OpVantage and Raft integrate products
Operational risk software and data vendors Raft International and OpVantage plan to integrate Raft Radar and OpVar, their respective op risk applications, in a collaboration that will see the global delivery of joint products and services to financial institutions.
London-based Raft International, whose clients include Lehman Brothers, UBS Warburg, ABN Amro and Royal Bank of Scotland, specialises in operational loss data collation and management tools developed to manage loss incidents from identification through to resolution. Raft Radar incorporates risk functionality tailored to identify early exposure to possible operational losses.
The alliance will provide institutions with a product to measure and manage operational risk through data collection, analysis and quantification methodologies.
"The agreement between Raft and OpVantage will provide our clients with the most comprehensive operational risk application available," claimed Dan Mudge, president and chief executive of OpVantage. "Offering 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," he added.
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