Australian financial services software company, IT&e Limited (ASX:ITE), has received the UK-based Risk Magazine# Award for the 2004 Best Risk Management Software Product of the year.
Competition for this award is broad and includes evaluation of software offerings from the range of significant established providers of risk management software solutions from Europe and North America.
Risk Magazine is a leading financial risk management publication with a broad global subscritption.
Managing Director of ITE, Mr James Maranis said, "This prestigious award puts Razor firmly in the global market, with independent recognition by Risk Magazine as product of the year for 2004. The award provides our marketing team with a wonderful opportunity to accelerate presentation of Razor to banks in the worldâs leading finance centres."
Recently launched, Razor was developed by ITE to assist Tier 1 and Tier 2 financial institutions with monitoring, measuring and managing credit risk.
With the addition of two further modules expected in Q1 and Q3 of 2004, âMarket Riskâ and âOperational Riskâ, Razor will offer a complete solution to meet with the Basel II Accord, applicable to all banks from 2007.
The Australia and New Zealand Banking Group (ANZ) was Razorâs first customer,
selecting the product ahead of the major established international providers of risk management software solutions after an exhaustive assessment process.
Targeting Tier 1 and Tier 2 banks globally, as well as smaller banks and major
corporates, Razor offers superior functionality and performance at a fraction of the implementation cost previously required in such software implementations.
IT&eâs Head of Business Development, Malcolm Warne, said, "The global demand for
functionally rich credit risk solutions has increased considerably as a result of major corporate collapses and increasing pressure from banking regulators.
"The market for Razor is significant and we anticipate that major banks will now consider the IT&e product among the market leading solutions when reviewing and upgrading their credit risk management systems.
"Razorâs sophisticated functionality enables clients to significantly reduce credit exposure to other organisations, and therefore to use their available credit capital much more profitably.
"With Razorâs comprehensive limit management functionality, users can monitor credit risk in real-time so potential credit events can be detected and supervised proactively, significantly reducing exposure to credit losses," he said.