GRC Evolution brings together governance, risk and compliance into an integrated risk management platform and counts more than 20 customers throughout Europe, Asia and the United States. Fermat meanwhile is working with over 70 organisations worldwide with its market-leading Basle II credit and market risk software.

The partnership will initially focus on List's OpRisk Evolution product, which will be branded as Fermat Operational Risk, and which consists of six integrated inter-dependent modules supporting a comprehensive process of collection, measurement, monitoring, analysis and presentation of Operational Risk, fully compliant with Basel II requirements.

Pascal Froux, Fermat CEO commented: "We are happy to be working with List Group. After a market study we concluded that List offers the most flexible and comprehensive end-to-end operational risk package. Despite its relative small size, List has scored notable wins over the more recognisable names in this market. We feel that the market opportunity is large and intend to accompany our customers in the development of more advanced systems and processes."

Enrico Dameri, List CEO added: "Our product leadership is in no small way due to the very advanced level of banks in our home market of Italy, where most of the top banks are using OpRisk Evolution. The quality of our product has also been recognized by most of the leading consultancy firms acting in this market, supporting the diffusion of OpRisk Evolution in very competitive markets like Asia and USA. We are convinced that our new partnership with Fermat will deliver great value to all customers looking for an integrated Basel II solution"