Luxembourg & London, 06 June 2008 – FERNBACH, a global leader in providing software solutions for the finance industry, has appointed Suhas Nayak as Head of Product Sales EcoCap (Economic Capital). He will be based in FERNBACH’s London branch and responsible for product sales globally.
Nayak brings experience working as a Project Leader, Senior Consultant and Director at different international IT and software organisations. His most recent position was a Director at SunGard, where he was responsible for the product and sales strategy of the Basel II solution.
Nayak will be in charge of the FERNBACH products FlexFinance® Basel II, ICAAP and EcoCap at a global level, and will serve as a contact person for sales, pre-sales and product management.
FERNBACH’s FlexFinance® Basel II solution offers European banks a straightforward and fast way to meet their Basel II requirements. Bringing together all the data required for Basel II is an immediate challenge faced by firms looking to meet the requirements of Basel II. FlexFinance® Basel II helps with this challenge by easing the process of importing data and improving data quality with the use of templates and automation.
FlexFinance® ICAAP ensures that the reserves of financial institutions are appropriate for the risks they face, in accordance with the Internal Capital Adequacy Assessment Process, a key element of the second pillar of Basel II. An important aspect of the ICAAP process is the use of internal models to estimate the capital required by the firm to cover all material risks the firm is exposed to, including risks covered by Pillar I of Basel II. Firms could then use this in its decision making, strategy and planning. This analysis of the capital requirements for a bank’s business operations can be performed using FlexFinance® EcoCap.
Suhas Nayak said: ‘I am completely committed to the FlexFinance® Basel II solution and I am eager to win new customers for this product as well as for ICAAP and EcoCap. I can see a lot of potential for these products, especially in the current operating environment.’
Günther Fernbach, CEO of FERNBACH-Software, said: ’Suhas Nayak brings a wealth of relevant experience in the field of product management. We are happy to have him on board and are confident that he will enlarge our customer base and help to further establish our Basel II solution in the market.’
FERNBACH’s international client base for the FlexFinance® Basel II solution includes leading banks such as Commercial Bank International (UAE), Mizuho Trust & Banking (Luxembourg) S.A., LB (Swiss) Privatbank AG and Bankhaus Reuschel & Co. (Germany).
FERNBACH is a global leader in the provision of comprehensive solutions for the finance industry. Modular service bundles for Multi-GAAP accounting, risk, compliance and loan enable our customers to optimise business processes.
FERNBACH offers a sophisticated component-based solution portfolio which ensures data consistency independent of actual business processes and can calculate complex financial ratios. The FlexFinance® Suite is transparent and fully auditable down to the individual business transaction level.
FERNBACH is committed to providing innovation as well as increasing performance. Our customers worldwide benefit from our combined expertise to overcome challenges and to provide solutions for future success.
For more details please contact:
Hazel Butters or Sean McManus
Prompt Communications on behalf of FERNBACH Software
Tel: +44 (0) 20 8996 1653 / +44 (0) 7780 687813
Director of Group Marketing
Tel.: + 352 402244-405
Fax: + 352 402244-310
FERNBACH – the essence of banking
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