SOURCE: Recommind

Recommind

June 25, 2015 03:30 ET

Deloitte Partners With Recommind to Launch New Data Analysis Tool for OTC Contracts

Alliance Brings Together Leading Consultancy With Technology to Solve Banks' OTC Data Woes, Mitigate Risk and Optimise Profit

LONDON, UNITED KINGDOM--(Marketwired - Jun 25, 2015) - Deloitte, the business advisory firm, today announced an alliance with Recommind, a leader in information intelligence, to deliver a managed service to investment banks, transforming the way Over-the-Counter International Swaps and Derivatives Association (ISDA) agreements are managed.

The new offering will consist of a Deloitte service wrapping around Recommind's Perceptiv Derivatives Contract Analysis technology in the firm's managed service layer to ensure optimal service delivery. The SaaS platform handles the process of sifting through thousands of counterparty agreements to identify the data traders need to drive profits, including eligible collateral, interest rates, termination events, netting, thresholds and independent amounts.

"The notional amounts outstanding of OTC derivatives stood at over $690 billion at the end of 2014. Supporting this are countless contracts and millions of data points, which until now have largely been handled manually by large teams within organisations. That process is not only time intensive but the margin for error is huge. We launched Perceptiv Derivatives Contract Analysis, a sophisticated machine learning technology, to reduce manual processes, improve regulatory compliance and reduce costly human error," commented Bob Tennant, CEO, Recommind. "This partnership offers investment banks the best of the technology and consulting worlds in a managed service that will redefine OTC contract analysis."

"Under Dodd-Frank, EMIR and Basel III investment banks are required to have a much more granular view of their data and this requires a change in the way information is managed within large financial institutions," said Katelyn Brown, Partner, Deloitte MCS Limited. "OTC derivatives contracts in particular are made up of hundreds of data points. Errors that creep in during manual processes not only lead to regulatory headaches but also substantial financial losses. Working with Recommind will allow us to improve the way our customers' OTC Derivatives Contracts are managed, speeding up the process and eliminating human error to optimise profit and mitigate risk."

For more information on Perceptiv Derivatives Contract Analysis please visit the Recommind website.

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited ("DTTL"), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited

About Recommind, Inc.
Recommind is a leader in information intelligence, delivering breakthrough software applications that harness the power of information to solve concrete business problems. Recommind customers include AstraZeneca, BMW, Cisco, Clifford Chance, Marathon Oil, Morgan Lewis, the U.S. Securities and Exchange Commission (SEC), Swiss Re, the U.S. Department of Energy (DOE), White & Case and WilmerHale. Recommind is headquartered in San Francisco and has offices in New York, Boston, London, Sydney and Bonn, Germany. For more information go to www.recommind.com.

About Perceptiv Derivatives Contract Analysis
Perceptiv Derivatives Contract Analysis is used by tier one banks to automate data extraction from complex OTC legal agreements, ensuring all parts of the organisation have the best possible data. Traders can be confident in the data they use to execute trades and compliance teams are assured that data is available to support regulatory requirements.