QuIC Financial Technologies

QuIC Financial Technologies

March 26, 2009 06:00 ET

Risk Management Leader QuIC Unveils New IRC Solution; Helping Banks Prepare for Pending FSA Regulations

VANCOUVER, CANADA--(Marketwire - March 26, 2009) - QuIC Financial Technologies Inc., a global solutions provider for risk management, pricing and financial analytics, today unveiled their Incremental Risk Charge (IRC) Solution. This milestone solution places QuIC in a leading position to help banks comply with pending FSA regulatory requirements.

"We are very excited about our latest solution and are seeing an increased demand from banks being proactive in achieving FSA approval for IRC," says Nigel Cairns, President and CEO for QuIC Financial Technologies. "The QuIC IRC Solution was developed in conjunction with one of our long-term clients and will be very appealing to other banks looking to implement a flexible strategy ahead of the regulatory deadline."

The QuIC IRC Solution provides Risk Managers with the ability to rapidly implement an out-of-the-box initial model that can be easily modified to meet their internal methodology. This gives them complete flexibility to implement their IRC solution quickly and easily, to identify any regulatory gaps earlier, and to understand the potential impact of IRC on their business.

"Banks developing an IRC strategy will quickly discover that speed, performance and flexibility are critical, and extending an existing market risk solution to include IRC is not a viable strategy," stated Tony Coppellotti, Chief Technology Officer for QuIC. "Pushing an existing market risk solution to run so many scenarios will cause performance issues and have serious hardware and cost implications."

About the QuIC IRC Solution

Leveraging key components of the QuIC Product Suite, the QuIC IRC Solution combines an initial IRC model, a high-performance calculation engine and the modeling language for banks to adapt and develop a bespoke IRC solution, based on their own methodologies. Designed as a simple and quick implementation, without taxing hardware or existing infrastructure requirements, the QuIC IRC Solution helps risk managers understand the potential impact of IRC on their business well in advance of the regulatory deadline. This solution easily integrates into grid fabrics to optimally distribute IRC calculations, thereby providing firms with a cost-effective solution to implement IRC models.

About QuIC Financial Technologies, Inc.

QuIC is a global solutions provider for risk management, pricing and financial analytics. The QuIC Product Suite features an exceptionally fast vector-based calculation and simulation platform for pricing, risk management and financial analytics. Built with fully open technology, the QuIC Product Suite integrates easily with in-house and partner systems and operates in diverse environments, from a single laptop to large distributed grids. QuIC technology is delivered on a shared calculation fabric available to multiple recipients throughout the enterprise, allowing risk management professionals to collaborate in developing new analytics strategies and technology solutions.

Trademarks

QuIC, the QuIC logo, and QuIC Analytic, QuIC Analytics - XL, QuIC Analyzer, QuIC Engine, QuIC Functions, QuIC Integration, QuIC Links, QuIC Mechanics, QuIC Network Engine, QuIC Platform, QuIC Product Suite, QuIC Publisher, QuIC Script, QuIC Simulation Framework, QuIC Run, QuIC View, and QuIC Workbench product names are trademarks of QuIC Financial Technologies Inc. or a licensor in Canada, the United States and/or other countries.

Contact Information

  • Press Contact:
    QuIC Financial Technologies Inc.
    Julie Zuzek, Director of Marketing and Communications
    +44 (0)20 7562 4570
    +44 (0)20 7562 4571 (FAX)
    julie.zuzek@quic.com