Market Overview

UAE-based RAKBANK Implements Kamakura Solutions for Balance Sheet Management and Funds Transfer Pricing

Share:

UAE-based RAKBANK Implements Kamakura Solutions for Balance Sheet Management and Funds Transfer Pricing

PR Newswire

SINGAPORE, Aug. 5, 2018 /PRNewswire/ -- Kamakura Corporation reported today that UAE-based RAKBANK has signed an agreement to implement Kamakura's solutions for its balance sheet management and funds transfer pricing. The Bank has selected Kamakura's system after a comprehensive evaluation of available options.

RAKBANK, also known as The National Bank of Ras Al Khaimah, is one of the most dynamic banks in the UAE. Founded in 1976, RAKBANK is a public joint stock company listed on the Abu Dhabi Securities Exchange (ADX) and headquartered in the emirate of Ras Al Khaimah, UAE. The Bank underwent a major transformation in 2001, shifting its focus from Corporate to Personal and Business Banking. Today, it offers a wide range of Personal and Business Banking services across its 38 branches, as well as telephone and digital banking. In addition, the Bank provides Sharia-compliant banking solutions via its Islamic Banking unit, RAKislamic. 

RAKBANK has won several awards, including:

-Best Technological Innovation in Payment, B2C by Seamless Awards 2018

-Dubai Quality Appreciation Award 2017

-Dubai Service Excellence Scheme Award 2017

-Best Smart Service Transformation Initiative for Digital Banking App by Service Olympian Awards 2017

Commenting on the announcement, RAKBANK Chief Information Officer, Sanjay Khanna, said, "The selection of Kamakura's suite of balance sheet management and funds transfer pricing solutions was based on Kamakura's professional approach and the expertise its consulting staff demonstrated."

Sanjay added, "What makes Kamakura's system unique for us are the great features of the balance sheet management, transfer pricing solution's advanced FTP metrics, including liquidity premiums and discounts, customer optionality, core and non-core balances, locked margins across tenors, and transfer pricing adjustments based on user-defined parameters. These solutions enabled us to leverage the overall performance and allowed us to view executive results down to the transaction level."

Dr. Clement Ooi, EVP and Managing Director of Asia-Pacific Operations for Kamakura, said, "RAKBANK has selected an integrated, holistic computation engine that enables it to be fully aware of its business unit, product, and customer profitability, as well as its liquidity and sensitive positions. It can now generate cash flow information at the transaction level. Results of forecasted simulations and transfer pricing can also be used in net income simulation and interest rate stress testing. In addition, the solution helps RAKBANK to be fully compliant with regulatory and executive reporting requirements."

"Kamakura is the global leader in integrated risk management systems, with customers in over 47 countries. We are uniquely positioned to provide the support clients need to optimize the value of our solutions both today and in the future. It was heartening to see RAKBANK choose Kamakura and successfully implement our products," added Dr. Clement.

Kamakura's founder and CEO Dr. Donald van Deventer stated, "RAKBANK has consistently been ahead of its peers in risk management. Its selection of Kamakura after a comprehensive vendor evaluation proves that modular and integrated solutions offer distinct advantages over disparate systems. This project has resulted in a very accurate assessment of margins for the bank's business units. The fact that these can be modified based on a wide variety of scenarios means that the organization is now prepared for any adverse movements in market conditions." 

Martin Zorn, President and COO for Kamakura Corporation, said, "RAKBANK's successful implementation of the ALM and funds transfer pricing solution is important not just from a balance sheet and margin management standpoint, but also in the realm of integrated risk. The fact that there are other, similar projects not just in the UAE, but across the entire region, is a testament to the credentials of Kamakura's subject matter experts. Kamakura is well-positioned to meet the burgeoning regulatory demands imposed on financial institutions in the region and has the ability to keep pace with regulation. In fact, the region's newly-introduced risk regulation framework has been available in Kamakura Risk Manager for the past ten years."

About Kamakura Corporation 

Founded in 1990, Honolulu-based Kamakura Corporation is a leading provider of risk management information, processing, and software. Kamakura was recognized as a category leader in the Chartis Report, Technology Solutions for Credit Risk 2.0 2018.  Kamakura was named to the World Finance 100 by the editor and readers of World Finance magazine in 2017, 2016 and 2012. In 2010, Kamakura was the only vendor to win two Credit Magazine innovation awards. Kamakura Risk Manager, first sold commercially in 1993 and now in version 10.0.3, is the first enterprise risk management system for users focused on credit risk including IFRS 9 and CECL, asset and liability management, IRRBB, market risk, FRTB, CVA/DVA, SIMM, stress testing, liquidity risk, counterparty credit risk, and capital allocation from a single software solution. The KRIS public firm default service was launched in 2002. The KRIS sovereign default service, the world's first, was launched in 2008, and the KRIS non-public firm default service was offered beginning in 2011. Kamakura added its U.S. Bank default probability service in 2014.

Kamakura has served more than 330 clients with assets ranging in size from $1.5 billion to $3.0 trillion. Its risk management products are currently used in 47 countries, including the United States, Canada, Germany, the Netherlands, France, Austria, Switzerland, the United Kingdom, Russia, Ukraine, South Africa, Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Singapore, Sri Lanka, Taiwan, Thailand, Vietnam, and many other countries in Asia, Europe and the Middle East.

To follow risk commentary by Kamakura on a daily basis, please follow: 
Kamakura CEO Dr. Donald van Deventer (www.twitter.com/dvandeventer)
Kamakura President Martin Zorn (www.twitter.com/riskmgrhi
Kamakura's official twitter account (www.twitter.com/KamakuraCo).

Press Contacts:

Martin Zorn,
President and Chief Operating Officer
1-808-791-9888, extension 8700
pressroom@kamakuraco.com 
www.kamakuraco.com 
www.kris-online.com

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/uae-based-rakbank-implements-kamakura-solutions-for-balance-sheet-management-and-funds-transfer-pricing-300691564.html

SOURCE Kamakura Corporation

View Comments and Join the Discussion!