IMD & IRD Awards 2022: Best risk data aggregation initiative—Opensee

OVERVIEW

Since the 2008 global financial crisis, regulators worldwide have significantly increased the granularity and historical range of risk management and reporting that they require from financial institutions, which has seen datasets increase exponentially in size. Financial institutions, for their part, have broadened the analytical functions that they use to analyze these datasets. Opensee helps financial institutions navigate these large data cubes through the provision of real-time self-service analytics.  

“We knew we were facing a tsunami of data and we needed to have a solution to analyze the shortfalls and manage the huge volumes. The ability to accurately calculate market risk is a key function for financial institutions and as a universal bank, Societe Generale collects a huge amount of data on a daily basis. By using Opensee, we have gained between one to two years in developing a solution because they took care of managing all the low-level details.”
Philippe Vibien, global CIO finance, risk and market data (GBIS), SGCIB

THE SOLUTION

Opensee Enterprise enables financial institutions to tackle critical large data-intensive use-cases such as risk monitoring and regulatory reporting. Using the solution, clients have unlimited control to aggregate, explore, analyze and visualize all of their data at speed, without any size limitations, and to any level of granularity and history. Opensee built the solution on a parallel processing database, capable of scaling horizontally virtually without limits and with fast online analytics processing (OLAP) query response time. Advanced users can configure and share Python calculators to the aggregation engine, facilitating non-linear calculations and allowing them to plug in dedicated functionalities directly and with no code data ingestion. It also performs any extraction on-demand, enabling users to calculate risk measures like value at risk (VaR) or expected shortfall, to manage liquidity, run simulations and perform analysis. 

Over the last year, Opensee has added a number of new features and functions, including the launch of a web user interface (UI), so that users can access Opensee remotely and leverage the full dataset, as well as the release of its Join API, allowing the joining of several datasets through a single API call without specifying joining keys. Opensee has also developed a new hybrid infrastructure that combines on-premises and cloud-based datasets to help financial institutions overcome any constraints related to risk management and the cloud.

WHAT’S TO COME

Opensee will continue to develop new features and functionalities to help clients use data more efficiently. Two specific enhancements include the launch of a software-as-a-service (SaaS) offering and the development of packaged solutions. The SaaS offering will add to Opensee’s current provision of on-premises, cloud or hybrid cluster deployments, but will enable financial institutions to not only outsource the infrastructure and hardware maintenance, but also the software maintenance. The packaged solutions addition will see users provided with a number of in-built calculations to support user-created analytics. 

WHY THEY WON

The Opensee proposition combines data management technology to help capital markets firms with the heavy lifting associated with the data-intensive functions of intra-day risk monitoring and regulatory reporting with an intimate understanding of how the industry works and the practical, day-to-day challenges facing practitioners. The bulk of Opensee’s employees know firsthand just how complex the above-mentioned challenges can be (having worked at capital markets firms in the past), which places them perfectly to help clients meaningfully address those challenges from a technology and operational perspective.  

“At Opensee, we have a unique DNA combining expertise in capital markets-related risks and big data technology. We deliver to our clients a cutting-edge solution and transformative use of technology that has been built exclusively for financial institutions. Coming from the financial industry, we have a complete understanding of the challenges facing clients and the limitations of the existing solutions. That’s why we keep improving our high-performance, self-service analytics solution, to anticipate their future needs and to provide them with the right tools to manage and report their risks better with the granular detail they require. Navigating granular row data puts aggregation at the core of the solution so our users can access any level of their data, depending on the analysis they want to perform.” 
Stéphane Rio, CEO and founder, Opensee

 

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