Risk magazine, a leading financial risk management publication, established its annual technology rankings in 2004 to recognize best practice and innovation in the risk management industry by leading software vendors. Risk practitioners select the winning organizations based on their ability to best respond to the needs of their clients and address industry challenges.
Algorithmics was again recognized for providing superior risk solutions to help organizations go beyond measurement of risk and compliance, to provide users with tools to make risk-aware business decisions. This was reflected in the survey results where Algorithmics recorded 4 category wins, was voted in first or second place in 8 of the 10 enterprise risk categories (market, credit, risk dashboards, Basel II, integrated market and credit, counterparty and both operational risk categories) and overall secured 15 âTop 3â positions.
Clive Davidson, contributing editor at Risk, said: âThe big, established vendors with long track records have attracted the most votes, demonstrating banks are looking for technology firms that can provide a full range of services. Toronto-based Algorithmics has again proved to be the dominant risk management technology specialist. Aside from enterprise risk management and liquidity risk, Algorithmics has concentrated on providing business decision makers with risk analysis tools.â
Michael Zerbs, President and COO of Algorithmics, said: "Innovation is one of the cornerstones of Algorithmicsâ success and we are committed to providing our clients with risk management solutions that meet the demands of fast-paced and changing markets. This award further validates our continued leadership in enterprise-wide risk management and we are proud to share this achievement with our clients.
âThe past year has seen a reassessment of risk practices across the industryâ, he continued. âOur clients identified three main challenges: first, how to get a timely, accurate and comprehensive perspective on firm-wide risk. Second, how to enable fully risk-aware business decisions at every level of their organization, from trading desk through to boardroom. Third, how to deal with ad-hoc demands for risk information from supervisors, regulators and other stakeholders.
âOur response has been to extend our Right Time initiative to bring accurate, comprehensive and timely risk information and analysis to those who need it, when they need it. Together with our continuing investment in innovation and close collaboration with our clients, we are delivering enterprise-wide technology solutions that help clients make informed, risk-aware business decisions.â