Sophis, Platform Computing Partner for Cloud-Based P&L, Risk Platform

Dublin-based Sophis has partnered with Toronto-based Platform Computing on a joint cloud-based service to help financial service companies, including insurers, process P&L and sensitivities calculations, instrument pricing, risk simulations and value at risk.

The service has been tested on IBM's Power 750, XIV Storage System, System x3850 M2 and BladeCenter HS22. The companies claim the test computed value at risk calaculations for a portfolio with 32,000 positions using 270 historical scenarios in four hours.

"The results of this benchmark with Platform Computing are very good news for our customers, who have increasingly demanding risk management and portfolio valuation requirements," says Samer Ballouk, head of product management and business development at Sophis, in a statement. "By speeding up calculations using a grid approach, they can introduce an intra-day value at risk calculation, for example, and comply with the latest guidance on risk management and reporting."

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio