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Fitch Risk Management Acquires NetRisk, Inc. & OpVantage LLC.



Business Editors

NEW YORK--(BUSINESS WIRE)--July 24, 2002

Fitch Risk Management announced today that it has completed the acquisition of the business and assets of NetRisk, Inc. (NetRisk) and its subsidiary OpVantage, both privately held companies privately held company

A firm whose shares are held within a relatively small circle of owners and are not traded publicly.
 specializing in enterprise risk management and operational risk.

NetRisk was founded in 1997 by Gene Shanks, former President of Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998.

It was originally set up when banks could not perform trust company services.
, to fill the need for an enterprise risk management solution. NetRisk's 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
 Group offers enterprise risk management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business
service industry - an industry that provides services rather than tangible objects
, as well as custom software solutions through its advanced technology platform. NetRisk's subsidiary, OpVantage, is the leading provider of Operational Risk solutions through a robust operational risk software suite - OpVar, an extensive operational loss database, and a highly experienced consulting services team. 'Fitch Risk Management's purchase of NetRisk is the latest in a series of business and technology initiatives furthering the goal of creating world-class risk management products that can meet the unique needs for risk management advice, software and analytics across all financial institutions,' said Stephen W. Joynt, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  of Fitch. 'The addition of NetRisk and OpVantage to Fitch Risk Management creates a dynamic group, with extensive risk management experience.'

Daniel Mudge, President and CEO of OpVantage, said: 'The integration of Fitch Risk Management's leading credit analytics with NetRisk's and OpVantage's advisory services and OpVar tools to facilitate the quantification of Operational Risk and Capital at Risk will allow Fitch Risk Management to be able to better serve the global market needs for central risk management solutions. All of our clients will benefit from the growth in opportunities and resources available to them as a result of the deal.'

NetRisk's Advisory business helps clients take a more proactive approach to managing their business through a suite of enterprise risk advisory and technology solutions. Their experiences include developing and evaluating enterprise risk practices, as well as managing and modeling more complex risks in a practical manner. For a number of clients, their innovative approaches have been applied to emerging market credit and political risks, insurance products and portfolio risks, and balance sheet risk capital.

Operational risk is the risk of loss from inadequate or failed internal processes, people and systems or from external events. 'Operational risk could account for as much as 20% of a financial service company's capital,' said Gloria Aviotti, Group Managing Director of Fitch Risk Management. 'Financial institutions have had sophisticated tools to manage market and credit risk for a number of years. Operational risk has been less understood, but OpVantage's products and services help to close this gap. The NetRisk and OpVantage teams led by Dan Mudge, former Head of Global Risk Management at Bankers Trust who has over 20 years of experience in risk management and advisory services, adds a new depth to Fitch Risk Management, and most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent"
above all, most especially
 a greater and deeper understanding of risk for all financial institutions.'

About Fitch Risk Management:

Fitch Risk Management (FRM FRM From
FRM Form
FRM Fixed-Rate Mortgage
FRM Financial Risk Manager (GARP)
FRM Fondation pour la Recherche M├ędicale
FRM Financial Resource Management
FRM Final Rulemaking
FRM Fiber-Reinforced Metal
FRM Federal Reference Methods
) is a leading risk management company providing products and services to help financial institutions and other companies manage both credit and operational risk. Its commitment to customized solutions utilizing cutting edge methodologies and technology has enabled it to establish a client base that includes many of the world's largest and most sophisticated financial institutions. Fitch Risk Management 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, Connecticut Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2000 census, the town had a total population of 61,101. It is home to many hedge funds and other financial service companies that have left Manhattan. Of the $1.  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.
. For further information, visit its web site, www.fitchrisk.com.

About NetRisk:

NetRisk was formed in 1997 by Gene Shanks, formerly the President and Director of Bankers Trust Company. NetRisk offers enterprise risk advisory services through its Advisory group. NetRisk's Enterprise Risk Advisory Group specializes in providing enterprise risk management services and solutions to financial institutions, insurance companies, asset managers, and energy firms at both the strategic and tactical level. The Enterprise Risk Advisory team brings considerable experience in the development of customized strategic risk and capital solutions, including risk benchmarking, infrastructure development, risk measurement and balance sheet modeling. Additional information about NetRisk is available at 'www.netrisk.com'.

About OpVantage:

OpVantage was formed by combining the industry-leading quantitative operational risk management businesses from NetRisk, Inc and PricewaterhouseCoopers. OpVantage is the operational risk quantification leader, providing financial and other institutions with the OpVar software and database (formerly called RiskOps), operational risk quantification methodologies and specialized consulting services. OpVar is used by over 20 banks, insurance companies, regulatory agencies and stock exchanges. Disclosed clients of OpVar include: Banco Sabadell Banco Sabadell, S.A., (IBEX-35:SAB) is a major Spanish bank headquartered in Sabadell. Together with Banco de Asturias, Banco Urquijo, Sabadell Banca Privada, Banco Herrero, Solbank and ActivoBank, it is part of the Banco Sabadell Group, which is the fourth largest commercial , Bank of America
See also:  and


Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
, Deutsche Bank, ING, IntesaBCI, JPMorganChase, National Australia Bank The National Australia Bank or NAB (ASX: NAB, LSE: NAB, NYSE: NAB, TYO: 8637 ) is part of the NAB Group. It is the largest bank in Australia by assets, and 28th largest in the world. , Sanwa/UFJ Holdings, Societe Generale, and Swiss Re. Additional information on OpVantage is available at 'www.opvantage.com'.
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Comment:Fitch Risk Management Acquires NetRisk, Inc. & OpVantage LLC.
Publication:Business Wire
Date:Jul 24, 2002
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