21 July 2016: Brady completes another successful Credit Risk upgrade at Vattenfall in record time
21st July 2016, London: Brady plc (BRY.L), the leading supplier of trading and risk management solutions for energy, commodities and recycling, announced today that Vattenfall has completed a successful implementation of the Brady Credit Risk solution.
Vattenfall is 100 percent owned by the Swedish state and is one of Europe's largest generators of electricity, employing over 28,000 staff across its European operations. Vattenfall's main products are electricity, heat and gas. In electricity and heat, Vattenfall is active across the full energy value chain: generation, distribution and sales. Vattenfall also participates in the sale of gas and is active in energy trading.
Vattenfall required a robust credit risk management system to manage its daily credit risk activities for energy commodities and treasury products, to support traders, brokers, portfolio managers, and treasury department in a transparent and efficient way. Brady Credit Risk’s latest version is now live at Vattenfall managing its limits and exposures, as well as collateral, counterparty documentation margining and static data.
«With automation a key driver for a Credit Risk solution, having an automated margining process as well as automated report generation and delivery, makes Brady the clear partner of choice for us. Automated margining saves precious time and helps to prevent human errors. Additionally timely margining helps reduce exposure on our counterparties, increasing the potential for further business,» commented Nan Frederik Mungard, System Manager of Brady Credit Risk at Vattenfall. « With the mission critical nature of such a solution to our business, speed of delivery is of vital importance. Our teams worked together to get the solution live within four months. The project remained within budget, allowing us to quickly enjoy the multiple benefits that this solution brings to our organisation’s daily business».
Gavin Lavelle, CEO of Brady plc, commented: “Financial and commodity market volatility demands that companies such as Vattenfall implement a credit risk management solution to capture, measure, monitor and report credit risk. Our best of breed credit risk solution acts as an overall operational risk solution for the entire credit process, providing centralised exposure management with the entire commodity and treasury portfolio is processed through Brady Credit Risk. Vattenfall benefits from having all credit risk management functions across its global operations from one system, making all counterparty, contract and collateral data available from a single platform”.
Brady has been named leader in Energy Risk’s Credit Risk solution rankings again this year, placing it as the clear leader having been ranked leader 10 times in the past 12 years.
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Editorial contact for Brady
Rebecca Sanders Hewett/Charlie Geller/Sam Modlin
Tel: +44 (0) 20 566 6720
Notes to Editors:
About Brady plc:
Brady plc (BRY.L) is the largest European-headquartered provider of trading and risk management software to the global commodity, recycling and energy markets. Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for energy, refined and unrefined metals, scrap and secondary metals, soft commodities and agricultural products.
Brady has 30 years’ expertise in the commodity markets with over 400 customers worldwide, who depend on Brady's software solutions to deliver vital business transactions across their global operations. Brady clients include many of the world's largest financial institutions, trading companies, miners, refiners and producers, tier one banks and a large number of London Metal Exchange (LME) Category 1 and 2 clearing members and many leading European energy generators, traders and consumers. For further information visit: www.bradyplc.com
Vattenfall is 100 percent owned by the Swedish state and is one of Europe's largest generators of electricity and the largest producer of heat. The company was born in 1909 and has developed into a company that has operations across all areas of the energy value chain in electricity and heat: generation, distribution and sales. Vattenfall is active in gas sales and conducts energy trading activities.
For further information visit: https://corporate.vattenfall.com/