About Us


Eurorisk Systems Ltd. is a private IT company located in Varna, Bulgaria that provides software models, systems and services for financial institutions in Western and Eastern Europe. Founded in 1993 by Dr. Anatoliy Antonov, Eurorisk Systems combines fundamental financial knowledge with long-standing academic and practical experiences in the Information Technology area. First, we focused our business on design, development, integration and distribution of software systems in the areas of pricing of financial instruments and portfolios, performing portfolio analysis and optimization. The next developments increased the functionality of our software products, concerning asset, market, credit - and operational risk, rating systems, asset and liability management. Nowadays, Eurorisk Systems Ltd. offers two own products - Risk Framework and Risk Engine - as well as solutions for analysis, modeling, evaluation, simulation and optimisation of financial instruments and portfolios. Our portfolio covers quantitative areas such as financial risks, credit risks, liquidity, operational risks and risk aggregation incl. regulatory regimes like Solvency II, Basel II/III etc. From 1993 untill now, our software modules have been integrated into products of our partners from all over Europe, e.g. Germany, Switzerland, Austria, Bosnia and Herzegovina, Bulgaria etc.


• Education: studies in Information Technology in Germany; PhD in Software-Technologies; research work in Software-Technologies in Germany;

• Lecturer at the Computer Science Department at a Technical University, Bulgaria; lecturer for Risk Management Software at a University of Economics, Bulgaria;

• CEO of Eurorisk Systems Ltd., Bulgaria

• Competencies: Evaluation and analyses of complex financial instruments, Monte Carlo simulation, market risk, credit risk and operational risks, rule- and knowledge-based systems (e.g. expert systems, rating systems), credit portfolio modelling, Basel II/III, EMIR, Cash Flow/Earning at Risk, IFSR balance and hedging accounting, Asset Liability Management (ALM), Liquidity management, Reporting (Crystal Reports, OLAP), object oriented and event based system development;

• Publications: more than 120 publications in German and English for specialized magazines in different scientific areas, e.g. software-technologies, object-oriented systems, artificial intelligence, risk modelling and risk evaluation, etc.;

• Projects: project leader/adviser, e.g. Risk Evaluator, RatingTool Box, Liability Management System (LMT), Liquidity Manager, Cash Flow at Risk, IFRS modules, Risk Framework, Risk Engine, etc.


To our team of highly educated experts belong university professors, doctors, PhD students and authors of many innovative research papers in the IT-area.

  • Prof. Dr. Vladimir Nikolov (Software Director)
  • Dipl. Math. Yanka Yanakieva (Product Manager)
  • Dr.Sc. Plamen Paskalev (Project Leader)
  • M.Sc. Danko Naydenov (Project Leader)
  • M.Sc. Todor Georgiev (Hotline and Services)
  • M.Sc. Elisaveta Simeonova (Business Consultant)
  • M.Sc. Simeon Nenov (System Administrator)
  • Dr. Sc. Svetlozar Stefanov (Chief Accountant)
  • Financial Analysis and Projects
  • Dr. Sc. Ventsislav Nikolov
  • M.Sc. Viktoria Paskaleva
  • M.Sc. Sevdalina Draganova
  • M.Sc. Tsvetelina Giyosheva
  • M.Sc. Plamen Alexiev
  • M. Sc. Elma Pjanic
  • Program Development and Integration
  • M.Sc. Ivan Hristov
  • M.Sc. Atanas Kyosev
  • M.Sc. Alexandar Krastev
  • M.Sc. Svetoslav Kjuchukov
  • E.Math. Ivan Bogdanov
  • E.Math. Nikola Vasilev
  • E. Math. Vasil Rachev
  • E. Math. Georgi Dimitrov
  • Server and Internet Programming
  • M.Sc. Ilka Serafimova
  • M.Sc. Byulent Yakub
  • B.Sc. Snejina Yanakieva
  • B.Sc. Gergana Dimitrova


Our close collaboration with the Technical University of Varna and the University of Economics of Varna explains why our company is one of the most innovative software producers in Bulgaria. Students, trainees and doctoral students do their master thesis and postgradual works with us, actively participating in company projects.

Our company is also a very active participant, presenter, and sponsor in the DACH region and Eastern Europe when it comes to scientific conferences, symposiums, olympiads, seminars, and the like, presenting our latest developments and researches.

Eurorisk Systems Ltd. is part of an International Competence Center (incl. much-net AG, cops GmbH, profit software etc.) for development, distribution and implementation of financial software. Together with our partners in Bonn, Vienna, Zurich and Sofia, we provide our customers with first-class quality solutions.