The launch of a new internationally focused credit analysis company based in Cork was announced today by Minster for Finance, Michael Noonan. Founded by ex senior executives of Standard & Poor’s, the company, Rockboro Analytics, supported by Enterprise Ireland, will create 50 high calibre jobs in Cork over the next five years to provide expert credit assessment solutions for banks, insurers, investment managers and corporations globally.
Rockboro’s primary focus is on providing mission-critical credit risk assessment solutions to help credit-sensitive organisations make informed decisions on originating, measuring, monitoring and managing credit risk arising from their day-to-day business activities, particularly in low default or ‘hard-to-rate’ sectors. Rockboro will also work with consultants, data providers and IT firms to assist them with creating a competitive advantage in credit, Basel II and Solvency II consultancy.
Making the announcement Minister Noonan said: “Rockboro Analytics is an excellent example of the type of globally focused, specialist knowledge-based company that Ireland needs as part of the development of its economic future. I welcome that Rockboro intends to develop a new kind of credit analysis company and industry in Ireland which will leverage the intellectual talent and quality of education that we have in abundance. The international focus of Rockboro’s business is very positive as it will provide high value added solutions to credit-sensitive organisations around the world. Clearly it provides a key jobs boost for Cork.”
Bernard O’Sullivan, Managing Director of Rockboro Analytics said, ‘Rockboro is a new kind of company in the credit analysis space that will work with both end-user clients such as banks and their consultants to create a competitive advantage in Basel II, Solvency II and counterparty credit risk management. Our extensive experience and focus on low default expert-based methodologies enables us to provide ‘best in class’ knowledge-based solutions expected of major branded firms with the senior management client focus of a boutique. Our offerings are defined by our highly specialised expertise in complex credit assessment solutions. Ireland, and Cork in particular, is an ideal base for Rockboro’s analytical hub and we look forward to growing the firm aggressively in the coming years. He added, ‘the support we have received from the Government and Enterprise Ireland in launching Rockboro in Cork has been of enormous value.’
Rockboro’s leadership team have extensive and in-depth global experience in the development, enhancement, validation and application of regulator-approved probability of default (PD) and loss given default (LGD) ratings models for low default sectors such as specialised finance, large corporate, financial institutions, sovereign and sub-sovereign governments.
Paul Waterhouse, Rockboro’s head of analytic quality and innovation said, ‘what sets Rockboro apart is our unique focus on the methodology and execution for challenging sectors. The credit crunch has highlighted the critical importance of robust credit analysis to international organisations and we are ideally placed to help meet that need. Credit analysis of organisations such as banks, sovereign governments, insurance companies and large corporates is complex due to the lack of statistically significant defaults. Rockboro employs a unique blend of fundamental analysis, expert judgement and quantitative analysis to ensure the rigour and conceptual soundness of all its solutions.’
Welcoming the announcement Greg Treston, Enterprise Ireland’s Head of High Potential Start Ups said: ‘Financial services is a very important sector for the Irish economy and today’s announcement that Rockboro Analytics will establish this new venture in Cork is highly significant. Competing at the highest level in international markets, the Rockboro project underpins Ireland’s reputation world wide as a base for high level financial services business and confirms the international reputation of Irish third level graduates in financial and related areas. This is the type of high value business that is so important for the growth of the enterprise sector in Ireland’.