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Algorithmics Unveils Algo OpVar 6

Toronto, Canada - May 16, 2006 - At the Algorithmics Risk Conference (ARC 2006) in Toronto, Algorithmics today unveiled the latest enhancements to Algo OpVar, the industry-leading software product offered as part of its fully integrated, comprehensive operational risk solution, Algo OpVantage. Algo OpVantage helps institutions to identify, manage, measure, and mitigate operational risk, and to successfully meet their Basel II, Sarbanes-Oxley, and compliance goals through software, content, and advisory services.

"In approaching the development of Algo OpVar 6 we have had a unique opportunity within the risk technology market to re-architect our whole system based on our combined experience and the experience of our clients," said Daniel Mudge, Group Managing Director of Operational Risk at Algorithmics. "Many key requirements were already part of the current product and were targeted for enhancement in Algo OpVar 6. But we also identified new priorities through client consultation including multilingual capabilities; the ability to add functionality incrementally; enhanced configurability; streamlined implementation; and a lower total cost of ownership. Leveraging the expertise of one of the world's largest teams of operational risk experts, we've met client requirements and more."

Algo OpVar 6 is a flexible operational risk software product built on a single, integrated platform that can scale to meet a financial institution's changing needs and requirements. Algo OpVar 6 includes software functional extensions that can be used to build client-specific operational risk management solutions. This industry-leading functionality includes: internal loss event data collection; risk and control self-assessments; key risk indicators measurements; scenarios; operational capital modeling and Sarbanes-Oxley compliance. Through its configuration capability, Algo OpVar improves the total cost of ownership by enabling institutions to modify their Algo OpVar system without dependence on external parties or costly software redevelopment.

"Algo OpVar 6 helps improve the efficiency of gathering, analyzing, monitoring, reporting, and tracking the vast amounts of information required under Basel II, Sarbanes-Oxley, and other regulations," said Lloyd Hardin Managing Director of Algo OpVantage. "The software enables financial institutions to develop realistic capital estimates that accurately reflect the exposures of their businesses through advanced capital modeling functionality. Algo OpVar also provides the clear, comprehensive external assessments that are required by today's rating agencies, regulators, and shareholders - groups who demand clear pictures of compliance and operational risk action plans."

Algo OpVar 6 includes a number of client-driven enhancements:

* New Multi-Language Capability. The system is delivered in English with a capability for the institution to supply one or more language translations for labels, commands, and other text that appears on the screens. At logon, or through user preference selection, a user can select any of the languages that have been specified.

* Enhanced Workflow-Driven Processes. Provides the capability to manage the activities required to ensure the accurate and timely processing of operational risk data through a flexible workflow-driven process. With Algo OpVar's workflow configuration management capability, an operational risk manager or approver can set the approval process and any required escalation paths for key activities within risk or financial management such as loss event approval, risk and/or control assessment, or periodic certification of control test results.

* Heightened Configurability. Provides for future growth and adaptability to changing regulatory requirements and improved total cost of ownership by empowering the user to modify or customize the Algo OpVar environment without dependence on external parties and without costly software redevelopment.

* Advanced Data Versioning Capability. Algo OpVar allows the user to view and/or report on data in its historical structure. Clients can look at a history of events, over time and in context, thereby providing them with a comprehensive audit trail to analyze results, benchmark activities, and ultimately make better business decisions.

* Expanded Rich Data Management and Reporting. Algo OpVar provides flexible search capability that allows for searching/filtering on multiple fields using Boolean parameters. Search filters can be saved locally or globally for enterprise or group usage.

* Standards-Based Software Architecture. Built on open standards and designed from the ground up as a pure Java-based enterprise application. Algo OpVar is engineered as a three-tier architecture with a near zero footprint web client, an application server framework that uses standard vendor packages, and a back-end database supported using JDBC and vendor-supplied libraries.