Menu
Reserve Bank takes $3.3M hit on valuation software project

Reserve Bank takes $3.3M hit on valuation software project

Bank changes strategy and looks elsewhere for part of its requirements

The Reserve Bank has impaired Trade Valuation software project

The Reserve Bank has impaired Trade Valuation software project

Credit: Marguerite Hill

The Reserve Bank of New Zealand booked a $3.3 million impairment on a $9.5 million valuation software project  in its 2018 financial year.

The Trade Valuation Solution (TVS) was originally scheduled to go live in mid-2017 but instead had a delayed go-live of partial functionality in December 2017.

The project was then re-scoped because the software, from US-based Numerix, was unable to deliver the functionality required, the bank reported.

Because reduced benefits would accrue from the investment it was decided an impairment should be recognised.

The bank selected Numerix's Oneview software in April 2016 to deliver trade valuation and risk management analytics across its $25 billion trading book.

It was planned to then extend the software to provide enhanced liquidity management, collateral management and trade management.

“We’re improving our technology and analytics capability in our domestic and foreign market operations," Reserve Bank deputy governor Geoff Bascand said at the time.

"For us the most important thing is to make real-time decisions based on comprehensive analytics, and the most up-to-date methodologies.”

After a review of the TVS project, however, the bank decided not to pursue the vendor’s new product, which was still under development at the time.

Instead it chose to rely on the Numerix product for part of the deliverables, and to meet a number of the original project objectives via a separate data management architecture strategy.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags riskanalyticsFinancial ServicesbankingReserve Banktrade valuation

Featured

Slideshows

Reseller News Platinum Club celebrates leading partners in 2019

Reseller News Platinum Club celebrates leading partners in 2019

The leading players of the New Zealand channel came together to celebrate a year of achievement at the annual Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months.

Reseller News Platinum Club celebrates leading partners in 2019
Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosted its second annual alumnae breakfast for the Women in ICT Awards in New Zealand, designed to showcase the leading female leaders in the industry. Held at The Cordis in Auckland, attendees came together to hear inspiring keynotes and panel discussions, alongside high-level networking among peers. Photos by Gino Demeer.

Reseller News hosts alumnae breakfast for Women in ICT Awards
Reseller News Innovation Awards 2019: meet the winners

Reseller News Innovation Awards 2019: meet the winners

Reseller News honoured the standout players of the New Zealand channel in front of more than 480 technology leaders in Auckland on 23 October, recognising the achievements of top partners, emerging entrants and innovative start-ups.

Reseller News Innovation Awards 2019: meet the winners
Show Comments