Under the agreement, Raft has granted ROME worldwide, non-exclusive rights to its operational risk product, raft radar.

Raft radar is a three times award winning operational risk and operations management solution that is used by premier financial institutions worldwide to minimize their operational risks, help maximize their operations performance and comply with regulatory requirements.

The agreement provides that ROME will pay an undisclosed initial amount for the rights and also commits to purchase a minimum level of support services from Raft over the next 12 months. The agreement also provides for an additional royalty payment to Raft from every raft radar product sale made by ROME over the next 42 months.

Commenting on the agreement, David Priestley, Executive Chairman of Raft, said: "This agreement provides us with entry into the operational risk and Sarbanes-Oxley market in the United States. We are delighted to be working with ROME and look forward to helping them exploit the product in this potentially lucrative arena."

David Achim, ROME's Executive Vice President of Operations, said: "We are pleased with the agreement to integrate Radar into our existing product suite as a part of our Global Risk Planning (GRP) vision for the enterprise. We look forward to working with Raft as we extend the existing product functionality and grow the overall operating risk management capabilities to meet our customers' requirements."