For the second year running, Algorithmics has been ranked first overall in the Operational Risk & Regulation software rankings. Algorithmicsâ operational risk software, Algo OpVar, also received additional first places for regulatory and economic capital, scenario analysis functionality and for oprisk loss data collection in the 2010 survey of Operational Risk & Regulation magazineâs readers.
Operational Risk & Regulation reported: âAlgorithmics has emerged triumphant again in 2010 with a solid showing that sees it maintain the lead it gained in last yearâs rankings. Its strong operational risk emphasis has been maintained through its Algo OpVar software product. The firm says scenario analysis has been a key focus, allowing it to leverage its Algo FIRST database of external operational risk loss scenarios. The case studies from Algo FIRST have been providing extra content to expand the usefulness of Algo OpVar for scenario analysis.â
Commenting on the results, John Winter, Senior Vice President, Operational Risk Solutions, Algorithmics, said: âWe are delighted that Algo OpVar has been ranked first overall by Operational Risk & Regulation for the second year running. At a time when the role and value of operational risk management is widening, we are proud to share this recognition with our clients.â
He continued: âThe first place for scenario analysis functionality is particularly pleasing for us as this is an area where we have worked on linking Algo OpVar to the Algo FIRST database to allow institutions to benefit from the combination of our quantitative tools and qualitative judgment.â
Rita Silverstein, Director, Operational Risk Product Management, Algorithmics, added: âThe past year has seen an evolution in client requirements as operational risk has come into the sights of the regulators. To maintain the top slot in such challenging times is a testament to our development and product teams who continue to play such an important role in the evolution of Algo OpVar, and to the clients who continue to guide us on their changing requirements and market developments.â