Algorithmics touts OpVantage risk platform
11 July 2006 | 1526 views | 0
Algorithmics today announced that its operational risk solution, Algo OpVantage, has continued to build significant momentum throughout the first half of 2006.
The Algo OpVantage solution, which encompasses services, software and content, has received very positive industry recognition, won new clients, and unveiled the latest version of its industry-leading software, Algo OpVar 6.
Algorithmics was the only vendor positioned in the "quadrant of stability" in a recent review of market requirements and the current vendor offerings in operational risk IT solutions by leading financial industry analyst and research firm Financial Insights IDC. The report recognized "the acquisition of Algorithmics by Fitch added the market-leading operational risk software to the strongest of the enterprise risk platforms. Most vendors are focusing on self-assessment tools as they relate to compliance activities, so Algorithmics' strength in financial engineering may prove valuable if institutions start demanding more capital modeling to support the Basel II AMA or other quantitative approaches. Algorithmics now has one of the strongest suites of operational risk software on the market and is unlikely to be threatened by the other players. Operational risk will remain important to the firm, as its stated goal is to be the enterprise risk platform across all types of risk."
On other fronts, in its fourth annual financial technology rankings, Waters readers selected Algorithmics as the industry's "Best Operational Risk Compliance Provider." Algorithmics dominated the category, receiving over 60% of the votes submitted independently by Waters readership.
"It wasn't even a close race when the readers of Waters, over 10,000 financial technologist spread across the globe, decided who they look to for operational risk compliance," said Rob Daly, Deputy Editor for Waters. "In one of the few landslide victories in the fourth annual Waters Rankings, Algorithmics easily trounced its nearest competition by walking away with approximately three times the votes."
Dan Mudge, Algorithmics' Group Managing Director for operational risk believes that both the Waters and Financial Insights IDC recognition are based on a combination of factors. "I think we are really at a point where our expertise, experience and resources are perfectly aligned," said Mudge. "We have the largest and best operational risk team in the world, and we deliver software that includes functionality defined collaboratively with our global client base, as well as an unparalleled operational risk content offering. We feel that is a winning combination and we're very pleased with the external recognition."