Algorithmics announced today the launch of a hosted version of its award-winning operational risk and compliance solution, Algo OpVar. Hosted by Algorithmics and delivered online, Algo OpVar Service delivers sophisticated operational risk management tools without the cost of maintaining internal infrastructure.
Algo OpVar Service is delivered via an interactive web-based portal, which allows users to perform risk and control assessments, test controls, capture control test results, collect loss information and key risk indicators, and perform scenario assessments on the major risks facing their organization.
The Algo OpVar Service was developed for and is used by pension funds and banking institutions in Mexico. Eduardo Heredia, Operational Risk Manager at Profuturo GNP, said: “We chose Algo OpVar Service because we were looking for a full scale operational risk solution that we could implement quickly and without the need for the infrastructure usually required to run a solution. We are already seeing the benefits of Algo OpVar Service in terms of greater risk awareness and improved risk management at our firm.”
Algo OpVar Service is pre-configured with all the important capabilities of an operational risk management solution. This provides a comprehensive, integrated operational risk management system without the need for costly infrastructure or internal software development. Available through the OpVar Service are:
• Internal loss event data collection
• Risk and control self assessments
• Controls testing
• Key indicators measurement
• Structured Scenario Analysis.
All Algo OpVar Service capabilities are built on the Algo OpVar Standard Edition platform and are designed to allow an organization to share information, administrative, and management facilities with the software’s integrated framework.
Rita Silverstein, director, Operational Risk Product Management, Algorithmics, said: “As a hosted offering, Algo OpVar Service provides a secure production environment, with a separate, dedicated database containing the client’s specific and private operational risk management data. The Algo service model supports data security and complete protection of confidential information.”
John Winter, senior vice president, Operational Risk Solutions, Algorithmics, added: “We are delighted to launch this addition to our existing solutions in response to market demand. Algo OpVar Service provides a best-practice operational risk framework at an attractive total cost of ownership because all the software and computing power is hosted by Algorithmics. Organizations can now focus on managing risk and not on managing systems.”