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MPI Europe and Rimaone Partner to Provide Risk & Compliance Solutions in Uk, Ireland and Netherlands

MPI Europe and RiMaOne have developed a new strategic partnership agreement, which aims to bring enterprise-wide risk and compliance solutions to financial services, in particular banking, asset management and insurance.

The recent market turmoil has accelerated the rate of change of financial regulation with an emphasis on capital adequacy, liquidity and operational risk. This looks set to continue with deliberate debate within the G20, EU and FSA about increased regulation, including the proposed introduction of a new pan-European regulator and the wider inclusion of hedge funds.

The challenge this poses for many financial institutions is how to rapidly upgrade their internal controls, risk assessments and workflows, which may be heavily dependent on slow manual, error prone and disjointed processes, which will attract renewed attention from regulators. The added complexity is they are likely to be struggling with tight budget controls and much of the new regulation is still not fully defined. MPI Europe, has developed flexible solutions, working with leading risk management product vendor RiMaOne, to address these issues.

RiMaOne’s software is already in use in several large financial institutions, including Deutsche Bank and Merrill Lynch, for risk management, controls and assessment, and MPI Europe’s consultants have delivered risk management projects across a range of financial institutions from large banks to individual corporate trading and treasury operations. As a result, this combined approach will help companies to rapidly address current and future challenges in compliance.

The new partnership agreement will cover the UK, Irish and Dutch markets, and the full portfolio includes detailed solution frameworks – e.g. for operational and liquidity risk - business analysis, project management and implementation services. These are based on RiMaOne’s SurveyOne, a powerful solution for gathering, analyzing and monitoring qualitative risk information, and TrackingOne, a sophisticated workflow system which provides issue tracking and accountability.

John Cant, Managing Director for MPI Europe comments: “In these challenging times, our clients are asking for risk, control and compliance solutions that can be deployed quickly and effectively, and that can also flex and grow as the inevitable changes to regulation are agreed and imposed over 2009 and beyond. The development of our agreement with RiMaOne allows us to better provide these solutions and to compete more favourably than some of the larger, often more expensive operators within this sector.”

This partnership agreement is an extension to an earlier partnership programme which addressed the needs of only the UK market. Following several successful implementations of joint projects, the agreement has been extended to include Ireland and the Netherlands, where MPI Europe also has significant experience.

Chris Lesieur, Managing Director from RiMaOne comments: “RiMaOne is committed to growing as a European business and our partnership with MPI Europe allows us to be sensitive to the needs of individual countries as well as offering additional value to our clients.”

Nigel Woodward, Global Director Financial Services for Intel has worked with both MPI Europe and RiMaOne and comments: “This partnership is an excellent fit and will ensure financial institutions are provided with top level analysis and project support, as well as a solution that is flexible to address the changing requirements of legislation within the financial sector.”