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2007-10-01Yuanta Commercial Bank implemented Ares SUMMIT finance system, manages financial exchange risks on site

At the end of June 2007, Yuanta Commercial Bank formally assigned Ares International Inc. to implement international finance software – SUMMIT, a financial exchange risk product, with application time to begin in December 2008.

Yi-Liang Liu, executive vice president of Yuanta’s financial market sector, said Yuanta Commercial Bank introduces Ares’ SUMMIT international financial exchange risk management system mainly because the bank needs to make everything “transparent”, use “systemized” methods to timely manage risks that will occur when dealing with clients’ financial investments, realize international-standard STP unified operation process and risk controls that stick to the Basel II standards.

In the past, departmental control was difficult since various information systems could not be integrated while manual procedures were time-consuming and too detailed. This is the greatest worry a manager can have, Liu said. With the assistance from Ares in implementing the SUMMIT international exchange risk management finance product, Yuanta plans to totally improve the manual processes of sales exchange, risk management and settlement of all cross-products, interest-rate derivative products and combination products. In the meantime, system-alerted statements can monitor and warn in advance the risks of banking exchanges.

Yuanta Financial Holding Company (FHC), the parent group of Yuanta Commercial Bank, oversees companies in the fields of securities, banking, securities finance, investment trust, investment consulting, future, hedge fund, financial service, international asset management, etc. With the advanced technologies of international standard from SUMMIT system, Yuanta Commercial Bank expects to stand firm on its Taiwan-based foothold while meeting the needs from Asia, creating an all-encompassing financial product structure and the newest risk management service.

Frank Lin, president of Ares, said the company will work with Yuanta Commercial Bank in evaluating internal system risk management and suggest the bank use the SUMMIT-series products, which are renowned among the banking sector and have won Best Information System from Risk Magazine five times. Among the global trend of financial liberalization, Ares offers Yuanta Commercial Bank first-hand technical consultancy and peripheral system integration service based on its abundant experiences in the finance sector and partnership in the international financial information sector. As a result, Yuanta Commercial Bank can rapidly connect to the global financial sector, lower management costs and risks, improve operational efficiency and competitiveness.

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