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Mitsubishi subscribes to Algorithmics' First database

25 July 2007  |  1962 views  |  0 Source: Algorithmics

Algorithmics today announced it has signed an agreement with four entities of Mitsubishi UFJ Financial Group, enabling them to access FIRST, Algorithmics' Operational Risk Case Studies solution.

Mitsubishi UFJ Financial Group and its three subsidiaries, The Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking and The Master Trust Bank of Japan have all entered into subscription agreements to access FIRST. It offers the industry's most comprehensive set of external operational risk data, containing detailed case studies of around 7,000 loss events, reflecting over twenty years of in-depth research. This comprehensive view of exposures and lessons learned helps clients proactively manage risk across their own companies.

Mitsubishi UFJ Financial Group is one of the world's largest financial institutions and joins a roster of more than eighty of the world's premier financial institutions that are using the FIRST database to assist in managing operational risk proactively and as part of a best-practice program.

Mitsubishi UFJ Trust and Banking and The Master Trust Bank of Japan will also join Mitsubishi UFJ Financial Group and The Bank of Tokyo-Mitsubishi UFJ, already long term users of OpData, a quantitative database containing 13,000 data points which is used to supplement companies' internal loss data for capital modeling purposes and serves as an important tool for validating capital results.

Eric Takigawa, Managing Director of Algorithmics' Asia Pacific region, said: "The progress and evolution of risk management in Asia is preceded by the foundations of best risk practices in North America and Europe. In much the same way, Algorithmics' success in winning important operational risk mandates in Asia follows successes gained in North America and Europe. There is evidence that operational risk management is now in full swing in Asia, and Algorithmics is prepared to serve this market with innovative solutions such as our FIRST repository and software solutions that offer multi-lingual capabilities."

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