GREENWICH, CT, and LONDON, UK, January 28, 2002--OpVantage LLC and Raft International plc are excited to announce that they have established a global marketing and sales agreement to provide joint Operational Risk Solutions to institutions worldwide.
As part of the agreement, the parties will work with clients to integrate the leading OpVar® and Radar products. This relationship will provide the first integrated quantitative and qualitative solution for operational risk measurement and management.
OpVantage is the leading global provider of operational risk quantification solutions.OpVantage offers a robust operational risk software suite - OpVar®, an extensive operational loss database and a highly experienced consulting services team. OpVantage has an installed base of over 20 clients in North America, Europe and Asia.
Raft, through its Radar product, is the leading global provider of operational loss data collation and management tools focused on managing a loss incident from its identification point through its lifecycle until resolution. Radar also incorporates key risk indicator functionality, aimed at assisting its users to identify exposure to possible operational losses at the earliest opportunity.
Integration of the OpVar database, software and methodology with Radar’s state-of-the-art capabilities for the identification and resolution of risk incidents, will provide institutions with the most comprehensive operational risk solution available. OpVantage and Raft will integrate their products to provide for the measurement and management of operational risk through data collection, analysis and quantification methodologies.
Dan Mudge, President and CEO of OpVantage said, "The agreement between Raft and
OpVantage will provide our clients with the most comprehensive operational risk solution available. Offering a joint Radar and OpVar capability will allow users to manage the entire operational risk process from developing and collecting Key Risk Indicators through calculating Capital-at-Risk."
Mike Finlay, Corporate Development Director of Raft International said, "Given the proven track record for both OpVar and Raft Radar, a combined quantitative and qualitative solution will allow market participants to take advantage of the best possible solution from a single source."
Scott Grayson, Managing Director of Sales for OpVantage said, "I am excited about the opportunity to work closely with Raft. The ability to seamlessly integrate the power of Radar’s data collection functionality with OpVar‘s analysis and quantification methodology will, for the first time, integrate the qualitative and quantitative processes from the two leading firms in the field."
Frank Møbjerg, CEO of Raft International said, "We are delighted at the prospect of working with OpVantage to offer existing and potential customers the most sophisticated integrated Operational Risk solution available anywhere in the financial market."