UnRiskOmega Solution for Swiss Bank Test
16. May 2019
CALCULATE, CREATE AND MANAGE PRIIPs KIDS
Hypo Tirol Bank relies on the UnRisk PRIIPs product
CHALLENGE
In the PRIIPs regulation, the regulator stipulates that consistent key information documents have to be issued for packaged retail and insurance-based investment products (also known as ‘PRIIPs’). The content and structure of these key information documents (also known as ‘KIDs’), the periodicity for issuing them and the calculation of key figures contained in the document are defined in the regulation. The implementation of these provisions is a great challenge for issuers of the product, both in terms of initial creation (data management, calculations, production) and in terms of life cycle management.
BENEFITS
The PRIIPs product implemented for Hypo Tirol Bank includes both the PRIIP calculation module as well as the PRIIPs KID tool. This module allows all key PRIIP figures to be calculated, and facilitates the creation, management and monitoring of the PRIIP key information document.
SOLUTION
UnRisk PRIIPs KID
IMPLEMENTATION
Hypo Tirol Bank has been established for over 100 years and specializes in supporting small and medium-sized business, institutions and private clients. Hypo Tirol Bank was won over by the high quality of the mathematical implementation and the simplicity of creating and managing PRIIP KIDs – the UnRisk PRIIPs product.
After consulting on the data supply, IT operating and interface adjustment, it was possible to implement the project within a month. Clear data interfaces allowed the solution to be effectively embedded into our client’s IT environment. The calculation meets all regulatory requirements and can be applied to various asset classes. Structured finance products such as warrants, financial products derived from a reference value such as interest shares or exchange rates (derivatives), and closed-end and open-end investment funds, are covered.
Hypo Tirol Bank doesn’t just benefit from the PRIIPs calculation module, but also from our KID tool, which includes versioning, quick search, an editor with preview function and a monitoring system with alerts. Hypo Tirol Bank manages approximately for eight products PRIIPs KIDS with its solution.
