CubeLogic rolls out Risk-as-a-Service with Numerix and IOWArocks

By Megha Bhattacharya

Enterprise risk management solutions provider CubeLogic today announced the launch of a new Risk-as-a-Service (RaaS), in collaboration with Numerix and IOWArocks. The new solution is expected to deliver advanced credit, market and compliance risk analytics.

Karl Sees, MD Financial Services CubeLogic commented, “We are delighted to announce the availability of this new and much-needed solution. Risk-as-a-Service may not be a new term, but our approach is. By combining the specialist, but highly complementary skills and experience of the CubeLogic team, together with Numerix and IOWArocks, we have been able to very quickly construct a robust solution which can flex to suit the specialist needs of our users.”

According to the companies, the newly developed service aims to meet the needs of financial services institutions and energy and commodity firms. The offering includes RiskCubed risk engine, powered by Numerix advanced valuation and risk analytics, that provides a range of valuations, greeks, cross greeks, VaR, tracking error, PFE, CVA, xVA, stresses and scenarios. It also comprises of data connectivity from IOWArocks as well as business intelligence-enabled: on-the-fly reporting, dashboards, charting, historical analysis and trends.

Steve O’Hanlon, CEO of Numerix continued, “Across financial services, one of the strongest trends we are seeing is the pressure to reduce operating costs. We believe this service further enables firms to outsource business processes to expert providers with confidence, and as a result will enable them to significantly improve risk mitigation capabilities and achieve the cost savings they desire. With three market leading solutions brought together in a single Risk-as-a-Service offering, the solution can be delivered on-premises or in the cloud and can be implemented faster and more efficiently than ever before.”

Paul Watmough, Co-founder & CEO IOWArocks concluded, “Cost reduction is most definitely high on everyone’s agenda. Particularly for consumers of market data which can typically be the second largest expenditure for most financial services firms. The IOWArocks global marketplace boasts a growing catalogue of alternative, reference and market data providers and is already enabling users to purchase only the data sets they need, on highly flexible commercial terms. I am delighted to be part of this strategic initiative which will enable firms to rationalize data consumption costs whilst delivering risk competency and regulatory efficiency.”