Intertec Systems sponsors Basel II Risk Management Forum in Dubai

Intertec Systems and FERNBACH are the Gold sponsors of the two-day event, which will be held at Grand Habtoor Resort & Spa, Dubai from June 9-10, 2008.

Intertec Systems will showcase FlexFinance Enterprise-wide Value and Risk Management (EVRM), FlexFinance Accurate and Reliable IFRS Accounting and Internal Capital Adequacy Assessment Process (ICAAP) Basel II at the event.

Mr. Naresh Kothari, Managing Director, Intertec Systems, said:

'It is our pleasure to be associated with a major event such as the Basel II Risk Management Forum for Financial Services. Intertec Systems has always been in the forefront of educating the region's financial services industry on Basel II compliant systems and solutions.'

The purpose of Basel II is to create an international standard that banking regulators can use when creating regulations about how much capital banks need to put aside to guard against the types of financial and operational risks banks face.

The FERNBACH FlexFinance Basel II allows banks to manage risk on a company-wide basis while complying with the regulatory requirements of all three pillars of Basel II. The EVRM component helps achieve a maximum return on profit and provides banks with the means to accumulate extensive information on risk, value and revenue. The templates available with the software minimise the time for automatic data import, reducing processing times.

The FERNBACH FlexFinance IFRS offers a straightforward solution designed to cut through the complexities and relieve the burden of IFRS compliance while ensuring an added advantage to financial institutions by reducing costs, ensuring accuracy and increasing return on investment.

FERNBACH and Intertec Systems recently announced the setting up a Basel II Competence Centre in Dubai. The competence centre provides customer training and support services for software users in the United Arab Emirates and across the Middle East.

The competence centre is hosted by Intertec experts that have been trained in FERNBACH's FlexFinance products and can help potential customers to become acquainted with the solutions. In an environment that simulates a 'real' banking set-up with front and back-office applications.