Fitch Risk Management has entered an agreement to acquire the business and assets of operational risk vendor NetRisk and its subsidiary OpVantage.
Founded in 1997, NetRisk provides a range of enterprise risk management solutions, including consulting services. Its subsidiary OpVantage offers solutions for operational risk. The vendor's OpVar operational loss database was created via a previous merger with the op risk business of PricewaterhouseCoopers.
Daniel Mudge, president and CEO of OpVantage, says: "The integration of Fitch Risk Management's credit analytics with NetRisk's and OpVantage's advisory services and OpVar tools to facilitate the quantification of operational risk and capital at risk will allow Fitch Risk Management to be able to better serve the global market needs for central risk management solutions."
Financial terms were not disclosed.