Press Release
iLumen Presents At Standard & Poor's Educational Series On Internal Rating Systems For Banks
ATLANTA, GA, June 4, 2003
iLumen Incorporated, a financial information and technology company headquartered in Atlanta, today announced completion of a four city educational seminar tour for banks and financial institutions entitled “Unraveling the Knot of Customer Data Flow – Basel II and Beyond”.
As part of a financial forum on risk management sponsored by Standard & Poor’s Risk Solutions Group, seminars were presented in New York, Chicago, Charlotte and Birmingham, Alabama during the first two weeks of May. Robert Woosley, CEO of iLumen addressed an audience of 110 senior risk managers, credit and portfolio analysts and regulatory officials from major US banks, as well as executives from leading financial institutions in Europe and Asia.
The forum was entitled “Building Towards Effective Internal Rating Systems: It’s Not Just About Basel”. Woosley, four other speakers from Standard & Poor’s, along with a panel discussion, addressed how effective credit risk management enables banks to generate superior risk-adjusted returns relative to their peers. The forum discussed the challenges, pitfalls and successes of building an effective credit risk management process.
“The international banking community is facing a number of significant data-centric obstacles in the coming years, not the least of which is compliance with the Basel II Accord,” said Robert H. Woosley, founder and chief executive of iLumen. “At the forum, we were able to show how iMonitor can help improve the acquisition and management of financial data from a bank’s customers, as well has how that same data can be used to build better risk models. Ultimately, we see iMonitor as a means of improving the profitability of banks by reducing the cost of data acquisition, improving its quality and minimizing risks in the loan process.”
"The ability to improve the analytic process within a bank begins with the timely access to high quality information," said Dr. William Chambers, Managing Director, Risk Solutions Group of Standard & Poor’s. “The iMonitor solution is a solid step forward in providing detailed customer data to banks in an automated way that lends itself to more advanced analysis.” Earlier this year, Standard & Poor’s entered into a strategic partnering agreement with iLumen to leverage iMonitor to provide default probability models and other analytic tools to banks and other iMonitor users.
About iLumen
iLumen, Inc. is a financial information technology company that delivers and manages private company data gathering and analysis solutions designed to solve critical problems in risk management, financial compliance and financial oversight within the banking, accounting and corporate environments. iLumen's services are based on a proprietary (patent pending) data warehousing engine known as iMonitor® that automates and standardizes the gathering, mapping, analysis and benchmarking of electronic accounting data from private companies.
For more information visit www.ilumen.com or call 404-446-1600. iLumen™ and iMonitor® are trademarks of iLumen, Inc., all rights reserved. |
