Financial technology provider PensionsFirst - creator of the market-leading risk management platform PFaroe - has changed its name to RiskFirst.
Having established itself in the past four years as the leading provider of Software as a Service (SaaS) risk analytics and reporting for the defined benefit (DB) pension industry, the company is now broadening its focus to meet the growing demand from insurers and other buy-side risk managers for more sophisticated analytics to manage multi-asset portfolios and to master regulatory complexity.
PFaroe®, for which the company holds a patent in the US, provides a cross-balance sheet view of liabilities, assets and risk, consistently presented in one place. As an online platform, PFaroe provides instant access to up-to-date information and, because it is delivered in modular form, users can license according to their needs for day to day management or for specific projects. As a result, PFaroe offers a highly attractive and cost-effective solution to risk managers of all sizes to meet their growing need for sophisticated analytics and reporting.
Timothy Lyons, Founder of RiskFirst, comments: "With the growing success of PFaroe and the interest we are seeing in its application to markets beyond pensions, we are now focussed on becoming one of the world's leading FinTech businesses, providing web-based risk analytics to pension schemes, insurance companies and other verticals. Our change of name reflects this aspiration and marks the beginning of a new chapter in our development."
Benjamin Reid, President of RiskFirst, adds: "Having revolutionised risk management in the DB pensions industry, we intend to do the same in other financial verticals, such as insurance, healthcare, defined contribution pensions and Wealth Management. As with pensions, typically multiple parties manage the assets, liabilities, and risk using disconnected systems and inconsistent analysis. This can result in inefficient, uneconomic and potentially risky decisions being made without adequate information. Through its web-based delivery, PFaroe uniquely provides all stakeholders with the information needed to make better management decisions."