About Us

Quality Assurance Requirements

Eurorisk Systems Ltd. provides software products and services that are conform with the requirements of the international assurance standards (ISO, ISAE). Our assurance engagements concern all processes of development, deployment and support, including:

  • Implementation of appropriate mathematical and financial methodologies and models (e.g. pricing of fixed and floating interest, capital cash flows, options, market risk according to RiskMetrics, credit risk according to CreditMetrics, etc.).
  • Adherence to EU (e.g. Basel III, Solvency II) and national standards and guidelines.
  • Usage of state-of-the-art software technologies (Object Oriented Programming, Artificial Intelligence, Neuronal Networks, Internet Technologies, etc.).
  • Application of the best programming practices.
  • Compilation of financial information in reports (e.g. COREP, Crystal Reports, QlikView Reports).
  • Internal and client test sequences and advisory.
  • Monitoring, control and changes in management.

Quality of Data and Results

The validity of input data determines the accuracy of Eurorisk Systems modules’ evaluation results. Both software systems - Risk Framework and Risk Engine - use precise market and credit risk data (e.g. curves, indices, spreads, volatilities, correlations) downloaded from data providers. Data entered via GUI and calculated intermediate results have sufficient precision to minimize the impact of rounding errors. High speed calculation trees, implemented in portfolio evaluations and analyses, ensure performance and accuracy of the calculation of large amounts of positions. Performance and accuracy of the Monte Carlo simulation modules is ensured with the application of two corrections of randomly used numbers, for standard normality and zero correlation, as well as autocorrelation, as in the case of the Importance Sampling simulation approach. Reports are designed to be relevant and informative, following the Standards for Assurance Engagements (ISAE) 3402.

Approaches for Quality Assurance

Eurorisk Systems Ltd. provides proper programming codes that are easy to read and easy to support, and follow common requirements concerning: name conventions of variables and data, formatting and documenting of program modules, organisation of the business logic, optimisation of the program code, test Driven Development (TDD).

We supply validated and verified software modules, that have gone through a critical testing procedure, including internal tests: black-box test, software attack, security test, functionality test, performance test, load test, stress test.

We support customers in performing intake tests concerning: system integration, system adjustments, operational acceptance (performance, memory usage), result comparison with earlier versions / releases, comparison to external model calculations, such as Excel etc.

Furthermore, we provide trainings, seminars, workshops, detailed technical documentation about the products, as well as hotline, E-mail and telephone support.