Algorithmics assesses its op risk market

Toronto -– Demand for third-party operational risk management applications is growing steadily, but there is still no sign that there will be a dramatic uptake in the near future, says David Syer, director for operational risk at Toronto-based risk management software specialist Algorithmics.

Algorithmics now has six clients for its Algo OpRisk op risk management application, including Halifax Bank of Scotland (HBOS), Toronto-based TD Bank Financial Group and South African top four bank ABSA. Components of Algorithmics' product include Algo OpData, which stores and retrieves loss data, near misses, key risk indicators and issues; Algo WatchDog, which generates risk indicators; and OpCapital, which uses an actuarial approach with simulation for calculating economic and regulatory