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Commerzbank partners with Algorithmics to develop op risk forecasting tool

04 November 2002  |  4163 views  |  0 Commerzbank partners with Algorithmics to develop op risk forecasting tool

Commerzbank is partnering with Algorithmics to develop a new software module for measuring and managing operational risk.

The bank and vendor are working together to develop a new component of the Algo OpRisk Analytics module. The component, dubbed Algo OpModel, will provide a statistical analysis environment that allows users to select and calibrate operational loss forecasting models to measure operational risk through the calculation of economic and regulatory capital, and to understand the business impacts of operational risk.

Joachim Pfeifer, head of operational risk control at Commerzbank, says the new development is based on an extension of the bank's ongoing usage of the Algo Market solution.

He says: "Our next step will be to broaden our capability through the Algo OpRisk solution that enables us to pro-actively manage operational capital requirements throughout our organisation while complying with emerging regulatory standards."

Michael Zerbs, chief operating officer for Algorithmics, adds: "Joint development partnerships are excellent opportunities to merge the expertise of our internal development teams with that of our partners."

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