Karachi, Pakistan - Alchemy Associates / Alchemy Technologies today announced that its Alchemy Risk Manager implementation went live at CresBank. CresBank signed up with Alchemy Technologies in March 2006 and the first set of reports was delivered in May 2006. Alchemy Risk Manager went live at CresBank within 4 months of contract signing.

Alchemy Risk Manager is a Basel II compliant enterprise risk solution 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.

The CresBank implementation includes ALM, Market Risk, Stress testing and Basel II capital calculator for market, credit and operational risk.

Cresbank is owned by a group of foreign institutional investors and a local conglomerate. The bank now has a network of eighteen branches all over Pakistan, with eight located in Karachi.

Alchemy is a boutique risk management firm with customers in Pakistan, Middle East and Thailand that has been growing at more than 100% a year, year on year for the last four years. The company’s flagship product, the “Alchemy Risk Manager” has won multiple industry awards and has been successfully implemented at multiple client sites including banks and insurance companies.