RiskTech wins three new contracts in US; Expands global footprint

30 September 2008

RiskTech, a Hexaware subsidiary and a leading provider of Enterprise Risk Management and Risk Technology services, today announced a number of key achievements.

RiskTech has won three new consulting and implementation contracts in US in areas of credit and operational risk. RiskTech is working with two of the top 10 US banks. The first project is in the area of credit risk for Allowance for Loan and Lease Losses (ALLL) and counterparty credit risk. The second project is in the area of Basel II compliance.

RiskTech has also been selected by one of the large US regional banks for an operational risk benchmarking exercise.

“Given the current situation in the financial services industry, financial institutions are seeking focused expertise in risk management with an emphasis on methodology and IT solutions,” said Sanjay Gupta, Head of RiskTech - North America, “RiskTech’s expertise to move clients from theoretical frameworks to full system implementation is a key differentiator in the US market.”

The recent wins in UK and Middle-East enabled the US contracts. Additionally RiskTech’s clients are extending their relationships into long term support and service arrangements. RiskTech has also won a new deal with a tier 1 financial institution in Singapore for implementing an asset and liability system and an operational risk implementation and training project for one of the largest banks in South Africa.

“Recent risk related events in the global financial services market coupled with further regulatory requirements are driving the demand for RiskTech’s service offerings,” added Peyman Mestchian, CEO, RiskTech, “RiskTech’s unique combination of skills in risk consulting and technology implementation provides financial institutions with an opportunity to define and act on a practical roadmap for bestpractice enterprise-wide risk management.”

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