New York, April 6, 2010 — Luxoft, a leading global provider of advanced application and product development services, today announced the successful delivery of COMPAS System - a risk management tool developed jointly with Deutsche Bank’s Risk Management Advisory (RMA) division.
In order to better serve its clients, the RMA group at Deutsche Bank wanted to develop an innovative Loan Origination system, which would include an automated credit decision engine, helping to surpass challenging regulatory requirements and meet international banking “best practices”.
Deutsche Bank selected Luxoft as the software development partner based on the winning combination of the right skills and a proven track record of success with previous engagements.
Utilizing Luxoft’s global delivery capability along with transparent communication and reporting models, RMA was able to release a marketable version of COMPAS in less then six months. COMPAS is now an advanced web-based lending tool that automates, standardizes and systematically manages the loan origination and credit approval process by providing an automated decision engine while managing the specific credit risks inherent in lending.
Jan Gross, Global Head of Risk Advisory Services at Deutsche Bank emphasized the importance of credit risk management: “Effective credit risk management is a vital component of a bank’s overall risk management strategy and is essential to the long-term success of any banking organization. We are glad that together with Luxoft we were able to develop an advanced solution that significantly improves client satisfaction by quicker decisions and enhances overall risk management.”
Wolfgang Topp, Global Head of RMA at Deutsche Bank, added: “Luxoft’s involvement makes COMPAS more competitive. Luxoft helps us deliver a technological advanced, flexible and leading edge solution to our customers worldwide.”
Having completed the original development stage, Luxoft continues to provide ongoing support function for the COMPAS system. Moreover, the two companies believe that the product has wide potential in the business community and will therefore work together to market it to organizations worldwide.
“We are happy that Luxoft and Deutsche Bank once again had a winning engagement and that we are able to deliver a quality solution that meets critical market needs.” said Yuri Elkin, Managing Director of Financial Services at Luxoft.
Risk Management Advisory delivers a full range of bespoke solutions to address the risk management and asset servicing requirements of demanding financial institutions and corporate clients in Asia, the Middle East, Europe and Africa.
RMA combines local expertise with international experience and best practice throughout the numerous legislations and jurisdictions where we operate, and is dedicated to being the best financial advisory service provider in the world for the implementation of best practice integrated risk management infrastructure.
Luxoft is an emerging global leader in application and product engineering outsourcing services for enterprise IT organizations and software vendors. Luxoft builds lasting partnerships with its clients, such as Boeing, Deutsche Bank, UBS, Dell, IBM, Sabre and other global leaders, based on the culture of engineering excellence, innovation, and deep domain expertise. Luxoft offers global delivery capability through its network of state-of-the-art delivery centers in North America, Central & Eastern Europe, and Asia. Luxoft`s customers benefit from the right mix of technology skills, industry knowledge, best-of-breed processes and methodologies, and a choice of engagement models.
Luxoft has been awarded the #1 position in the “Emerging European Markets” category of the 2009 “Global Services 100” list. Company is also a recipient of the Applied Innovation Award from the IAOP and Wipro, ITAA and Forbes (together with Deutsche Bank).