PricewaterhouseCoopers and NetRisk have merged their operational risk services to form a new software company, OpVantage.
Both PricewaterhouseCoopers and NetRisk have contributed staff to establish OpVantage, which is headquartered in Greenwich, Connecticut with 14 employees. Dan Mudge, a co-founder of NetRisk, and former senior risk manager at Bankers Trust, is president and CEO of the new company.
OpVantage has purchased from PwC its OpVaR risk management methodology and data. NetRisk has contributed its RiskOps operational risk measurement and management software, databases, and methodologies to the venture.
The new company claims the largest commercially available database of operational risk data, containing approximately 8000 operational risk loss events. It also claims the largest installed base of sophisticated operational risk software and methodologies, with a combined client base of over 20 institutions.
OpVantage expects to exploit demand from financial institutions looking to comply with Basle capital accounting principles relating to the quantification of operational risk.