OpVantage and Raft International have entered a global marketing and sales agreement to provide joint quantitative and qualitative operational risk solutions to institutions worldwide.
Under the agreement, the two companies will integrate their respective OpVar and Radar products to provide a solution for the measurement and management of oeprational risk through data collection, analysis and quantification methodologies.
OpVar is an operational risk software suite, offering an extensive operational loss database and consultancy services. Radar offers operational loss data collation and management tools focused on managing a loss incident from its identification point through its lifecycle until resolution. The product also incorporates key risk indicator functionality, aimed at assisting its users to identify exposure to possible operational losses at the earliest opportunity.
Dan Mudge, president and CEO of OpVantage, comments: "Offering a joint Radar and OpVar capability will allow users to manage the entire operational risk process from developing and collecting key risk indicators through calculating capital-at-risk.”
OpVantage was formed by combining the quantitative operational risk management businesses from NetRisk, and PricewaterhouseCoopers. The company currently has 20 customers worldwide. Raft's Radar product was initally developed for Dresdner Kleinwort Wasserstein in London, and is currently being rolled out across the investment bank's trading desks worldwide.