UBS Securities automates risk and surveillance with Eventus
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed UBS Securities for its flagship Validus risk and surveillance platform.
Mark Holder, global co-head of electronic trading at UBS, says Eventus and Validus offered “impressive capabilities that strengthen our current platform”.
The implementation has just begun.
“Validus is going to bring a more enhanced approach to risk management, specifically to market surveillance at UBS in its first phase of implementation,” Travis Schwab, CEO of Eventus, tells Banking Technology. Real-time reconciliation, which Validus offers, will provide “a much deeper level of security and comfort in both the business and governance organisations”, he adds.
“As the platform is expanded, Validus will offer an integrated approach to risk management that will allow UBS to replace point solutions, thereby reducing overall risk and cost.”
To start with, however, the new solution will enhance UBS’s existing systems, not replace them (yet).
Schwab is tight-lipped about the project timelines, saying that “go-live is dependent on milestones being hit during the testing phase”.
It is understood that a number of technology providers competed for this deal, but Schwab feels that “no other solution across the financial services industry offers a more holistic look at the risk, surveillance, compliance and trading operations of a firm on the scale that Validus does”. Furthermore, “the speed at which Validus software operates is unparalleled across the industry”, he claims.
Eventus is a new kid on the block, formed in 2014.
The biggest challenge
“The biggest challenge is the level of approval required at any large institution,” Schwab says. “There are multiple sign-offs across departments at the highest levels of the bank that require constant engagement.
“The way to overcome is to continuously engage with the sponsor, provide a constant stream of information, and be in New York on an almost weekly basis. Once all that is completed, then the actual implementation is straightforward and happens relatively quickly.”