FERNBACH, a supplier of Enterprise-wide Value and Risk Management (EVRM), has entered into a partnership agreement with the Russian company IBS (Information Business Systems). This partnership is designed to capitalise upon IBS’ position in the Russian and Eastern European market.
“It is important for Russian banks to use state-of-the-art software which can be implemented and used in an easy way. Since Russian banks want to adapt to the European standards by introducing sophisticated systems, international know-how is indispensable.” says, Alexej Gurewich, Director of the Department on Work with Banks, IBS.
IBS has decided to supply the FERNBACH FlexFinance EVRM Suite within five countries in Eastern Europe. The set of solutions is created on the basis of a single platform data warehouse, which ensures a link between risk, financial and economic data that can quickly and easily be used by all financial departments for all FERNBACH FlexFinance solutions.
“We think that now is the best time for forming an alliance with FERNBACH. The Russian market is conditioned by heavy regulatory requirements, a move to the International Financial Reporting Standards (IFRS) and the potential recommendation of Basel II in 2008/2009. All these aspects stimulate the interest of Russian banks to introduce specialised solutions. Thus we predict a significant growth of this market and we are sure of taking a leadership position together with FERNBACH.” says, Arnaud Picut, Managing Director at FERNBACH UK.