Woburn, MA - Empyrean Solutions™ is pleased to announce the market release of its new, cloud-based profitability solution, Empyrean Profitability™, generally available to the financial services industry as of today. The solution combines sophisticated profitability measurement approaches with user-friendly interfaces and analytical tools to support better decision making.
"The release of Empyrean Profitability is very exciting," says Rory Igo, Product Manager at Empyrean. "It represents the culmination of several years of design and development incorporating direct input from our partner banks and credit unions. The result is a sophisticated profitability tool that provides unmatched flexibility and scalability that empowers our clients to derive insights about their historical and current performance and leverage those insights to make tactical and strategic adjustments to improve their future performance."
Empyrean Profitability supports all levels of profitability measurement and analysis, including Customer, Relationship, Officer/RM, Product, Business Unit/LOB, and more, by first calculating profitability at the individual instrument level, then aggregating the results across any dimension(s) desired. Empyrean Profitability's tool set enables the calculation and attribution of margin, costs, revenue, provision, and capital, providing banks and credit unions with a complete picture of profitability on both a dollar- and risk-adjusted return on capital basis (RAROC). Empyrean Profitability fully integrates with Empyrean's risk and performance management solutions, like Empyrean ALM® and Empyrean Budgeting & Planning™, equipping banks with a powerful suite of tools to fully understand the financial performance of their institution.
"The release of Empyrean Profitability is a significant milestone for Empyrean Solutions and for our clients," said Chris Maclin, CEO at Empyrean. "This solution will provide unparalleled levels of insight for financial institutions looking to understand how to best measure and maximize profitability. When integrated with our other solutions, Empyrean is set to revolutionize how financial institutions navigate an increasingly complex financial landscape."
Empyrean Solutions™ is a leading provider of asset/liability management, risk, compliance, and performance management solutions for banks and credit unions. Empyrean's software allows financial institutions of all sizes to take control of their balance sheet management, scenario planning, and risk/performance analysis in a single integrated software platform. Through their deployed software and outsource services, Empyrean works with over 700 banks and credit unions, ranging from $50 million to $200+ billion in assets.