SunGard Partners with Raft International to Deliver Integrated Operational Risk Management Solution.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 27, 2003 Helps Customers Minimize Operational Risk and Comply with Regulatory Requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. SunGard Trading and Risk Systems, an operating group of SunGard (NYSE NYSE See: New York Stock Exchange : SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. ), today announced a partnership with Raft International to deliver an operational risk management solution. The solution combines the proven project delivery methodology delivered by SunGard's EnFORM Consulting operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon with Raft's Radar software for qualitative and quantitative operational risk measurement, management and control. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a recent report from the Tower Group, "Technology Challenges for Basel II- Compliance or Opportunity", operational losses are estimated to cost financial institutions over $50 billion a year. Thus, a comprehensive solution to operational risk management is becoming increasingly urgent, with regulations like Basel II Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. The purpose of Basel II is to create an international standard that banking regulators can use when creating regulations encouraging innovation. The SunGard/Raft partnership responds to the industry's need for a solution that combines integrated operational risk management software with comprehensive consulting services and reliable project management and solution delivery. SunGard also offers operational risk management customers a resilient business continuity option and a path to integrated, enterprise-wide market, credit, interest rate and operational risk management. Raft Radar is an award-winning solution used by financial institutions worldwide for the capture, tracking and eventual reconciliation of loss events with a process, risk and control environment within an organization. Raft Radar integrates the four key elements of operational risk management; control self-assessment, key performance indicators Key Performance Indicators (KPI) are financial and non-financial metrics used to quantify objectives to reflect strategic performance of an organization. KPIs are used in Business Intelligence to assess the present state of the business and to prescribe a course of action. , incident management, and scorecard based capital allocation. Its architecture provides functionality and scalability for growth and acts as an aid to straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. . David Priestley, chairman of Raft International, said, "The partnership with SunGard demonstrates our long-term commitment to this industry, which has seen companies and products rise and falter at an alarming rate. We have the vision and development capability to deliver robust products. The SunGard partnership provides a global reach, strong, focused sales and marketing capability and the security of having one of the largest risk management software companies behind our solution." Bill Popp, executive vice president, SunGard Trading and Risk Systems, said, "Formalized for·mal·ize tr.v. for·mal·ized, for·mal·iz·ing, for·mal·iz·es 1. To give a definite form or shape to. 2. a. To make formal. b. operational risk management is a new discipline for most financial institutions. Best practices are just now emerging and regulators continue to refine their overall requirements. Financial institutions are searching for a solution from a trusted vendor that understands the entire enterprise risk picture including market and credit risk. SunGard now provides a complete operational risk solution that helps customers solve their regulatory requirements and provides a reliable picture of their operational risk exposures. SunGard's financial staying power and global footprint assures customers of a committed, long-term partner, protecting their initial investment and helping them to realize incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. returns on their investment. SunGard's EnFORM Consulting's track record of on-time, on-budget implementations reduces concerns over vendor delivery risk." About SunGard Trading and Risk Systems SunGard Trading and Risk Systems provides integrated, enterprise-wide solutions for financial and energy trading, risk management and operations, as well as asset liability management and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against and forecasting. Serving over 900 clients, it offers Web-enabled solutions for achieving straight-through processing, and for managing market, credit and operational risk. Clients include financial institutions, energy companies, government agencies and corporations of every size, geographical reach and operational complexity. SunGard Trading and Risk Systems also offers systems integration, project management and consulting services. About SunGard SunGard is a global leader in integrated IT solutions for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . SunGard is also the pioneer and leading provider of information availability services. SunGard serves more than 20,000 clients in over 50 countries, including 47 of the world's 50 largest financial services companies. SunGard (NYSE:SDS) is a member of the S&P 500 and has annual revenues of more than $2 billion. Visit SunGard at www.sungard.com. Trademark Information: SunGard, the SunGard logo and EnFORM are trademarks or registered trademarks of SunGard Data Systems Inc. in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. |
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