NewswireToday - /newswire/ -
Mumbai, Maharashtra, United States, 2007/04/12 - Riskraft Consulting Limited, a Financial Technologies Group Company, announces the win of a large contract with the Financial Services Commission (FSC) to implement a Risk Based Supervision System (RBS).
Riskraft Consulting Limited, announces contract with the Financial Services Commission (FSC) to implement a Risk Based Supervision System (RBS) based on international standards for all its regulated entities.
Riskraft Consulting Ltd. (riskraftconsultingcontract-FSC.com), a FT Group Company, has developed a unique regulatory risk and compliance practice that relies on a rich repository of domain knowledge, quantitative modeling expertise, and business intelligence architecting expertise. This practice will translate a risk & compliance conceptual framework into a risk intelligence framework. The structure comprises a robust and flexible logical data model, a metadata layer, and an On Line Analytical Processing (OLAP) oriented user interface that supports advanced risk analytics. Riskraft’s unique business model to work as a knowledge partner with its clients, and not as a mere vendor, has been the prime factor in winning the FSC engagement.
The Risk based supervision (RBS) system is a forward-looking supervisory review process that essentially depends on detailed risk profiling of supervised entities. It enables the supervisor to prioritize and allocate supervisory resources according to the risk map of different supervised entities.
Riskraft will execute the project on a turnkey basis by first customizing its proprietary RBS framework to the business and regulatory environment of Mauritius. It will then build and install a complete browser based risk intelligence system for FSC. The uniqueness of Riskraft’s system lies in its ability to measure and monitor the quality of a risk governance structure obtaining in regulated entities through an appropriately calibrated and validated risk governance index. This in turn will help the system create an early warning system for FSC to take Prompt Corrective Action.
Commenting on the partnership, Subramanya Kusnur, MD and CEO of Riskraft says, “Our unique knowledge partnership model has been a clear differentiator in qualifying and winning the FSC engagement. This is a very prestigious engagement and will result in a unique Model, leveraging the right blend of technology, domain expertise and strong experience, thereby redefining supervision.” Dr Ashok Nag, Riskraft’s Chief Consulting Officer adds, “Riskraft is committed to deliver a complete solution that will enable FSC to undertake not only a post facto multi-dimensional analysis of risk profiles of its regulated entities but also a prospective detection and analysis of incipient vulnerabilities of regulated entities that lead to a systematic risk.
Mr. J. N. Meetarbhan, the Chief Executive Officer (CEO) of the Financial Services Commission, ends by saying “FSC is committed to promoting Mauritius as an International Financial Center of repute and as an integrated regulator for all non-banking financial services. It seeks to continuously improve the supervisory framework for all licenses. The RBS will be another significant step in this direction.”