AFTAs 2021: Best agile initiative—Numerix

OVERVIEW

Risk management has never mattered more than it does today, and the time is ripe for innovation in the space.

Manual risk management techniques involve pricing securities via intensive XVA calculations and running slow Monte Carlo simulations that could take hours or even days to complete.

THE SOLUTION

To help financial institutions benefit from advances in software and best practices and keep pace with new risk challenges, Numerix’s RaaS (Risk-as-a-Service) solution offers access to sophisticated risk management tools— such as for risk analytics, XVA calculations, and derivatives pricing—over the cloud rather than through an on-premises system.

Numerix is making a strategic bet that risk management in the cloud will be transformative for clients by both  hosting and managing its Oneview risk software in the cloud using a RaaS model, and by redesigning it with a fully cloud-native architecture.

The advantages of RaaS include access to advanced risk software, increased business agility and flexibility, increased business efficiency, and reduced business costs—all of which boost a firm’s competitiveness.

“Numerix’s RaaS model gives clients access to a range of capabilities that can have a tangible impact on risk management performance. It provides clients with advanced risk capabilities across all asset classes, in areas such as risk identification and analysis, stress testing and scenario analysis, XVA calculations, trade lifecycle event handling, complex derivatives pricing, and market data management, while removing the operational burden of running and maintaining the software. In short, utilizing risk analytics through our RaaS model gives organizations more functionality and superior agility.” 
Satyam Kancharla, executive vice president, chief product officer, client solutions group, Numerix

WHAT’S TO COME

Numerix’s transition to a RaaS model and a fully cloud native architecture is projected to take up to two years. As it progresses, the company plans to further standardize and automate its operational processes and error handling workflows to reduce the resources needed to operate the RaaS offerings.

It also intends to utilize new cloud-native technologies as they are introduced to the market, to stay on the cutting edge of cloud advancements, and to continually improve system performance, scalability, and resilience for clients.

Numerix will continue to invest in its two growing business lines: QuantTech software for rapid application development by quantitative researchers, and market data.

WHY THEY WON

Cloud-native products are revolutionizing the capital markets, and as a result, trading firms are looking to incorporate more as-a-service solutions, which extends to new risk management tools. Numerix’s RaaS offering allows for dramatically better performance, scalability, elasticity, agility, reliability, security, deployment speed, upgraded efficiency, and lower total cost of ownership, which impressed the AFTAs judges. 

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