Indian financial technology vendor i-flex solutions has acquired the intellectual property rights for the Ortos operational risk management system from financial consultancy Capco.
Capco acquired the Ortos product from Dresdner Bank in December 2003 and had planned to market the system to other banks on a software licensing basis or as an ASP-based service. The company launched the product in the US in February 2004 and signed Volkswagen Bank and Fiat Bank as customers.
But now Ortos has been sold of to i-flex which intends to combine the technology with its Reveleus Risk Analytics pacakge to create a complete enterprise risk management suite.
The Ortos system includes all components needed to fully cover the regulatory and management operational risk mandates for all banking institutions. The modular framework addresses loss data collation, self assessment, monitoring of risk indicators, tracking of issues and action plans and calculation of economic capital. In addition, Ortos includes a fully integrated mechanism for ad hoc management and regulatory reporting.
I-flex says it will continue to support existing Ortos customers and will take over the delivery, support and future developement of the system. The vendor will sell and implement Ortos independently, although Capco will also serve as its reseller and distributor of the product. The two firms will also collaborate to offer operational risk consultancy services.
R. Ravisankar, CEO, international operations and business development, i-flex solutions, says: "This agreement enhances i-flex consulting and Reveleus' range and depth of risk capabilities."