Banco Sofisa partners with Finastra to elevate its risk management strategy
Vector Risk’s cloud-based regulatory and internal reporting solution on FusionFabric.cloud empowers the bank to quickly launch new products
Lake Mary, FL, May 8, 2023 – Finastra today announced that Banco Sofisa, a nationally ranked São Paulo, Brazil-based financial institution known for its Sofisa Direto digital bank, has partnered with Finastra to implement Vector Risk, a market and credit risk solution. Delivered via Finastra’s FusionFabric.cloud and hosted on Microsoft Azure, Vector Risk enables the bank to control the risk of new products with no impact on IT resources.
Upon establishing a derivatives desk in 2022, Banco Sofisa determined it needed to quickly and efficiently deploy a risk management solution to support its new product strategy. Recognizing a cloud-based tool would enable speed to market and scalability, the bank consulted Finastra, leading to the selection of Vector Risk, a solution capable of going live within 30 days.
“As we continue to build on the success of Sofisa, Finastra is the ideal partner to help connect us with the right solutions for our business.” said Renato Perroni, Treasurer at Banco Sofisa. “By implementing Vector Risk, we have the scalability and efficiencies we need to control the risk of our growth strategy with no impact on our existing IT infrastructure.”
Vector Risk’s modules offer seamless connectivity with institutions’ internal data, automating manual processes that consume time and resources. Banco Sofisa will utilize the SaaS solution to automate Value at Risk (VaR), Potential Future Exposure (PFE), and Credit Valuation Adjustment (CVA), with the ability to quickly launch additional modules within a day. By testing the solution in production, the bank had the opportunity to select the right modules for its business and ensure operational readiness.
“Vector Risk’s solution on FusionFabric.cloud enables Banco Sofisa to better compete with the larger banks in Brazil, offering the tools it needs to analyze risk,” said Francisco Neto, Solution Consultant – Treasury and Risk Management, Americas at Finastra. “We look forward to watching the bank grow as it executes its new product strategy.”