Northern Trust, a Chicago-based global custody and investment management group, has chosen Fitch Risk’s OpVar software suite and its data offerings, which manage quantitative and qualitative operational risk. The move comes at the expense of risk management technology rivals such as Centerprise and SAS.By the end of June, Northern Trust had assets under administration of $2.3 trillion and assets under management of $527 billion. Stephen Schoeneman, head of Northern Trust’s corporate operational risk group, said: “We are confident this will provide our business managers with a risk management tool set that will provide value-added information”.
Fitch Risk provides risk technologies and risk advisory services. OpVantage is its operational risk arm. It is an affiliate of Fitch Ratings and a subsidiary of Paris-based Fimalac, a business support services group.
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