Financial IT services company Capco has acquired Dresdner Bank's Operational Risk Tool Suite (Ortos) which it will market to other banks on a software licensing basis or as an ASP subscription service.
Dresdner Bank invested more than 20 years of technical and business expertise in developing Ortos and is now running the third software generation. Ortos and its various modules are also employed by several other international banks, in which Capco has managed delivery.
Ulrich Anders, head of operational risk at Dresdner Bank, states: "After investigating the opportunity of bringing Ortos to the market with various solutions providers, we concluded that Capco is the right solutions company to take the product to the next level."
He says the banks will remain an active client, feedback provider, and industry reference for the product, which has been rebranded Capco Ortos.
The modular software is designed to fulfill Basel II requirements for the identification, collection and evaluation of operational risk in financial institutions. In addition, certain modules of the Ortos suite can be customized to satisfy sections 302 and 404 of the US Sarbanes Oxley Act.
The package provides integrated modules for the collation of losses through an Oracle-based loss database, evaluation of operational risks through scenario-based self assessment, monitoring of risk indicators for the daily management of operational risks and calculation of the risk capital required. The Microsoft-based software further provides a range of both regulatory as well as managerial reports.