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Alberta Investment Management wins SimCorp StrategyLab Risk Management Excellence Award

Award given for innovation program that earned the firm significant risk and cost reductions due to increased automation and elimination of manual processes 

SimCorp StrategyLab, a private research institution sponsored by SimCorp, has announced that Alberta Investment Management Corporation (AIMCo) is the winner of the 2014 SimCorp StrategyLab Risk Management Excellence Award. The prestigious award was presented earlier today at one of the largest investment management industry events, SimCorp’s International User Community Meeting, in Paris.

Now in its sixth year, the SimCorp StrategyLab Excellence Award recognizes innovation and outstanding performance in the global investment management industry. The winner is selected by a panel consisting of renowned international experts in finance, economics and applied IT.

AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than $80 billion in assets under management. AIMCo was selected for its excellence in implementing AIMCo Innovations, a program to reduce operational risk and improve data accuracy for superior investment decision-making. AIMCo Innovations involved a strong commitment from the highest levels of the organization to modernize the firm’s system landscape.

“This award spotlights exceptional organizations that have the vision to make widespread changes to achieve new benchmarks in risk mitigation,” said, Ingo Walter, Seymour Milstein Professor at the Stern School of Business who serves at the head of SimCorp StrategyLab. “AIMCo’s bold program of change has achieved large scale benefits for its clients. In judging this award, AIMCo’s submission stood out for its management of a large-scale, transformational risk mitigation program.”

Michael Baker, SVP Investment Operations at AIMCo, commented, “By focusing our efforts on people, process and technology, implementing AIMCo Innovations has allowed us to significantly mitigate risk through each step of the investment process while also earning high risk-adjusted returns on our clients behalf. We are excited and honored to be the recipient of this year’s SimCorp StrategyLab Award.”

The key benefits achieved by AIMCo Innovations include:

  • accounting improvements in three separate frameworks,
  • reduced costs and operational risk by means of multi-currency accounting
  • reduction in income allocation time, going from a manual, six day process on a quarterly basis to an automated process of just minutes on a daily basis,
  • closing accounting records from T+4 to T+1.

Previous award recipients include outstanding investment management firms Challenger Limited, Dealis Fund Operations, MEAG, Nordea Savings and Asset Management, and Edmond de Rothschild Asset Management.