Kim Olson and Mina Wallace to Co-Direct Algorithmics' Capital Management Business

TORONTO, CANADA - May 16, 2005 - Algorithmics Incorporated, a recognized leader in enterprise risk management, has announced that Kim Olson, current Managing Director of Fitch Ratings' credit policy group, will join Algorithmics to serve as Co-Managing Director of its capital management business. Mina Wallace, Algorithmics' Vice President, Global Operations and Managing Director, North America, will share co-management responsibilities with Kim, who will join Algorithmics effective June 1st.

"Kim Olson's credit, banking and regulatory experience make her uniquely qualified for the challenge of co-directorship of our capital management business," said Dr. Michael Zerbs, President and Chief Operating Officer at Algorithmics. "Kim's extensive work in credit and capital management, combined with Mina Wallace's experience in software operations and go-to-market programs, will further Algorithmics' leadership in capital management. They will oversee Algorithmics' proven and successful solutions for economic capital, credit models and analytics, credit data, credit exposure and advisory services."

Currently, Kim Olson is a Managing Director in Fitch Ratings' credit policy group and serves as a liaison and spokesperson on regulatory and corporate governance issues. She has researched and published extensively on financial regulation, with a focus on the impact of Basel II on banks and credit markets, credit risk, securitisation, and operational risk. She was key in developing a methodology to explicitly factor corporate governance within Fitch's corporate rating methodology and has worked on credit ratings policy criteria issues. As a former Assistant Vice President at the Federal Reserve Bank of New York, Kim worked extensively on bank supervisory and policy issues. Her 10-year tenure included placement with the Secretariat of the Basel Committee on Banking Supervision at the Bank for International Settlements in Switzerland, where she served as the analytical secretary to the Models Task Force and the Capital Group.

"Banks and regulators alike recognize the importance of best practice capital management yet putting an effective program in place is a significant challenge," said Olson. "Algorithmics is well positioned to meet market requirements and maintain thought and solution leadership within the capital management space. I look forward to working with Mina to further that leadership."

As Vice President, Global Operations, Mina Wallace oversees efficiency and profitability of the Algorithmics field operations and has been instrumental in go-to-market activities, business development and client relationship management. With over 15 years of executive management experience in operations covering sales and services in the wireless technology and software applications industries, she has also overseen Algorithmics' sales activities throughout North American for the past year. Prior to joining Algorithmics, Mina was the COO at INEA Corporation and Executive Vice President Field Operations and General Manager, Americas at 724 Solutions.

"Kim will be a great partner as we support the market momentum of Algorithmics' capital management offering," said Mina Wallace. "Algo Capital is already a key component in a number of Basel II initiatives including extensive projects at two of the world's top 10 banks and several leading regional banks. The incremental and long-term strategic benefits of our solution have drawn significant market interest. Our goal will be to continue to provide the best solutions that directly meet our clients capital management requirements."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development