Asset Control and Finmechanics unveil an integrated solution to accelerate FRTB implementation

By Edil Corneille

London-based Asset Control and Singapore’s Finmechanics have announced a new technology partnership to provide banks with an accelerated approach to The Fundamental Review of the Trading Book (FRTB) preparedness, both standardised approach and internal models approach (IMA) and other regulatory imperatives.

Non-modellable risk factors and profit and loss discrepancies, in particular, can be quickly identified and addressed with the solution which is said to tightly integrate data management with risk analytics, thereby providing new standards of agility and operational efficiency.

Asset Control is a provider of financial data integration and mastering solutions. Its cloud-based solutions provide data quality, data lineage, and easy access to the contextual information required for risk, operations, and compliance.

“Partnering with a fast growing fintech such as Finmechanics is a key accelerator in our journey to provide the financial industry with data quality and analytics solutions leveraging cloud technology,” says Mark Hepsworth, Chief Executive Officer at Asset Control. “Finmechanics’ financial libraries and integration capabilities are ideal companions of our platform. Together they enable a minimum-disruption approach delivering substantial change in a cost-effective manner”.

Finmechanics is a challenger FinTech, creator of FM Converge, the microservice oriented treasury, and risk platform. It is a specialist in FRTB implementations.

“The triple challenge of FRTB involves data integrity, extremely fast performance demands and flexible business processes,” says Anindya Sarkar, CEO of Finmechanics. “By coupling FM Converge to the Asset Control’s enterprise data platform, the solution builds on data integrity across the trading desks, which allows us to immediately focus on non-modellable risk factors and start optimising the SA/IMA desk configurations as quickly as possible,” he adds.

In addition to FRTB solutions, the partners also provide solutions for enterprise projects such as the transition to new interest rate benchmarks, counterparty credit risk, and end-to-end digitisation of banks’ services.