Toronto-based vendor Algorithmics has won a contract to provide a comprehensive risk management platform to The Savings Bank of the Russian Federation (Sberbank).
Fitch subsidiary Algorithmics says it will work with local Russian partner Technoserv to implement technology to manage market, credit and operational risk.
The system will also provide asset and liability management and ensure that Sberbank meets regulatory demands, including Basel II standards.
Algorithmics, which won the contract after an 18 month tender process - says it will begin implementation in 2008 following an analysis of Sberbank's current information and management systems.
Commentating on the contract win, John Macdonald, EVP, Algorithmics, says: "Working with Sberbank demonstrates the continuing success of our strategy to establish a presence in new geographical markets where enterprise risk management is evolving rapidly as financial institutions seek to meet regulatory requirements and compete in the global marketplace."