The main highlight in Algo 4.5 is the inclusion of new tools for economic capital management and regulatory compliance; with a particularly strong focus on addressing the requirements of Basel II through enhanced asset class management, EAD calculations and risk-weighted asset calculations.
Other functional improvements include a new streamlined workflow component called Algo Credit Administrator (for edit request/proposal and associated document handling) new reporting tools, a revamped user interface, more advanced APIs, and improved install and configuration tools.
Algo Suite integrates several software modules for capital, collateral, and operational and credit risk management.
With Algo 4,5 a new module called Algo OpVantage has been added. OpVantage is a direct result of the company’s takeover by Fitch Group (a division of Fimalac SA) for $175m in January this year. The operational risk businesses of both companies have now been united under Algo OpVantage which allows companies to warehouse all their operational risk data in one place.
Algorithmics, which is headquartered in Toronto, has around 200 clients, including more than half of the biggest financial institutions in the world.
In the years preceding its merger with Fitch, the company had been positioned to file for an IPO, only to withdraw later on. In the end the company decided it is better to sell.
