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For Immediate Release
Moody's KMV Product Enables Bank Itau Europa to Achieve Regulatory Compliance
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[Click Here for Portuguese Translation]
-Cutting Edge Solution Aids Customer Ability to Manage Impairments by Credit & Country Risk -
SAN FRANCISCO, May 9, 2007 - Moody's KMV, the world's leading provider of quantitative credit risk measurement and management products and services, today announced that the use of its CreditEdge software has enabled Bank Itau Europa to receive regulatory compliance approval from the Portuguese regulator.
As part of a growing number of regulatory requirements governing bank operations, such as Basel II and IAS/IFRS, Bank Itau Europa utilizes Moody's KMV's CreditEdge as a component of its internal credit models to demonstrate proper management of country-specific credit risk to regulators. CreditEdge provides its users with risk measurement and loan default probability tools based on collective, real-time intelligence from global markets.
"We are incredibly pleased that Bank Itau Europa has gained regulatory approval for our internal models and believe that Moody's KMV played a significant role in our success by providing us with the appropriate tools and measures in order to meet the Central Bank's requirements. CreditEdge has enabled us to maintain the highest standards and best practices for credit risk management through its ability to supplement and support impairment calculations and monitor the credit rating process, and be used as an early warning credit/country risk indicator. Credit Edge has also aided us in becoming fully compliant with IAS/IFRS and Basel II," said Mario Rui Gomes dos Santos, Head of Credit Risk Analysis of Bank Itaś Europa.
"Moody's KMV has a distinguished history of partnering with financial institutions to provide them with highly-developed solutions for managing credit risk and regulatory compliance," said Andrew Huddart, president of Moody's KMV. "CreditEdge enabled Banco Itau Europa to meet the Central Bank's regulatory requirements in a timely and transparent manner, and we look forward to working with other banks that face similar issues."
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