General description of system
The RiskPro Solvency II module supports the development of the standard and internal models approach in compliance with existing current QIS and future Solvency II regulation.
Functions performed
At the core of the RiskPro analysis infrastructure is a universal contract-centric data model covering consistently all financial contracts from stocks, bonds, commodities and exotic options to insurance liability contracts for technical loss reserves, IBNR, Unearned Premium Reserves or Future Life Policy Benefits as well as the main Reinsurance Contracts.
The framework allows simultaneously consistent calculations of cash flow, value or income (accounting) perspectives under any selected market or economic scenario. The scenario combinations can be simulated under differing business strategies with regard to the mix of the insurance business portfolio, the asset allocation or reinsurance strategies. The accounting perspective is available under different accounting standards. The insurance solution supports multi line of business analysis, multi currency analysis, flexibly defined frequencies (from daily to annual) and time horizons suitable for short term VAR market risk analysis (several days, weeks) up to very long term life and liability business (30-100 or more years) risk simulation. Typical insurance distributions used in frequency and severity analysis are supported.
Dynamic simulation, dynamic financial analysis, economic scenarios
Insurance and reserving risk
Market risk analysis
Liquidity risk analysis
Credit risk analysis including reinsurance counterparties
Asset and liability management
Basel II / regulatory capital
Economic capital
Operational risk
Specific Solvency II features
The RiskPro Solvency II model testing programme addresses the following test criteria (articles 118-123 of the draft Solvency II directive).
Use test
Statistical quality standards
Calibration standards
Profit and loss attribution
Validation standards
Documentation standards
Specifications
The FRSGlobal RiskPro application provides the end-user with a single web interface so that all user interaction is achieved through a single application ensuring end-to-end consistency. The user is able to use a single login to introduce basic parameters, add contracts (trades), setup the parameterization, launch the calculation and check the results. Special care has been taken to provide users with functionality to navigate through different use cases easily, enable them to follow a workflow, and/or drill-down to view additional, supporting details (e.g. additional information on currencies, parameterization kind etc).
The application is classical n-tier architecture developed, based on J2EE technology concepts, and server-side code has been fully developed using Java.
Licensing/sales/support
The FRSGlobal pricing model for RiskPro depends on:
- Solution
- Instrument coverage
- Concurrent users and processors
The pricing model is based on an annual subscription fee for a standard five-year period. The annual subscription will vary in the range of $80,000-$250,000.
The major release cycle of RiskPro is between 12 to 18 months. These upgrades are covered by the annual subscription fee.
Types of user
FRSGlobal customers are banks, insurance companies and bankassurance e.g. KBC, Argenta. The users of the FRSGlobal risk solutions are finance, treasury and risk controlling.
Areas/countries with the most users
The FRSGlobal solutions are used by over 1500 companies worldwide with 41 out of the 50 top banks in over 30 countries. The region with the most customers using RiskPro is Europe, UK and the Middle East with 230+ customers.
Contact person and details
Name: Rebecca Bond
Job Title: Global Director of Marketing
Company: FRSGlobal
Address: 5th Floor, 120 Aldersgate Street, London, EC1A 4JQ, UK
Email: rebecca.bond@frsglobal.com
Telephone: +44 (0) 207 539 6500
Channels:Software - IT
Companies:FRSGlobal