"Operational risk remains a key focus for Algorithmics and we are committed to providing leading operational risk solutions and service to our clients," said Michael Zerbs, President and Chief Operating Officer at Algorithmics. "Through the acquisition, we now have one of the largest operational risk teams and client bases in the world. Our first order of business is to continue to support all of our current clients through the implementation and use of existing operational risk solutions."
Going forward, the former OpVar and Algo OpRisk products have been re-branded Algo OpVantage. Algorithmics' operational risk team will focus on enhancing its clients' abilities to manage and measure operational risk by providing a comprehensive end-to-end solution for the identification, collection, management and measurement of qualitative and quantitative operational risk. The company is committed to strengthening all components of Algo OpVantage to provide the ability to: warehouse all of a firm's operational risk data; generate highly configurable assessments, loss event data, structured scenario and key risk indicator templates; build sophisticated capital models; and produce integrated management reports.
"Our product plan is evolutionary," said Dan Mudge, Managing Director overseeing Algorithmics' operational risk business. "Over the course of this calendar year, Algo OpVantage will evolve as Algorithmics continues to respond to current client commitments. Our goal is to harmonize the benefits of both solutions to meet the needs of our clients. Specifically, we will be exploring ways to improve configurability and scalability, and increase the flexibility of the solution, making it faster to implement and allowing for more client autonomy." The company is also establishing an operational risk client working group as a forum for clients to provide direct feedback into the product planning process.