Crédit Agricole Corporate & Investment Bank has gone live with a new market risk management solution delivered for its front office users by Opensee, the specialist data analytics platform for financial institutions.
Opensee’s solution has combined into a single repository multiple data sets from various sources that previously were collected and stored in different systems for each of Crédit Agricole CIB’s Global Markets business lines. Global Markets management are now able to use the Opensee platform’s array of self-service tools to monitor, analyse and report risk exposures across its various trading activities, leveraging all of the bank’s market data from a single source.
Regis Benichou, head of Business Risk Advisory at Crédit Agricole CIB, said in a statement: “This is a game changer for the bank in terms of improving the speed, efficiency and governance of risk management for Crédit Agricole CIB’s market activities. Greater data accuracy will minimize operational risk while managers will have quicker aggregated overviews for better oversight. It is a leap forward to a world where multiple users across the Global Markets division will have a very powerful, scalable tool to meet their different needs. We will discover the full potential of the solution as we roll it out to business units over the coming year.”
The Opensee platform enables users at financial institutions to go beyond standard reporting by making the decision-making process of its managed intelligence more transparent, addressing a growing need for the highly regulated financial industry to understand risk more granularly. Cloud native Opensee solutions are scalable and cost efficient by design to address the challenges posed by the exponential growth in the volumes and complexity of financial risk and trading data.
The platform features sophisticated Python calculators built-in for regulatory measures, such as Value at Risk (VAR) or Liquidity Coverage Ratio (LCR), as well as AI powered Data Quality Assistants; and Data Versioning. It allows Front Office, Risk and Finance officers to investigate, simulate, assess impact and eventually adjust data in a collaborative and auditable manner.
Opensee and Crédit Agricole CIB are currently working on broadening the solution’s uses to the more specific needs arising in certain asset classes. In the coming months this will allow FX options and non linear interest rate derivatives traders to use Opensee in their day-to-day risk management.
Stephane Rio, founder and CEO of Opensee, said in a statement: “Crédit Agricole CIB’s data divers are now fully equipped to embark on their data exploration journey with the freedom and flexibility to extract the value hidden in the depths of the bank’s data lakes.”