Hong Kong's Dah Sing Bank Licenses Kamakura Risk Manager for Asset and Liability Management and Credit Risk Management
HONOLULU, November 6, 2007: Kamakura Corporation announced today Hong Kong's Dah Sing Bank has licensed Kamakura's enterprise-wide risk management software system Kamakura Risk Manager (KRM) for integrated analysis of interest rate risk management and credit risk management. Dah Sing Bank is not only one of Hong Kong's leading banks, but the Bank is also the second largest shareholder in Chongqing Commercial Bank in the Peoples' Republic of China. Unisys Corporation's Hong Kong branch and renowned risk management expert James Lam will join the Kamakura team for KRM installation at the Bank.
"We believe that best practice in risk management gives management the option to view risk on a fully integrated basis," said Dominic Tsui, General Manager, Head of Risk Management & Control of Dah Sing Bank. "After an extensive world-wide request for proposal process, we believe that Kamakura provides the Bank with the best ability to analyze interest rate risk and credit risk both independently and jointly. Kamakura's experience in greater China and the firm's world-wide reputation for continuous innovation were other key considerations in our decision to purchase KRM."
"Dah Sing Bank CEO Derek Wong and Executive Director & Chief Risk Officer Frederic Lau are very highly respected bankers in the Asia Pacific Region," said Warren Sherman, Kamakura President and Chief Operating Officer. "It is an honor for us to work with them and their colleagues at Dah Sing Bank in asset and liability management and credit risk. We believe that an integrated view of risk is essential to ‘best practice' as the savings and loan crisis in the United States in the 1980s so clearly illustrated. Dah Sing is a world leader in making the transition from the traditional ‘silo' approach to risk management to a truly integrated view of risk. We believe the team of James Lam, Unisys, Dah Sing and Kamakura will execute this risk management vision quickly and efficiently."
About Dah Sing Bank and Dah Sing Group
The Dah Sing Group is a leading financial services group in Hong Kong, active in the banking and insurance business. The Dah Sing Group consists of two listed companies, Dah Sing Financial Holdings Limited ("DSFH"), which has been listed on the Hong Kong Stock Exchange since 1987, and Dah Sing Banking Group Limited ("DSBG"), which has been listed on the Hong Kong Stock Exchange since 2004. The Dah Sing Group has gained a reputation as one of the most progressive and innovative financial services groups. Key to its success is the strength of the Dah Sing management team and the group's commitment to serving its customers.
DSFH is the holding company for the group's life and general insurance business, as well as the majority shareholder in DSBG. DSBG has two banking subsidiaries (Dah Sing Bank and MEVAS Bank), and a securities trading company, as well as an offshore joint venture private banking business with SG Hambros Bank.
The Group has expanded rapidly in recent years, and DSFH had total assets of over HK$99 billion as at 30 June 2006. The Dah Sing Group has been a pioneer of the development of the consumer banking, SME lending and bancassurance sectors amongst the mid-size financial services groups in Hong Kong, and this culture of innovation and progress has been fundamental to the growth of the business.
The Group's main banking subsidiary, Dah Sing Bank, has been assigned long term rating of "A-" and "A3" by Fitch and Moody's respectively in 2006.
About James Lam and James Lam & Associates
Founded in January 2002, James Lam & Associates (JLA) is singularly focused on risk management, and provides consulting and training solutions. Mr. Lam has over twenty years of experience in risk and business management. He is widely noted as the first ever "chief risk officer" and an early advocate of enterprise risk management. Previously, Mr. Lam served as Partner of Oliver Wyman, Founder and President of ERisk, Chief Risk Officer of Fidelity Investments, and Chief Risk Officer of FGIC Capital Markets Services, Inc. Mr. Lam is the author of "Enterprise Risk Management: From Incentives to Controls," which has ranked #1 best selling among 25,000 risk management titles on Amazon.com. In 1997, Mr. Lam received the inaugural Financial Risk Manager of the Year Award from the Global Association of Risk Professionals. For two years in a row (2005 and 2006), Treasury & Risk Management magazine named him one of the "100 Most Influential People in Finance." Mr. Lam graduated summa cum laude with a BBA from Baruch College (1983), and has an MBA with honors from UCLA (1989). He was appointed a senior research fellow at Beijing University in 2004. Mr. Lam has lectured at Harvard Business School as the subject of a HBS case study, and has taught graduate-level courses in risk management and advanced derivatives at Babson College as an adjunct professor of finance.
Unisys is a worldwide technology services and solutions company. Unisys consultants apply Unisys expertise in consulting, systems integration, outsourcing, infrastructure, and server technology to help our clients achieve secure business operations. Unisys builds more secure organizations by creating visibility into clients' business operations. Leveraging the Unisys 3D Visible Enterprise approach, Unisys makes visible the impact of their decisions – ahead of investments, opportunities and risks. For more information, visit www.unisys.com
About Kamakura Corporation
Kamakura Corporation is a leading provider of risk management information, processing and software. Kamakura has been a provider of daily default probabilities and default correlations for listed companies since November, 2002. Kamakura launched its business mortality model for unlisted companies in January 2004. Kamakura is also the first company in the world to develop and install a fully integrated enterprise risk management system that analyzes credit risk, market risk, asset and liability management, and transfer pricing software system. Kamakura has served more than 160 clients ranging in size from $3 billion in assets to $1.6 trillion in assets. Kamakura's risk management products are currently used in 23 countries, including the United States, Canada, Germany, the Netherlands, France, Switzerland, the United Kingdom, Eastern Europe, the Middle East, Africa, Australia, Japan, China, Korea and many other countries in Asia.
Kamakura's research effort is led by Professor Robert Jarrow, who was named Financial Engineer of the Year in 1997 by the International Association of Financial Engineers. Professor Jarrow and Dr. van Deventer were both named to the 50 member RISK Hall of Fame in December 2002. Kamakura management has published more than 100 publications on credit risk, market risk, and asset and liability management.
Kamakura has world-wide distribution alliances with Fiserv and Unisys, making Kamakura products available in almost every major city around the globe.
For more information contact
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