Swiss banks are required by FINMA to calculate their value-at-risk (VaR) model on a daily basis. The VaR model is used to measure a bank's risk of loss over a given period of time and is usually calculated using Monte Carlo simulation. This requires a lot of computing power and energy, resulting in a large amount of heat generated by high-performance computers.
Swiss banks are facing increasing pressure to meet environmental, social and governance (ESG) targets. On Jan. 1, 2024, the "Ordinance on Reporting on Climate Issues" will come into force, under which banks will also have to describe what reduction targets the company sets with regard to its direct and indirect greenhouse gas emissions and how it plans to implement them.
The synergy potential lies in the combination of both requirements.
By outsourcing VaR calculations to a K51 Green Computing Center, the heat from the bank's high-performance computers is resold as fossil-free heat to the greenhouse, the hotel or an industrial plant. The bank lowers its carbon footprint and saves at least 30% of its energy costs.
This allows banks to actively participate in decarbonizing their operations while meeting their regulatory requirements for daily computing power needs for their VAR model calculations.
Strategically position as a leading bank in green finance and sustainability.
Less electricity needed for cooling and heat is resold.
VaR does not process customer data
and can be outsourced.
carbon footprint significantly and accelerate their transition to an environmentally sustainable business.
Each kWh of electricity for computing power saves 0.2 kg of CO2.
Reduce cooling requirements in existing data centers.
