Israeli lender Bank Hapoalim has tapped software solutions provider Wolters Kluwer to manage its credit risk.
The bank will use the vendor’s OneSumX software for Measuring Counterparty Credit Risk (SA-CCR), a revised rule under Basel III Standardised Approach.
It is used to measure the exposure at default of derivatives.
One can gauge credit, debt, and funding valuation adjustment with OneSumX Credit Risk.
This offers an overview of the correlation between credit, market and behavioral risk.
The solution is designed to measure the degree of systemic concentration and credit exposure analysis. Moreover, it supports compliance with regulatory norms including Basel II/III.
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Commenting on the partnership, Bank Hapoalim senior vice president and head of Basel II/III implementation Uri Yanir said: “Bank Hapoalim is now successfully using a wide variety of features available in Wolters Kluwer’s OneSumX Credit Risk solution.
“Indeed, the software is now our main tool for calculating capital ratios.”
Recent Bank Hapoalim developments
In June 2019, the Israeli bank reportedly offloaded a stake of 13.4% in bank services firm SHVA.
Earlier this year, Reuters reported that Bank Hapoalim plans to divest its stake in Bank Pozitif– a lender headquartered in Turkey.
Notably, US regulators recently launched a probe against Bank Hapoalim for alleged tax evasion.