(Image source: Conning homepage.)
Conning, a Hartford, Conn.-based global provider of risk and capital management software and advisory solutions for the insurance industry, has added a cloud delivery option with its release of Version 7.0 of its suite of risk management software products (GEMS Economic Scenario Generator, FIRM Portfolio Analyzer, and ADVISE Enterprise Risk Modeler), which now includes new Grid-as-a-Service functionality, allowing clients to access processing power via the cloud.
“Financial risk modeling has become more sophisticated, increasing the demands on companies’ computing infrastructure,” comments Lorraine Hritcko, Head of Conning’s Risk Solutions team. “Robust modeling of global economies, capital markets, financial instruments, and complex corporate holdings across tens or hundreds of thousands of scenarios requires an enormous amount of processing power, and modelers may find themselves having to choose between long run times and maintaining large grids of high-powered servers.”
By leveraging economies of scale, simulations can be run at a speed that would be prohibitively expensive to achieve with a dedicated in-house system, enabling larger and, therefore, more informative simulations than were previously practical, Hritcko adds.
“From the earliest days of stochastic modeling, modelers have taken advantage of advances in computing power, enabling the creation of simulations that would have been infeasible in past decades,” comments Dan MacKenzie, Risk Solutions Product Manager, Conning. “Taking advantage of the enormous economies of scale that are now available through cloud computing is the natural next step in the evolution of financial risk management. Companies that embrace this technology will have a competitive advantage.”