Mirant signs for Raft credit risk software

Source: Raft International PLC

Raft International Plc, announced today that Mirant Corporation, a major U.S. wholesale energy marketer, has chosen Raft International's market leading credit risk management solution, raft credit, to manage all aspects of its credit risk and help meet legal and regulatory demands.

Mirant, a Fortune 500 energy company, will implement the core raft credit solution which provides enhanced credit risk management capabilities including: exposure management and reporting, sophisticated workflow and comprehensive collateral management.

The implementation of raft credit will also assist Mirant with its continuing efforts to incorporate existing and emerging best practice standards for credit risk management. In particular raft credit is expected to enhance Mirant's existing internal control infrastructure for managing credit risk and aid it in achieving full compliance with the Sarbanes-Oxley Act of 2002.

"We are pleased to welcome Mirant to our growing list of clients who have chosen Raft for the breadth and depth of the raft credit product suite," said Pete Pavluk, President of the Credit Division at Raft. "Raft has an exceptional client base which includes major energy companies in North America and Europe."

Cameron Bready, Vice President and Chief Risk Officer at Mirant said, "We are looking forward to implementing the raft credit product suite and expect it to provide significant automated functionality to our already robust credit risk management capabilities. In addition, this system nicely complements our existing risk management infrastructure and will aid us in our continuing efforts to operate our business in the most efficient and cost effective manner possible."

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