News and Events
Regularly updated information on Verasis and related industry topics.
Feb 2010
Verasis Risk 3.1 The Liquidity Component of Verasis Risk has been enhanced
to meet the latest requirements of the FSA and ECB
The enhancements include the ability to define, run and analyse stress and shock scenarios across the following contributing elements:
- Market pricing (interest rate, FX rate and volatility rate)
- Product / franchise (market access and availability)
- Customer / counterparty viability
The enhancement provides institutions with the ability to define scenarios at both granular and market wide levels and hence perform both systemic and idiosyncratic stress tests.
Jan 2010
Corporate Deposits 2.3 Goes live with additional functionality at Irish bank
- Phase 2.3 of the Verasis Corporate Deposits application has gone live supporting over 11,000 accounts in the MISYS OPICS Call & Notice module at multiple sites in an Irish Bank.
- The Verasis Corporate Deposits application provides an intuitive, fluid, and business process based Dash Board that overlays and utilises the standard Core functionality of the MISYS OPICS Call & Notice and Deposit & Loans modules.
- The additional functionality incorporates the processing of MT103 incoming swift messages, archiving of closed accounts and ability to handle double taxation requirements.
Oct 2009
Verasis Risk 3.1 Basis and Credit Spread in Yield Curves
Basis and Credit spread functionality has been developed and incorporated into the Yield Curve and Valuation activities of Verasis Risk.
- Spread Curve Generation: Enhancement to existing Yield Curve functionality along with the ability to define Basis and Credit Spread curves.
- Valuation and reporting using Basis Spread Curves: Enhancement of existing Verasis Risk functionality to incorporate Basis Curves into valuation routines and the development of additional Sensitivity Reports.
- Valuation and reporting using Credit Spread Curves: Enhancement of existing Verasis Risk risk functionality to incorporate Government / Sovereign Curves into valuation routines and the development of additional Credit Risk Reports.
Apr 2009
Verasis Risk 3.1 Credit Risk component completed
Phase 1 of the Verasis Risk Credit Risk component has been completed and is in beta test with the following functionality:
- Nominal Credit Risk – Calculation of Credit Exposure based on receivable nominal and mark to market amounts. Includes a delta calculation for enhanced assessment of the credit risk in derivatives.
- Credit Rating Spread Risk – based on the ability to perturb yield curves for credit rating spreads. Providing the risk manager with the ability to better identify exposure to credit classifications in portfolios.
- Credit Stress / Sensitivity Testing – providing the user with the ability to stress test across two directions:
- Stress testing of Credit Spreads by user designed basis point (BP) shift structures
- Stress testing for Ratings downgrades and upgrades
Jan 2009
Verasis Risk 3.1 Government Spread component completed
Verasis Risk has been enhanced as follows:
- Government Spread is incorporated into the existing functionality (valuation of exposures to government/sovereign counterparties)
- A Government Spread Risk component now allows users to calculate, report and stress test Government/Sovereign Risk
The Verasis Risk Yield Curve functionality has been enhanced to allow users to define curves that incorporate a Credit Spread over swap rates and that can be associated to government/sovereign counterparties.
Jan 2009
Verasis Risk 3.1 Interest Rate Basis Spread component completed
Verasis Risk has been enhanced as follows:
- Basis Spread is incorporated into the existing functionality (Mark to market valuations)
- A Basis Spread Risk component allows users to calculate, report and stress test Basis Risk
The Verasis Risk Yield Curve functionality has been enhanced to allow users to define curves that incorporate Basis Spread and that can be associated to refix rate codes.
Nov 2008
Verasis Risk 3.0 Automated Archiving component commences beta testing
The Automated Archiving and Recovery component has been completed and fully integrated into Verasis Risk 3.0.
The Archiving functionality of the component allows users to perform both ad hoc and scheduled archiving of Trade/Cash Flow and Market data.
The Recovery functionality of the component allows users to recover archived Trade/Cash Flow and Market data.
Oct 2008
Corporate Deposits 2.0 Goes live at multiple sites in a European Bank
Phase 2 of the Verasis Corporate Deposits application has gone live supporting over 10,000 accounts in the MISYS OPICS Call & Notice module at multiple sites in a European Bank.
The Verasis Corporate Deposits application provides an intuitive, fluid, and business process based Dash Board that overlays and utilises the standard Core functionality of the MISYS OPICS Call & Notice and Deposit & Loans modules.
The Verasis Corporate Deposits application has been developed in OPICS Architecture.
June 2008
Corporate Deposits 1.0 Goes live at a European Bank
Phase 1 of the Verasis Corporate Deposits Dash Board Application has gone live at a European Bank.
The Verasis Corporate Deposits application provides an intuitive, fluid, and business process based Dash Board that overlays and utilises the standard Core functionality of the MISYS OPICS Call & Notice and Deposit & Loans modules.
The Verasis Corporate Deposits application has been developed in OPICS Architecture.
Dec 2007
Verasis Risk 2.2 Development of Credit component
Development of Version 2 of the Verasis Risk Credit Risk component has commenced and is scheduled for release in Q1 2008. This satisfies the Capital Requirements Directive and will help financial organisations comply under pillar 3 of the Basel Accord.
The module supports a full IRB (Internal Rating Basis) for Capital Calculations, combining internal weightings and score cards to facilitate PD (probability of default) calculations.
The component incorporates the ability to define multiple forward date valuation points and combine them with stress and historic market data scenarios. This enables it to perform LGD (loss given default) and EAD (exposure at default) calculations across multiple asset classes.
Nov 2007
Verasis Risk 2.2 FRONT ARENA interface goes live at AIBC Dublin The Verasis Risk/FRONT ARENA trades interface has gone live at Anglo Irish Banking Corporation in Dublin. The interface resides in Verasis Risk, capturing and emulating trades, as well as positions and reference data maintained in FRONT ARENA.
Nov 2007
Verasis Risk 2.2 Liquidity component commences beta testing
Version 1 of the Verasis Risk Liquidity Risk component has been released. This incorporates functionality to facilitate both internal and external regulatory liquidity management and reporting. The regulatory liquidity reports defined and prescribed by Rialtóir Airgeadais (Irish Financial Regulator) have been integrated and are fully supported.
Oct 2007
Verasis Risk 2.2 SunGard FRONT ARENA interface SunGard’s FRONT ARENA is the latest third-party system to interface with Verasis Risk. This enables the following trade and transaction types:
- Interest Rate Swaps (fixed vs float)
- Cross Currency Swaps
- Basis Swaps
- Zero Coupon Bonds
- Interest Bearing Deposits
- Cap/Floors
- Swaptions
Oct 2007
Verasis Risk 2.2 Liquidity component in development The Verasis 2.2 Liquidity component incorporates the regulatory structure of the Central Bank of Ireland. It produces both trader-orientated liquidity numbers and the hard-copy regulator template for liquidity reporting.
Scenario-based calculations allow the inclusion of various credit spreads, as well as the input of haircuts. Additional benefits include increased awareness and understanding of Asset and Liability behaviour patterns, through enhanced activity monitoring. Enhanced cash flow management also facilitates synergy savings for staff and more efficient daily liquidity management.
Sep 2007
Verasis Risk 2.2 Verasis Risk 2.2 goes live at AIBC
You can download a full PDF of this press release from the archive.
AIBC has now successfully upgraded to Verasis Risk 2.2. This gives the bank enhanced VaR and Sensitivity Stress Testing. It also provides Asset and Liability Management functionality, using multiple market data sources across wholesale and retail asset and liability classes.
Fergal Mullin (AIBC Group Risk) says:
“The project and upgrade to version 2.2 of Verasis Risk provides the bank with significant gains in both functionality and speed.
“The speed enhancements delivered in version 2.2 make intra-day full historical simulation VaR possible.
“Version 2.2 also provides us with a broader set of tools with which to regulate, stress and appraise the Treasury area of the bank.
“The speed and success of the upgrade project represents the culmination of an enormous effort from the AIBC Treasury Risk/ALM and Verasis teams. The speed with which the system can be validated is greatly enhanced by:
- The configurable “logging” function, allowing the publication of full valuation detail
- Use of standardised FINCAD objects that can be validated in isolation via FINCAD XL
- Verasis’ open approach to both data and business processes
Verasis Risk 2.2 provides the following upgraded functions and benefits:
- Valuation Engine: improved architecture, giving speed and efficiency gains
- Supports multi-threading, leading to improved performance
- ALM component: retail and treasury analysis and reconciliation
- Cash flow profiles, allowing specific selections for processing
- Back-testing improvements: fully automated process for justifying VaR model selection and corresponding VaR results
- Sensitivity component: enhanced detection of shifts in FX rates and volatilities for FX, Caps and Floors, and Swaptions
- Multi-entity processing
July 2007
Verasis Risk 2.2 ALM component commences beta testing
The development of the Asset and Liability Management component enables a bank’s treasury and retail books to be analysed and reconciled, automatically and in real-time. It profiles the retail book’s asset and liabilities in relation to treasury deals. In so doing it allows:
- Full day-to-day reporting comparison functionality
- The archiving of historical reports
- Improved drill-down functionality
- Identification of day-to-day differences, with drill-down within those differences
Oct 2006
Verasis Risk 2.2 Wholesale and retail interface released for beta testing The Verasis Risk 2.2 Sensitivity component has been released for beta testing. This provides front, middle and back offices with a fast, flexible and accurate means to establish sensitivity to user-defined shifts in market data. It operates across an extensive range of vanilla and derivative trades (linear and option based) and interfaces with wholesale and retail systems. These include Verasis Trade Finance, Misys OPICS, and TEMENOS T24.
Oct 2006
Verasis Risk 2.1 AIBC Dublin adopts latest Mark-to-Market component
The Verasis Risk 2.1 MTM component has gone live at a leading European bank. It is being used for calculation of MTM and Greeks of European and Bermudan Swaptions maintained in third-party treasury trading systems.
Sep 2006
Verasis Risk 2.0 Hedge Effectiveness component supports Cash Flow
and Fair Value business
The Verasis Risk 2.0 HE component (phase 1) has gone live. This follows an extensive development and testing programme, which was completed on time and on budget. The HE application provides the full range of requirements for Cash Flow and Fair Value business.
These include:
- Retail balance interface, behaviour modelling and adjustment
- Hedge/derivative trade interface
- Relationship allocation and hypothetical trade generation
- Prospective, retrospective testing: regression analysis and validation
- Effectiveness calculation
Development of phases 2 and 3 of the Verasis Risk 2.0 HE component is underway. These will provide additional relationships and full accounting.
Aug 2006
Verasis Risk 2.0 State-of-the-art support to business layer of
Verasis applications
With the completion of Verasis Platform 2.0, migration of the full suite of Verasis software has commenced. The platform combines object-oriented development, with a service-oriented architecture. This provides a state-of-the-art and future-proof technical layer, which supports the business layer of all Verasis applications.
May 2006
Verasis Risk 1.0 Leading European bank adopts VAR component
One of Europe’s fastest growing banks, AIBC Dublin, has gone live with the VAR component of Verasis Risk 1.0. This Historical and Monte Carlo simulation-based solution provides fully integrated back-testing, stress testing and reporting. It complies fully with Pillars 1 & 2 of the Basel II market risk requirements.
If you would like more general information on Veratec or Verasis, please contact us on +44 (0)20 7375 1000, or email us at info@verasis.com.
Veratec Ltd does NOT claim any ownership of FRONT ARENA. FRONT ARENA is the property of the SunGard Data Systems Inc group of companies. Veratec Ltd is not linked to or endorsed by SunGard Data Systems Inc. Nothing on this website shall grant or purports to grant any rights in or licences to use FRONT ARENA.
Veratec Ltd does NOT claim any ownership of OPICS. OPICS is the property of members of the Misys plc group of companies. Veratec Ltd is not linked to or endorsed by Misys plc. Nothing on this website shall grant or purports to grant any rights in or licences to use OPICS.
Veratec Ltd does NOT claim any ownership of TEMENOS T24. TEMENOS T24 is the property of members of the TEMENOS group of companies. Veratec Ltd is not linked to or endorsed by TEMENOS. Nothing on this website shall grant or purports to grant any rights in or licences to use TEMENOS T24.
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