Prometeia, the global leader in Risk Management consulting and software solutions, has supported a leading bank in Turkey in the pre-application of Internal Rating Based (IRB) credit risk models. The request has been successfully approved by BDDK, the Turkish Banking Regulation and Supervision Agency.
The Bank is the first in Turkey to meet the Regulator’s requirements for IRB models and obtain a preliminary approval for the IRB official application process, earlier than initially expected and without any additional demand from the Regulator to perform further audit/assessment.
This step represents the best premise to obtain the final approval for the adoption of Internal Models in the calculation of Pillar 1 Capital Requirements, according to Basel 2 regulation.
Prometeia has been the key partner of the Bank in managing all IRB-related projects with the Bank, including functional and IT gap analysis, IRB modeling and preparation of the application package.
Prometeia launched its Turkish operation back in 2013, becoming a market leader for risk management solutions within the banking sector.
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