May & June is a South Korean company specialized in providing risk consulting and system implementation services for financial institutions and trading companies, focusing on Basel II compliant market risk and Energy Trading and Risk Management area.
Established in 2003, the company worked on various topics in risk management such as risk strategy, policy setting, control implementation and system implementation.
May & June developed a risk management software for trading companies which collects all the trade data, calculates possible losses and warns risk managers if they have too large exposure. These detailed reports are then used by traders to adjust positions. In addition, this software has to communicate with other systems (Oracle & MS SQL databases, SAP, trading applications etc.) that are used within the company.
As these reports are generated on a daily basis, any issues that might occur within a report would have to be fixed within just a few hours. The typical approach to solving such issues involved discussing with a team comprising of end users, business consultants, logic consultants, web designers and developers.
This was slow and made it difficult to manage the development process, as errors might occur dueto incorrect business logic, improper data processing, inaccurate calculation or a simple typo in the applications code. Therefore, even minor errors could require considerable time and resources to fix.