Executive Summary
The client wanted to upgrade the Kondor suite of products and implement VAR for money markets and fixed income. ITC Infotech, being the key player in the banks’ Kondor services, was entrusted with upgrading Kondor and implementing Kondor Risk to comply with regulations.
Business Challenge
- The existing Kondor application required an upgrade to support evolving business needs and new features.
- Increasing regulatory requirements necessitated the implementation of a dedicated compliance module.
- The bank needed to modernize its system while ensuring minimal operational disruption.
- Ensuring seamless business continuity during the upgrade was a critical priority.
Business Challenge
- The existing Kondor application required an upgrade to support evolving business needs and new features.
- Increasing regulatory requirements necessitated the implementation of a dedicated compliance module.
- The bank needed to modernize its system while ensuring minimal operational disruption.
- Ensuring seamless business continuity during the upgrade was a critical priority.
Our Solution
- The ITC Infotech team, leveraging its extensive experience in upgrading treasury solutions, collaborated with the banks’ users to understand existing functionalities and expectations for the upgrade, utilizing proven methodologies.
- Two dedicated teams simultaneously upgraded the Kondor application and implemented Kondor Risk to calculate VaR.
- A robust test strategy leveraging 3000+ treasury test case repositories was developed and bank users were trained to ensure a smooth UAT.
- The ITC Infotech team configured Kondor Risk for centralized monitoring of credit and market risk. This included setting up complex credit limits, Historical Simulation VaR, Monte Carlo VaR, and conducting Back Testing to validate VaR models. Stress testing was also implemented.
Key Results and Benefits
- The successful upgrade of Kondor improved operational efficiency with enhanced capabilities.
- Implementation of VaR enabled robust risk management and transitioned the bank from Excelbased VaR to near real-time system-based calculations.
- The Kondor Risk VaR implementation provided the bank with on-demand access to portfolio risk values, supporting informed decision-making.
- The risk-based approach for the upgrade reduced testing duration by 20% without compromising quality.
- Reusable test artifacts from ITC Infotech’s repository saved 50% of the time in the test design phase.
About ITC Infotech
ITC Infotech is a leading global technology services and solutions provider, led by Business and Technology Consulting. ITC Infotech provides business-friendly solutions to help clients succeed and be future-ready, by seamlessly bringing together digital expertise, strong industry specific alliances and the unique ability to leverage deep domain expertise from ITC Group businesses. ITC Infotech is a wholly owned subsidiary of ITC Ltd., a 100-plus-year-old diversified conglomerate with businesses spanning Hotels, Consumer Goods, Paperboards & Packaging, Agri Business, and Information Technology. ITC Ltd. has been in the hospitality business for over 4 decades. It has over 100 properties across 70+ destinations. The hospitality practice at ITC Infotech is 800+ people strong and most have experience in the hospitality domain leading to a high-quality IT service experience for its hospitality customers.
