BANGALORE, India, June 21--PRNewswire-AsiaNet/InfoQuest
Agreement Strengthens Reveleus' Basel II Solution; Capco and i-flex
Consulting to Jointly Pursue Consulting Practice
Capco, the global financial services consultancy and IT solutions provider, and i-flex(R) solutions (Reuters: IFLX.BO/IFLX.NS), a leading IT solutions provider to the global financial services industry, today announced an alliance which leverages joint competencies to help financial institutions better
measure and manage their enterprise risk. Through the alliance, Capco and i-flex intend to leverage their collective strengths in operational risk thought leadership, consulting, and product development, as well as their extensive global sales and delivery networks.
Following the agreement;
* i-flex will acquire the intellectual property rights for Capco's
Operational Risk Tool Suite -- ORTOS -- and i-flex plans a two pronged approach for its use. It will merge the modular tool with its Reveleus Risk Analytics to create a complete Enterprise Risk Management suite.i-flex will continue to sell and implement ORTOS independently and Capco will serve as its reseller and distributor through its global sales network.
* Capco will be i-flex's preferred Operational Risk consultancy partner.Capco and i-flex Consulting will collaborate to offer consulting in
Operational Risk strategy, product selection, implementation and process advisory services.
i-flex considers the area of risk management strategically important and one that complements its experience and strength in transaction processing. In recent years, iflex has built an advanced risk suite in Reveleus and has
expanded i-flex Consulting's risk management practice.
ORTOS satisfies Basic, Standardized as well as Advanced Measurement
Approaches for operational risk management under Basel II and complements and strengthens Reveleus' current Basel II Solution. Combined with Reveleus' Basel
II credit risk and capital calculation engine, the solution will enable financial institutions to rapidly meet Basel II compliance.
i-flex will continue to support and enhance ORTOS for existing customers(among them Dresdner Bank and ABN AMRO). i-flex will also take over the delivery, support and future product growth of ORTOS.
"Together, Capco and i-flex have the capability to build exceptional
products and provide specialized consulting -- a combination that will greatly
benefit our customers given the changing dynamics of the regulatory environment. Additionally, this agreement enhances i-flex consulting and Reveleus' range and depth of risk capabilities" commented R. Ravisankar, CEO - International Operations and Business Development, i-flex solutions.
"I applaud i-flex for thinking out of the box, as this acquisition truly leverages the complementary strengths of i-flex and Capco to reach customers through a potent combination of professional expertise, IT product management, and global reach. As the need for institutions to manage operational risk compliance increasingly matches that of credit and market risk, we see a 12-18 month window to take the level of sophistication and flexibility of ORTOS to
the next level and accelerate the delivery of advanced functionality to greatly enhance its benefits to customers," said Predrag Dizdarevic, Executive Vice President, Capco, and Head of Capco Solutions.
ORTOS includes all components needed to fully cover the regulatory and
management operational risk mandates for all banking institutions, regardless of size. Its modular framework addresses loss data collation, self assessment,
monitoring of risk indicators, tracking of issues and action plans, and
calculation of economic capital along the Advanced Management Approach (AMA)
(both on the basis of loss data and scenario based self-assessment) as well as
fulfilling the requirements for both Standard and Basic Approaches. In addition, ORTOS includes a fully integrated mechanism for ad hoc management and regulatory reporting.
In full synergy to ORTOS, Reveleus' analytical applications enable
financial institutions to manage enterprise risk and meet compliance
requirements by providing banks with a set of rules, computation engines,
business definitions and underlying data structures. Reveleus recently won
orders from Bank of Montreal in Canada and from Ta-Chong Bank in Taiwan for
its Basel II solution.
i-flex Consulting, through its established Risk and Basel II Practice,
assists financial institutions during all stages of the Basel II compliance
continuum right from the initial gap analysis, through implementation roadmap,
to complete implementation of the software solution.
About i-flex solutions
i-flex(R) solutions (Reuters: IFLX.BO & IFLX.NS) is a world leader in
providing IT solutions to the financial services industry. i-flex has serviced
over 540 customers in more than 110 countries. i-flex's range of products and
customized services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.
i-flex and FLEXCUBE are registered trademarks of i-flex solutions.
Reveleus, Daybreak and PrimeSourcing are trademarks of i-flex solutions and are registered in several countries.
All company and product names are trademarks of the respective companies with which they are associated. For information, please visit:
http://www.iflexsolutions.com
About Capco
With subsidiaries in North America, Europe and Asia, Capco is the leading global provider of integrated consulting, processing services and products, engineered by financial services experts exclusively for the financial
services industry, particularly in Capital Markets, Private Clients and Asset
Management, and Banking. As pioneers of new ways of transforming operational
capability and efficiency, it helps clients successfully increase revenue, reduce costs and enhance control. For more information, please visit
http://www.capco.com.
SOURCE i-flex solutions
/CONTACT:
NORTH AMERICA, Penney Richardson,
[email protected], Aquin Mathew, [email protected] +1-415-771-8106 or +1-347-782-2043, Fax: +1-415-492-2810,
INDIA - Eapen Thomas, +91-22-2823-5190, ext. 5132, Fax: +91-22-2836-3140, [email protected],
EUROPE - Sunil Robert, +44-207-5314424, Mobile: +44-7834461271, [email protected],
INDIA/APAC - Parvez Ahmad, [email protected], B S Ramya, [email protected], +91-80-2208-3000 or 5759 3000, Ext. 7515 / 7294, Fax: +91-80-5666-5271,
all of i-flex solutions; or US/Global - Samuel Wang, +1-212-284-8812, Fax: +1-212-284-8623, [email protected],
UK/Europe -Louise Merrett, +44-20-7367-1070, Fax: +44-20-7367-1024, [email protected],
India - Vijaykumar - Pressman, +91-80-2226-9336, [email protected]/
/Web site: http://www.iflexsolutions.com
http://www.capco.com /
--Distributed by AsiaNet (www.asianetnews.net)--