Scalable Market Risk Platforms with Web Applications

Optimizing and Migrating a Market Risk Platform for a Global Bank

Industry: Banking

Services Provided: Full-stack development, platform migration, performance optimization, scenario generation, data analytics

The Challenge

In today’s fast-paced financial markets, real-time insights and reliable analytics are not just a luxury—they are a necessity. Our client, a bank providing market risk monitoring tools across their banking network, approached OceanoBe with a dual challenge:

First, their existing platform was aging. Built on legacy technologies, it has grown cumbersome over the years, making it difficult to implement new features without affecting stability. Analysts and traders required high-volume data processing, complex scenario generation, and timely reporting—all of which strained the existing system.

Second, the bank needed to modernize their platform to a web-based architecture while continuing to deliver mission-critical functionality. They were looking for a technology partner capable of understanding both the technical intricacies and the business imperatives—someone who could bridge the gap between development, operations, and market vision.

The scope was clear: develop, maintain, and migrate functionalities for a group-wide platform used by the bank to monitor market risk, ensuring scalability, performance, and compliance. OceanoBe was entrusted with core development responsibilities, integrating seamlessly with the client’s internal teams and other vendors.

Objectives and Approach

At the outset, the project aimed to achieve three key objectives:

• Implement new features that address immediate business needs, including enhanced risk calculations, improved data visualization, and automated report generation.
• Gradually migrate the platform from its legacy monolithic architecture to a modern, responsive web application built on scalable technologies.
• Optimize performance and ensure that the system could handle large datasets while remaining compliant with internal and regulatory standards.

Although KPIs were defined by the client, they were not shared with the development team. Time and budget constraints existed at the organizational level, requiring us to focus on technical excellence while delivering incrementally.

To tackle these challenges, our team—a backend developer and two frontend developers—adopted a hybrid delivery approach. We combined Kanban task management with Waterfall-like release planning, scheduling deployments every 4–6 weeks, supplemented by small hotfix cycles to address urgent improvements. Weekly meetings ensured alignment with the client’s tech leads and product owner, while daily collaboration happened through Jira, Confluence, and Teams.

Technical Stack and Innovations

Working in a fintech environment includes handling sensitive financial data while maintaining speed and reliability. Our team leveraged a robust tech stack including Java 8, Spring and Spring Boot frameworks, Maven for build automation, SVN and Git for version control, and Oracle for database management.

One of the core innovations was the redesign and implementation of flows for scenario generation, data analysis, risk metrics calculation, and report generation. Despite constraints imposed by legacy architecture, each team member had autonomy over their assigned components, allowing for the application of best practices, design patterns, and performance optimization techniques.

Performance was critical. The legacy platform processed large volumes of data, so we implemented strategies such as data chunking, caching, heap size tuning, and query optimization to ensure smooth operations. When migrating to the web application, we identified bottlenecks and re-architected critical flows to improve responsiveness and scalability.

Security and auditability were also central to our design. Every new module was built with the expectation of regulatory review and operational transparency. Logging, structured data output, and careful control of access points ensured that auditors could trace any operation while maintaining robust internal controls.

Challenges and How We Overcame Them

Maintaining and evolving a mature system is always challenging. The existing platform required deep familiarity with complex market risk workflows. The hybrid project management approach introduced additional complexity, requiring clear communication to ensure that priorities were understood and dependencies were managed effectively.

To overcome these challenges, we implemented a few key strategies:

• Knowledge Sharing: When team members worked on different parts of the system, we held regular sessions to exchange insights and ensure consistency across modules.
• Autonomy with Accountability: While team members had the freedom to optimize their assigned flows, decisions were documented and communicated to maintain alignment with the overall architecture.
• Incremental Understanding: We allowed sufficient ramp-up time for developers to understand both the legacy codebase and the business logic, minimizing errors and increasing confidence in delivery.
• Continuous Feedback Loops: Even with weekly client meetings, we maintained open channels to quickly identify blockers or pivot priorities as required.

Through these approaches, the team not only delivered reliable software but also helped the client see value in progressive modernization rather than a “big bang” migration.

Outcomes and Impact

By the end of our engagement, the client had a platform that was:

• Modernized: Critical legacy modules migrated to a web-based architecture, reducing maintenance overhead and enabling faster feature rollout.
• Optimized for Performance: Enhanced scenario generation, analytics, and reporting workflows handled large datasets efficiently.
• Business-Aligned: New features supported the bank’s market risk monitoring objectives, allowing analysts to make more informed decisions with actionable insights.

Informal feedback from the client emphasized satisfaction with our technical expertise, dedication, and ability to work autonomously while staying aligned with business goals. The platform continues to be used by many employees to monitor market risk and support decision-making across the organization.

Context in Banking

Financial institutions today face an urgent need to modernize legacy systems while meeting regulatory and operational demands. Market risk platforms are particularly critical, as banks must assess exposures, comply with reporting requirements, and respond to volatile market conditions. Cloud adoption, web migrations, and performance optimization initiatives have become central to maintaining competitive advantage. The work we did with this client reflects a broader trend: evolving mission-critical applications to support real-time insights and data-driven decisions without compromising stability or compliance.

Glossary of Key Concepts

• Market Risk: Potential financial loss a bank faces due to changes in market prices or rates.
• Legacy System: Older software or hardware still in use despite newer alternatives.
• Web Migration: Transitioning a monolithic application to a modern web-based platform.
• Java Spring / Spring Boot: Frameworks for building scalable and maintainable backend applications.
• Frontend / Backend Development: Frontend handles user interfaces; backend handles server-side logic and data processing.
• Performance Optimization: Techniques to improve software speed, scalability, and efficiency.
• Scenario Generation: Simulating market conditions to test risk exposure.
• Data Chunking: Breaking large datasets into smaller pieces for efficient processing.
• Heap Size Adjustments: Tuning memory allocation to handle large data volumes effectively.

Looking Ahead

The project was ongoing with a small core team, moving toward a maintenance phase within the next year. While no additional expansions were planned, the upgrades laid a foundation for future innovations, including deeper automation, advanced analytics, and potential integrations with new market risk models.

For OceanoBe, this engagement reinforced the value of being more than a development vendor. By combining deep technical expertise with a clear understanding of the client’s business goals and market context, we positioned ourselves as a trusted tech partner capable of delivering scalable, reliable, and forward-looking solutions in complex financial environments.