Press Release
Principia Partners Delivers Control Over Operational Risk in v2.5 of Its Principia Analytical System
Jersey City, February 28, 2000 – Principia Partners LLC – an
established provider of front-to-back office system software for
trading, portfolio and risk management targeted to a broad range
of firms engaged in capital markets activities such as banks, insurance
companies and non-financial institutions – announced today
that it has recently shipped version 2.5 of its Principia Analytical
System (PAS) to clients.
Chief among the new enhancements is a detailed, process control framework that establishes a new industry benchmark for containing operational risk. Principia built an entirely new layer within its applications that permits a formal workflow process to be specified by each client for any given set of functions, in accordance with their organizational rules and procedures. The intention is to provide a definable context for each executable function, by binding the use of functions performed in relation to the specific roles of various end-users.
"Lack of a system-wide checks-and-balances for managing operational risk represents an unqualified major concern today for any institution dealing in derivatives," said Principia Partners co-head, Theresa L. Adams. Defined as the risk of business disruption, internal control failures, errors or misdeeds, operational risk can result in a direct loss, business interruption costs, legal action and/or severe decline in a firm's reputation.
Renowned for its ease-of-installation, scalability and product thoroughness, PAS offers pricing, valuation, processing, accounting and risk management for a wide variety of financial assets and liabilities including sophisticated options, structured products, hedging and other derivative instruments - all on a common analytical platform.
"With PAS v2.5, clients can implement rule sets that are evaluated when tasks are initiated. This enables total control of events based upon the real-time evaluation of these rule sets," said Principia Partners Director of Product Management and architect of the PAS version 2.5 upgrade, Sean T. Togher. "There is no other system available that delivers this functionality using such a comprehensive, expressive and maintainable framework. Clients can fully define their own concepts of items such as 'state' and 'state transition', as well as other layering of controls deemed necessary," said Mr. Togher.
Principia Partners noted that the new version of PAS complements the depth of front and middle-office processing that is a hallmark of its turnkey system. Version 2.5 ships with an exhaustive list of functions that are published and supported for defining user roles. By assigning groups of functions to specific user roles, each client can construct operational safeguards most meaningful to their business. "The interface is intuitive and easy-to-use," said Mr. Togher.
Principia Partners has a strong user base, including numerous firms that run their entire business on PAS. Clients include commercial banks, insurance companies, money managers, hedge funds, government agencies and non-financial corporations. Founded by Theresa L. Adams, Brian Donnally and Woodward C. Hoffman, Ph.D., and headquartered in Jersey City (NJ) since its inception in 1995, Principia Partners ranks as an accomplished systems developer and corollary expert in finance, accounting and trading. Principia Analytical System (PAS) is a turnkey system recognized for its ease of installation and refinements in areas such as pricing, valuation, modeling and risk management that together, enable clients to expand their business as markets and instruments continue to evolve.
For press information contact:
Shamira Alidina
Write Image
271 Regent Street
London W1B 2BP
shamira@write-image.co.uk
Tel: + 44 (0) 20 7959 5450
Fax: + 44 (0) 20 7493 5499
Email: shamira@write-image.co.uk