Irish Life & Permanent has completed rollout of a new asset and liability management (ALM) system that will allow it to monitor and measure risk positions in the banking balance sheet of the group.
The system was implemented by the IT consultancy COMIT Gruppe. Staff at the firm collaborated with bank employees to outline the project. The processes needed to make the system were then documented.
‘These systems are traditionally slow and cumbersome so we brought some of our experience of scenario-based risk systems to bear on this project,’ explained Richard Pike, director of COMIT Gruppe Ireland & UK. ‘This means that the bank can easily create scenarios based on new business or different market rates and quickly see the results in terms of the balance sheet and P&L.’
COMIT Gruppe generated a fixed-price proposal for the system so that it would be developed according to the specification, at a fixed cost and was delivered on a set date, thus apportioning most of the project delivery risk to the COMIT Gruppe.
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