Fitch Risk: Bank Austria Creditanstalt Enters Into Database Agreement with OpVantage.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 7, 2004 Bank Austria Creditanstalt AG (BA-CA BA-CA Bank Austria Creditanstalt ), the largest banking organization in Austria, has entered into a subscription agreement with Fitch Risk to access OpVantage's Financial Institutions Risk Scenario Trend (FIRST) database. The FIRST database contains approximately 4,500 case studies of operational risk loss events and is designed to assist financial institutions with determining and managing their exposures. BA-CA Group will use the database for a number of purposes, including as input for their self-assessment process. Often, the use of real case studies in self assessments has a greater impact than the creation of made-up scenarios. Real events are more accepted by business managers who are often an integral part of firm-wide risk assessments and respond more favorably when losses can be demonstrated to have occurred at competitors. According to Gerhard Deschkan, head of Operational and Group Risk Control, the cases in FIRST 'will provide BA-CA Group with valuable content for our global operational risk program. We look forward to working with the research staff of the FIRST database in implementing our innovative approach to self assessment, which will include use of the case studies.' 'We are very pleased to be working with Bank Austria Creditanstalt and we intend to leverage our relationship in an effort to increase our coverage of western and eastern European events,' said Penny Cagan, Senior Vice President and Head of Research, OpVantage. 'This is an opportunity to demonstrate the global reach of the database and our overall offerings and we intend to push further into Europe during the next year.' About OpVantage: OpVantage, a division of Fitch Risk, is the first company to bring operational risk software solutions to market, and is the most advanced provider of highly sophisticated operational risk quantification tools and methodologies. The first evolution of its software and data offering entered commercial production in 1998 and has since matured into an enterprise-wide application that provides the tools and information necessary for better operational risk decision-making. The FIRST database was acquired in 2003. About Fitch Risk: Fitch Risk delivers the best in risk technologies and enterprise risk advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal in the realm of market, credit and operational risk. It has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London and Greenwich, CT, and is an affiliate of Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. and a subsidiary of Fimalac, S.A., an international business support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services group headquartered in Paris, France. More about Fitch Risk and its offerings is available on its website, www.fitchrisk.com. About Bank Austria Creditanstalt: With total assets of approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 150 billion, Bank Austria Creditanstalt is by far the largest bank in Austria. It also operates the leading international banking network in the growth region of Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. (CEE cee n. The letter c. ). In Austria, the bank maintains a network of 400 offices and has a workforce of approximately 11,600. BA-CA's CEE network comprises some 900 offices in 11 countries. 18,000 employees serve more than 3.5 million customers. BA-CA is a member of HVB HVB Hervey Bay, Queensland, Australia (Airport Code) HVB Hawaii Visitors Bureau HVB Central-European International Bank (Hungary) HVB High Volume Breeder (puppy mill) Group. |
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