, commencing in the second quarter of 2005.
BMO will implement Reveleus to satisfy its multi-jurisdictional Basel
requirements in Canada and internationally.
Wendy Lockyer - Senior Vice President, Basel and InSight Initiatives at
BMO Financial Group, said, "We chose Reveleus because of the pre-built nature
of the solution, the fit with BMO's technology platform and Reveleus'
commitment to the evolution of the product to meet BMO's ongoing needs and the
Basel II marketplace."
S. Ramakrishnan - CEO of Reveleus, said, "We are excited to begin this new
partnership with BMO by helping them strategically address their Basel II
requirements, ensuring that they meet current needs while building for the
future. We are confident that BMO will gain a significant Total Cost of
Ownership advantage through the implementation of Reveleus as the single
solution across all jurisdictions."
SOURCE: i-flex solutions
CONTACT: NORTH AMERICA, Penney Richardson, +1-415-7718106,
EUROPE, Sunil Robert, +91-09819670100,
INDIA/ASPAC, Parvez Ahmad, +91-80-2208-7515,
[email protected], or Ramya B S, +91-80-2208-7294,
[email protected], all for Reveleus
Web site: http://www.iflexsolutions.com
--Distributed by AsiaNet (www.asianetnews.net)--
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