RiskTech, a Hexaware subsidiary and a leading provider of enterprise risk management and risk technology services, announced on Wednesday that it has won three new consulting and implementation contracts in UK and Middle East. The two UK contracts are with tier 1 banks. The first being in the area of operational risk and represents a commitment of over $1 million by the bank to define and implement a leading operational risk solution. The second contract is in the area of credit risk management and Basel II technology and includes off-shore support. The Middle-East contract is in the area of credit scoring. RiskTech is leading the definition, design and project management for a leading bank in Saudi Arabia. In addition to the recent wins, RiskTech's Center of Excellence in India has launched a number of intellectual property driven solutions in the area of credit risk and operational risk. Under the guidance of Sanjay Gupta, RiskTech's North America head, the company has developed a stress testing toolkit and service that can be quickly implemented in banks. This tool will aid the bank's senior management, risk managers and portfolio managers to conduct stress test on the bank's portfolios. It also allows them to define their own scenarios and develop heat maps of their portfolios and conduct simulations. The stress testing toolkit encompasses experience at top 20 global institutions and work at big four accounting institutions. It is very intuitive, easy to learn and has a very clean Excel interface. It can be easily customized and tailored to clients' needs based on their internal rating systems or agency rated portfolios. “Asset Quality, predicting provisions and loan loss reserves has assumed paramount importance in the task lists of CEOs, CFOs and CROs of the all the banks,” said Gupta. “As the credit quality is deteriorating and the market braces itself for more downgrades and defaults, all the bankers need an independent solution for stress testing. __
