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BlackIce Enterprise Risk Management : Delivering Big Data Solutions to Global Banking Institutions

BlackIce Enterprise Risk Management : Delivering Big Data Solutions to Global Banking Institutions


BlackIce Enterprise Risk Management Inc. (CSE:BIS) is a software technology and consulting firm specializing in global enterprise risk management in the banking industry. The company is focused on emerging markets in Southeast Asia and the United States regional bank market. Using knowledge gained from over 20 years of experience in the financial services industry, BlackIce has developed a suite of banking software offerings designed for management and regulatory reporting requirements.

BlackIce’s three core software solutions address specific challenges faced by banking sectors across the globe and include: Enterprise Risk Aggregation and Analytics (ERATM); the Governance and Compliance Database (GCDTM); and the BlackIce Enterprise Stress-Testing (BEST™) Solution.

Emerging financial sectors across Southeast Asia are working to bring their banking systems in line with international standards such as the Basel capital framework. Basel I,II and III are a comprehensive set of regulations developed by the Basel Committee on Banking Supervision to supervise and manage risk in the banking sector world-wide. The regulations are aimed at improving risk management, lessening the impact of financial and economic stress on banks, and strengthening bank capital requirements through more liquidity and less leverage.

BlackIce has successfully completed `proof of concept` for its ERATM software in Vietnam, working closely with Vietnam International Commercial Joint-Stock Bank (VIB) to meet Basel II compliance. “Over the past twelve months we have made a strong investment of time and resources with the implementation of our ERATM solution and now we’re perfectly positioned to grow and to be the premiere offering in the market,” stated Dale Paruk, BlackIce Director and VP Corporate Finance.

BlackIce has completed its first sale and implementation with VIB in Vietnam, and is in late-stage negotiations with 2 additional banks. The Company expects sales to 4-5 more financial institutions in Vietnam during 2017. The company is also in discussions with institutions across several other Asian markets, and is preparing a bid for the Nepal Central Bank. The company’s BEST™ stress-testing product is under development to address Dodd-Frank regulatory compliance in the United States and is expected for sale in 2017/2018.

Investment Highlights

  • Currently the only vendor in the market with an open solution that complies with the newest Basel III requirements for the banking industry
  • More than 20 years of experience in the financial services industry.
  • Utilizes a dynamic analytic and reporting platform to provide solutions and tools for risk assessment and compliance for all risk data .
  • Third product offering coming to market in 2017/2018.
  • Software offerings easy to implement and scale without creating excessive overhead.
  • Organically growing cash flow through consulting engagements alongside revenue from software licensing.
  • On-going revenue from product upgrades to provide continuous compliance in a world of ever-increasing financial regulation
  • Partners with IBM (U.S./Asia): EY (formerly Ernst and Young) and PWC Vietnam.
  • Established credibility in the market through strong partnerships with regulators in Vietnam; involved in shaping current regulations through consulting.
  • Strong relationships in Myanmar and Laos, enabling a smoother entry to those markets once regulatory frameworks are in place.
  • Recognized as one of the top 20 ERM Solution Providers by CIO Review magazine in 2015.

Market Challenge: Regulatory Reporting in Asia’s Emerging Financial Sectors

The emerging financial sectors in Asia’s growing economies include more than 400 banks and represent ideal markets for BlackIce innovative software products. Vietnam is an excellent example of both the opportunities in the region as well as the company’s ability to develop and offer tailored solutions to address complex market challenges.

Vietnam’s banking sector comprises more than 30 banks and has experienced one of the highest growth rates in all of Asia in the last several years. This growth has come about through strong economic expansion, rising household incomes and government reforms aimed at achieving compliance with international standards such as the Basel capital framework. The State Bank of Vietnam (SBV – the country’s Central Bank) has implemented a restructuring of the local banking system and is requiring the banks to meet Basel II capital requirements and reporting compliance by 2018.

“Implementing Basel II will bring about more robust risk management to ensure a safe and efficient banking system for Vietnam,” Vikesh Mirani, Group Financial Officer at Techcombank told Việt Nam News.Banks with robust disclosures and a high capital adequacy ratio (CAR) will benefit from improved ratings and strengthening investors’ confidence.”

Some of the challenges of Basel implementation for Vietnamese financial institutions include a lack of skilled staff with Basel regulatory and reporting experience as well as an inability to quickly and easily gather and analyze data.

Incomplete siloed data results in flawed analytics. The biggest risk is the one you don’t see.

Although software designed to manage and analyze risk for financial institutions does exist, the majority of institutions use siloed databases and various risk applications for regulatory reporting and management reporting. This results in fragmented and in-complete risk analysis. BlackIce’s ERA product compiles and analyzes all the data in a central location in real-time, providing a complete risk analysis and reporting.

At the top of the wish list for most financial institutions today is a single common data source for risk aggregation, analytics and reporting in real-time for all stakeholders across all business lines and portfolios.

An Integrated Solution: Enterprise Risk Aggregation and Analytics (ERATM)

The only enterprise-wide risk management solution that provides plug and play risk reports designed for all stakeholders – Regulators, Directors, and Managers.

BlackIce Enterprise Risk Management’s ERA TM is a new generation, massive parallel processing (MPP) technology platform that is both open and centralized, combining analytics, reporting and data management software to deliver comprehensive Enterprise Risk Management (ERM) for financial institutions. The platform is designed to meet all of the regulatory expectations of the Basel Committee on Banking Supervision (BCBS) Risk Data Aggregation & Reporting requirements as well as the Financial Stability Board (FSB) Legal Entity Identifier program.

“Banking regulations such as the Basel Capital Framework place constraints on the amount of capital and liquidity a bank must have on-hand in case of a crisis,” explained Paruk.“Our ERATM software aggregates the banks data from different source systems institution-wide, and then provides analytics on top of our enterprise data model, allowing for timely required calculations under regulatory reporting.”

ERA TM is based on four data models, providing a holistic view of risk data across a suite of reports and analytics:

  • Wholesale Credit Risk
  • Retail Credit Risk
  • Market Risk
  • Operational Risk

Compatible with any technology provider and with a flexible and open architecture allowing for easy customization, ERA TM combines:

  • In-database and customizable analytics which include regulatory capital, economic capital, risk weighted assets (RWA), ad-hoc stress testing, risk-adjusted return on capital (RAROC), credit valuation adjustment (CVA), and value-at-risk (VaR) calculations.
  • An extensive library of more than 120 pre-built Cognos and Excel reports addressing both management and regulatory reporting needs.
  • Comprehensive data management framework using the latest data aggregation best practices and regulator approved policies and procedures.

Case Study: ERA Proof-of-Concept with Vietnam International Bank

The Vietnam International Bank (VIB) is the first Basel-compliant bank in Vietnam and ERATM is the first solution implemented in the market.

In October 2015, the VIB purchased ERATM software in order to achieve compliance with the SBV Basel requirements. BlackIce worked with partners IBM and HPT Vietnam Corporation (a local systems integrator) to help VIB implement the software solution across all departments. The implementation project was successfully completed in March 2016, serving as a proof-of-concept for ERATM in the Vietnam market.

“VIB is our first customer to implement ERA in Vietnam and we are delighted that it has been a great success,” stated Judy Kalyan, BlackIce CEO and Chairman. “VIB now has a robust risk-management solution. We will now build on this achievement and look forward to implementing similar solutions based on our ERA platform with other banks who have been eagerly watching the progress of this project. The banking risk arena is becoming increasingly important during 2016 as the State Bank of Vietnam advocates greater compliance from all banks, which provides BlackIce and our partners with a great opportunity.”

BlackIce’s ERATM software offering in Vietnam also includes the first fully State Bank of Vietnam (SBV) compliant RWA Calculator to be implemented at any bank in Vietnam. The calculator is based on the new Basel revised Standardized Calculations and is expected to be a benchmark for Basel implementations in Vietnam’s financial market.

“The top 10 banks in Vietnam must be compliant with SBV regulatory requirements by the end of 2016 and the remainder must be compliant by the end of 2017,” said Paruk.

The BlackIce BASEL Solution for Emerging Markets (BASEL) is one of the first solutions, globally, that allow institutions to meet the new revised standardized approach recommended by the Basel Committee on Banking Supervision (BCBS).

BlackIce’s BASEL solution is specifically tailored to the needs of institutions in emerging markets. It provides a Basel compliance and risk management solution that leverages the technology within our Enterprise Risk Aggregation (ERATM ) solution, along with the experience we gained at Vietnam International Bank (VIB) to create a product that meets the immediate goals of financial institutions beginning their capital adequacy initiatives, in addition to supporting their future strategic objectives.

BASEL is specifically designed to provide institutions with a comprehensive foundation to build a strong Basel program where they may have limited Basel risk management experience or resources.

A Centralized Solution: The Governance and Compliance Database (GCDTM)

Facilitates the capture of compliance information to meet regulatory and management reporting requirements.

BlackIce’s GCDTM is an industry-leading software application that gives financial institutions the ability to use best practices in capturing compliance, tracking progress and meeting regulations as well as documenting compliance evidence. GCDTM centralizes country-specific regulations and global regulatory guidance including accords under the Basel regulatory framework and other regulatory requirements including recovery plans, risk data aggregation and risk reporting and financial stability oversight.

  • Best Practice Compliance: Pre-populated with regulatory guidance, industry best practices and artifacts to help users capture compliance information and complete compliance assessments to meet regulatory requirements.
  • Traceability: Demonstrates traceability between directives and compliance evidence to support accurate and complete assessments under the Internal Capital Adequacy Assessment Process (ICAAP).
  • Auditability: The centralized data warehouse design supports Basel and internal audit reviews to help senior management meet due diligence and self-assessment responsibilities.

Market Challenge: Stress-test Reporting for U.S. Community Banks

Under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, banks with more than $50 billion in assets are required to conduct annual stress tests, which includes approximately 7,000 U.S. banks. “Stress testing has become the centerpiece of the Fed’s post-crisis regulatory framework,” the Wall Street Journal recently reported. Regulators are asking banks at all levels to identify and quantify risk in their loan portfolios by using stress tests to show they have enough capital to survive a hypothetical recession.

Market Solution: BlackIce Enterprise Stress-Testing (BEST™) Software

To help Tier 2 and community banks in the United States meet their stress-testing requirements, BlackIce has developed the BEST™ Solution. Modified for the US market, BESTTM will be a cloud-based software system which allows banks to enter balance sheet data and complete the stress-testing calculations required by regulators. Product development is slated for completion in Q1 2017.

The BlackIce Enterprise Stress Testing Solution (BEST™) enables financial institutions to operate flexible end-to-end stress-testing programs for Balance Sheet and Liquidity Management.

  • Based on the methodology of the International Monetary Fund Next Generation Stress Testing Framework
  • Portfolio and Counterparty Level Analysis
  • Enterprise-Wide Aggregation for Portfolio Analysis
  • Open and Flexible Architecture
  • No Complex Infrastructure Required

“U.S. Tier 2 and community banks are under pressure to submit stress-testing results to regulators, but many of these banks have limited staff and no IT infrastructure,” explained Paruk. “They rely on consultants to provide the expertise. By 2nd half 2017, we hope to enter the U.S. market with our stress-testing tool—a cloud-based solution which will be hosted on the cloud by someone like IBM or Microsoft, and we will sell in conjunction with IBM. We already have agreements with IBM in the US and Asia, so they would be a good choice to help us roll-out the BEST product in the US. ”


Judy Kalyan, CEO and Director

Judy started her career in the mid 80’s as an IT software developer and analyst. After working for more than 20 years in various industries, including capital markets, distribution and finance, she expanded her experience into financial risk management providing software solutions for global financial institutions.

Over the course of the last several years Judy was extensively involved in several Basel rollouts in both North America, Asia and most recently in Korea, Singapore and Malaysia. Her experience in ICAAP Gap Analysis, Basel II Pillar I/II Reporting, Capital Requirement Calculations, Credit Risk Data Model implementation and business requirements gathering for Risk Management Systems has made Judy one of the global leaders for financial risk management and enterprise risk solution architecture. For the last five years she was the driving force at BlackIce in the development of our “state of the art” solutions for the global financial industry.

David Taylor, Chief Operating Officer and Director

David worked in a number of senior director positions over a 20 year span with Motorola before the company was acquired by Google in 2012. He has held key success positions in Strategy, Preparations and General Management in Europe, Middle East/Africa and Asia that have achieved exemplary market share and profit performance. A multi-cultural executive with vast global experience, Mr. Taylor has held expatriate assignments in Dubai, India, Singapore and Holland and has been responsible for business in more than 40 countries. Mr. Taylor has been the catalyst in generating multi-million dollar sales through an entrepreneurial business approach, effective turnaround leadership, new product and technology vision, and multi-cultural team management.

Zayn Kalyan, Chief Technology Officer

An experienced project manager and product developer who has overseen multiple large-scale rollouts in financial institutions; with extensive knowledge and understanding of the modern technology market, he provides the strategic technology direction, the implementation strategy and manages the development of both the ERA™ and GCD™ solutions

Le Trung Hai, Senior Consultant

Le Trung Hai is one of the foremost Basel experts in Vietnam, with unique insights and connections in the market. He leads the BlackIce Basel Solution deployment team in Vietnam, and has extensive knowledge and experience across multiple areas of financial risk management. He has worked for EY and KPMG Vietnam. With a Masters in Finance from the Smurfit School of Business in Dublin, Ireland, he has a wide range of skills including complex financial modelling, statistical analysis, and software engineering.

Advisory Board

Dr. John C. Pattison, Senior Advisor – Risk

John Pattison is a financial consultant and part-time teacher in the MBA program of the Ivey School of Business at the University of Western Ontario. He is a former banker and university professor and is the author of over 80 publications in the fields of economics and finance. He is the recipient of the honor of Chevalier de la Legion d’Honour by the French Government.

Dr. Rebel Cole, Senior Advisor – Risk

Dr. Cole is a Professor of Finance in the Driehaus College of Business at DePaul University in Chicago, Illinois. He worked on the 1990s banking crisis while at the Federal Reserve Bank of Dallas; and at the Board of Governors of the Federal Reserve System in Washington, DC, where he oversaw the design, development and implementation of the System for Estimating Examination Ratings (SEER)-the Fed’s primary system for offsite monitoring of banks and bank holding companies.

Since leaving the Board of Governors in 1997, Dr. Cole has served as a special advisor to the Asian Development Bank, the Caribbean Technical Assistance Center, the International Monetary Fund, the Middle East Technical Assistance Center, and the World Bank, providing technical assistance and training to Central Banks in developing countries that include the Bahamas, Belize, Cape Verde, China, Ghana, Guyana, Jamaica, Jordan, Kenya, Lebanon, Malaysia, the Maldives, Mongolia, Morocco, Nigeria, Palestine, the Philippines, Russia, Syria, Trinidad & Tobago, Turkey, Uzbekistan and Yemen.

Dr. Robert Mark, Senior Advisor – Risk

Bob Mark presently acts as the CEO of Black Diamond Risk Enterprises and serves as the Chairperson of The Professional Risk Manager’s International Association’s (PRMIA) Blue Ribbon Panel. Dr. Mark serves on several Boards including Fields Institute for Research in Mathematical Sciences, IBM’s Deep Computing Institute, Checkpoint Canada, and The Royal Conservatory. In addition to his Board service, Mr. Mark is an Advisory Director on Entergy Koch’s Audit Committe

To learn more about BlackIce Management Team, please visit the company’s website at

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