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The signing ceremony took place in March, 2008 at Pio-Tech offices in Amman. Under this agreement, Pio-Tech will deliver unified risk and profitability analysis solutions for the banking, insurance and corporate sectors. Including products such as riskpro™ financial analysis infrastructure and riskprolight™ - a simplified subset of riskpro™ for Basel II standard credit risk - these solutions come bundled with the know-how and support from IRIS consultants from Switzerland and the region.
Additionally, the partnership will bring new technologies to the market such as Credit Risk rating (PRO-CR), Rating calibration (PRO-REX), OpRisk (operational risk and limit management), And Anti Money Laundering solutions all suited for a fast implementation taking into account the regional market requirements.
Although a young and dynamic company, Pio-Tech gained extensive experience in the technological aspects of the financial world that rendered the confidence and trust of IRIS. By virtue of this partnership, Pio-Tech will be able to provide a flexible and easy-to-use infrastructure, catering mainly to financial organizations, regardless of size.
"IRIS has always been working with entrepreneurial partners keeping in mind that the financial sector in the region is ready to build risk management competitiveness. Pio-Tech, with its strategic presence in the Middle East market, its proven competence in the financial field and its professional, young, and dynamic consulting team was the natural choice for us", comments Dr. Sunil Kumar, Head of Risk Management Middle East for IRIS. "Synergy with Pio-Tech will create a new dimension in the area of distribution and support of integrated financial analysis solution in the region."
"We are proud of this partnership with IRIS, and consider it a distinguishing vote of confidence in our work and skills. Pio-Tech shall now be in a much better position to provide the local and regional markets with unified risk and financial analysis solutions and share together with its client base the benefits of unification in terms of better performance and lower costs of analysis" stated Rand Hashem, General Manager at Pio-Tech.
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