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Algorithmics signs Poland's BRE Bank to Algo OpVantage First database

10 January 2006  |  2206 views  |  0 Source: Algorithmics

Algorithmics Incorporated, a recognized leader in enterprise risk management, today announced that BRE Bank, Poland's leading financial institution, has entered into a subscription agreement to access the Algo OpVantage FIRST (Financial Institutions Risk Scenario Trends) database of case studies.

BRE Bank is the first Central European customer to subscribe to FIRST and intends to incorporate the case studies into a wide array of risk focussed initiatives, include self-assessments, risk mapping seminars, and strategic decision making.

"We welcome BRE as our first subscriber from Central Europe," comments Penny Cagan, Managing Director and Head of Research for Algo OpVantage. "The FIRST research team is committed to further expanding into the Central European market and into Europe as a whole, where half of our clients are located. The universal nature of the case studies means that FIRST can be used by a variety of financial institutions across diverse geographies. And this is due to the fact that banking issues such as embezzlement, fraud, money laundering, disaster recovery and regulatory pressures are global in nature."

According to Pawel Kolodziejski, head of operational risk management at BRE, the case studies "provide valuable content for our best practice program. We intend to integrate the FIRST database into the core of our operational risk activities."

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