Finastra to support Banco de Mexico with FusionRisk as it safeguards the country’s financial system
London, UK, and Toronto, Canada, 23 June 2017 – Mexico’s central bank, Banco de Mexico, has selected Finastra to transform its legacy risk management platform. The central bank expects to deploy FusionRisk with the goal of enabling faster, more sophisticated risk analysis as ever-changing and volatile markets add new layers of complexity to effective risk management for Mexico’s financial system.
In evaluating various risk management solutions, Banco de Mexico found that FusionRisk from Finastra best suited its needs for a dynamic system capable of bringing greater speed and efficiency to risk management and reporting in a time of increasing global uncertainty.
The heightened profile of Mexico in world politics, coupled with events such as Brexit and the US election, places the region firmly on the world’s stage. Central bank activity and the ability to analyze and understand the financial impact of recent market events have become even more crucial. The growing size and complexity of the Mexican financial system highlighted Banco de Mexico’s need to advance its legacy risk management system.
Daily analysis of exposures, including scenario simulations, is an essential task to ensure financial and economic stability. The implementation of FusionRisk will help the central bank address stability concerns, reducing the time it takes to calculate daily value at risk (VAR).
“The role of central banks in analyzing, detecting and preventing high risk events impacting their country’s financial system is vital,” said Nadeem Syed, CEO at Finastra. “It takes powerful and reliable technology to tackle these challenges and create an environment where fast and sophisticated risk analysis becomes par for the course. We are well placed to support the needs of Banco de Mexico as it works to transform its architecture and safeguard the Latin America region with a next-generation risk infrastructure.”
FusionRisk uses a “top down” approach to risk management that provides an entity-, subsidiary- and trader-level view of exposures, along with sophisticated analytics, to help banks meet the rising demands of regulators, shareholders and boards for transparency. Working alongside existing IT investments, FusionRisk helps institutions focus more on cost control and productivity gains.
For further media information please contact:
Senior PR Manager, Finastra
T: +44 (0)20 3320 5892
Public & Analyst Relations Manager, Finastra
Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology.
Please visit www.finastra.com.
One Kingdom Street
London W2 6BL
T +44 20 3320 5000