UAE national bank Commercial Bank International (CBI) has adopted Bloomberg’s multi-asset risk system (MARS) modules for counterparty risk, market risk and valuation.
The move follows previous adoption of MARS front office by CBI to aid its Libor transition. The bank will now adopt three additional modules of the solution, making MARS its primary risk management system.
The MARS counterpart risk (XVA) module will be used to help address existing regulatory requirements such as SA-CCR for counterparty credit risk capital calculations, as well as counterparty exposure analytics for derivatives portfolios.
“Using MARS as our primary risk system enables us to streamline our risk management workflows, quickly implement new financial regulations, and improve our operational efficiencies,” said Randa Kreidieh, chief risk officer at CBI.
“By adopting additional MARS modules, we benefit from a comprehensive and integrated set of tools, ensuring data consistency and transparency between the front and back office, and enabling us to automate more processes.”
The MARS market risk module integrates to offer a solution which supports risk management and data workflow, providing scalability alongside allowing increased growth of CBI’s treasury business.
Elsewhere, MARS offers complete valuations for derivative portfolios, including over-the-counter derivatives and structured products, ensuring data and pricing consistency across the front-to-back trading workflow cycle.
“We are pleased to continue to support CBI with streamlining and digitising its risk management processes by expanding the range of MARS modules into an integrated front to back solution,” said Jose Ribas, global head of risk and pricing products at Bloomberg.
“The ability to bolt on additional risk capabilities as firms progress on their technology journey is a key feature of our MARS offering, in addition to our broad asset class coverage, our pricing library which includes a range of models and automated enterprise workflow that streamlines the entire risk management process.”