The biggest challenge is to provide Banks with solutions not only fitting today’s requirements, but also enabling a new generation of flexibility for reducing time-to-market and consequently the associated maintenance costs. Our .NET architecture ensures the best user-experience and the most up-to-date technology.
Whether we consider regulatory indicators or front-office oriented metrics, the system should allow quick integration of the various input data coming from external systems, where data consistency and coherency is not always present. IRIS allows a fast plugin approach for static data, market data (standard support of Reuters and Bloomberg market data) and transaction data (standard support of FpML representation as well as most of Summit trade formats delivered as core plugins)
Depending on how banks wants to leverage on their existing infrastructure and computation engine(s), IRIS allows full ability to use internal components, or override them by using internal diffusion or pricing libraries. In that way, it becomes quick-and-easy to implement the solution by massively leveraging on existing components, and then move to a more intrusive approach, by incorporating additional IRIS modules.
Even within macro-processes like the Monte Carlo framework, banks can choose to use IRIS for a pricer and their advanced quantitative libraries for others. On the opposite side, clients may want to use IRIS for credit curve stripping but not for forward curve generation: this is also possible to implement that so the best approach is always chosen.
Too often banks get stuck with heavy implementation or upgrade projects. All these high costs projects, directly inherited from old systems not answering current business requirements, constantly demonstrate the obsolescence of the all-in-one front-to-back systems. Today risk management, whether it encompasses market, credit/counterparty and operational risk requires a bank wide approach for accurate calculation. IRIS allows very sequential approaches in the implementation project, enabling key stakeholders to directly and quickly measure the benefit of each go-live, avoiding big tunnel effects often seen in the past.