Financial Architects (FinArch) says that Bank DnB NORD, a joint venture between Norwegian DnB NOR and German NORD/LB Norddeutsche Landesbank, has selected their Financial Studio platform for capital management and MIS requirements.
DnB NORD started its operations in January 2006 and says that they have a strong presence in North Eastern Europe. The implementation of Financial Studio will be available to the whole DnB NORD organisation in the Baltic region, including Denmark, Estonia, Finland, Latvia, Lithuania and Poland. The primary focus will be to ensure that DnB NORD complies with the Basel II provisions by 1 January 2008, following the Standardised Approach.
The project evaluation team, led by Bastian Libal, Head of Risk Control, assessed the competing proposals on the basis of their functional coverage in the areas of risk management, profitability calculations and regulatory reporting for capital adequacy, to comply with Basel II regulations.
“In choosing FinArch, DnB NORD made a decision in favour of a financial engineering company capable of providing extensive experience in implementing banking solutions in an international environment,” says Bastian Libal, the Head of Risk Control at DnB NORD. “Financial Studio gives DnB NORD the opportunity to base the diverse IT, methodology and reporting landscape on one common platform. Apart from the Basel II compliance solution DnB NORD plans together with FinArch to further improve the risk- and profit control by implementing the rich functionality of the MIS module. We are very much looking forward to continuing the productive relationship with our colleagues from FinArch.”
“Financial Studio is the perfect tool for DnB NORD as it provides a low cost of entry, because of its modular structure, and equally offers high scalability in terms of volume and functionality,”adds Nigel Lee, the VP of Global Business Development at FinArch. “We believe that our proven competence and professionalism have convinced the bank to work with FinArch; the experience and expertise that we gained at similar projects in Europe, North America and the APAC region will give them a head start. We from our end are delighted to be working with the DnB NORD team.”