|Fortis Bank Selects SunGard's Credient for Global Limits Management|
Monday July 28, 4:35 pm ET
Credient to Help Improve Control of Limits and Exposure Management, Reduce Unfunded Risk and Establish Workflow for Violation Management
NEW YORK--(BUSINESS WIRE)--July 28, 2003-- SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), today announced that Fortis Bank has selected Credient for real-time global limits and exposure management. Credient will help the Merchant Banking division of Fortis Bank to further refine the management of global limits and risks through the effective use of an advanced infrastructure.
Credient will consolidate Fortis Bank's global credit information to provide an aggregate real-time view of credit limits and exposures. Around 100,000 deals per month will pass through Credient from across Fortis' global trading operation, for pre-deal limit checks, exposure measurement, limit updates, violation management and credit risk reporting. Credient will automate and streamline processes at Fortis Bank, helping it to better manage and control its credit policies while reducing operating costs and minimizing unfunded risk.
Charles Courouble, head of merchant banking risk management at Fortis Bank, said, "We selected Credient because it is the most comprehensive, cost-effective solution for global credit limits and exposure management. Our existing relationship with SunGard for credit limits management has demonstrated the reliability of its service, through which Fortis Bank has experienced in excess of 99% uptime and has averaged under 3 seconds response time on 98% of transactions. Going forward, Credient will help us more effectively manage and control our credit policies and global risks, and increase operating efficiencies."
Steve Husk, president of SunGard's Trading and Risk operating unit, said, "Banks are increasingly focused on credit risk, which can be a beast to manage. Credient provides the seamless workflow environment that banks need to gather and aggregate data with improved efficiency and consistency. In the face of regulatory and economic pressures, banks are also seeking to more efficiently manage and allocate capital. With Credient, banks are equipped with real-time tools and analytics for integrating credit risk intelligence into their spending decisions, such as risk-adjusted deal pricing, profitability measures, and compensation."