Risk management solutions provider, Askari, a business unit of State Street Corp., is releasing an enhancement to its RiskBook analysis tool for valuation, unit sensitivities, value-at-risk, credit exposure and asset liability management. RiskBook X, the latest upgrade, will be launched next year in conjunction with a risk management application service designed specifically for buy-side clients called Global View.
RiskBook X will allow clients to integrate additional pricing models to handle new types of financial products without making significant software changes. This platform will serve as the basis for Global View, a new service targeted at institutional investors, plan sponsors and public funds that will incorporate holdings and market data with RiskBook X's analytics.
Askari will be offering Global View through a number of service arrangements. In one case, clients can outsource both the RiskBook X product and the holdings and market data integration to the vendor.
"One option will be a pure outsourcing service," says Eric Reichenberg, managing director at Askari. "Clients will log onto the Global View Web site and get their risk and return management reports online via the Internet." Clients will store their holdings data at State Street's IT operations data center facilities, where data integration and risk analysis processing will take place and be reported back to the client.
Global View clients will also have the option to implement RiskBook X in house, allowing them to configure the system and generate their own scenarios and parameterize their own analyses, while outsourcing the holdings and market data integration to Askari. "Some clients don't simply want structured reports delivered to them over the Internet," says Reichenberg
Askari will work with clients to incorporate their holdings information and data from other sources, and offer services according to their specific needs.
The Global View services will not be launched to the public until the second quarter of next year, but, for now, Askari has formed the Global View Partnership with at least 10 "prominent public funds, plan sponsors and investment managers," says Reichenberg. Although he declines to name the participants, Reichenberg says each will be receiving the current RiskBook product in the next month for implementation and will use the software to evaluate their data, examining the methodology and analytics that are available. They will then collaborate with Askari on the design and specifications for certain features of Global View that are in demand by the investment management community.