Karachi, Pakistan - Alchemy Associates / Alchemy Technologies signed up with Union Bank today for the implementation of Alchemy Risk Manager as a middle office solution.

Alchemy Risk Manager is a Basel II complaint enterprise risk solution for Market, Credit and Operational Risk Capital which offers additional features such as treasury and risk adjusted return calculator, derivative pricing engine, derivative risk management, interest rate simulation model, value at risk estimators, portfolio benchmarking and back testing tool kit.

Jawwad Farid, Chief Executive & Actuary at Alchemy Technologies commenting on the signing said, “In a market like Pakistan building traction in the relatively nascent field of risk management is only possible with the continuous support of our customers and our dedicated and talented team. This is as much a win for them as it is for us.”

Union Bank is a 1.5 billion dollar bank that has been providing financial services since 1991, with 42 branches in 19 cities and a correspondent banking network of over 300 banks in 85 countries.

Alchemy Associates / Alchemy Technologies is a boutique risk management and actuarial consulting firm with a growing portfolio of blue chip customers in Pakistan and Middle East.