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Erin McKnight
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FirstRand Bank Subscribes to FIRST Database of Operational Risk Case Studies

Toronto, Canada - May 17, 2006 - Algorithmics, a recognized leader in enterprise risk management, today announced that FirstRand Bank, one of South Africa's largest and most innovative financial institutions, has entered into a subscription agreement to access the Algo OpVantage FIRST (Financial Institutions Risk Scenario Trends) database of case studies. FirstRand Bank is the first South African client to subscribe to FIRST and intends to incorporate the case studies into its risk assessment and scenario program.

"We welcome such an innovative bank to our roster of FIRST subscribers," commented Penny Cagan, Managing Director and Head of Research for Algo OpVantage. "FirstRand is a truly integrated provider of financial services and we believe that the depth of our coverage in a variety of sectors provides important content for the bank's operational risk endeavors."

According to Vani Ramalu, Head of Operational Risk Management for FirstRand Bank, the case studies "provide valuable content for our diverse operational risk strategy and we look forward to working with the Algo OpVantage FIRST research team."