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Products February 4, 2003
PWC, NetRisk Combine Risk Initiatives
April 26, 2001 (PLANSPONSOR.com) -
PricewaterhouseCoopers and NetRisk have combined their
operational risk service resources to form OpVantage, a new
software company that will quantify operational risk for
financial institutions.
Reported by Nevin E. Adams
Both PricewaterhouseCoopers and NetRisk have contributed staff to establish OpVantage, ( www.OpVantage.com ), headquartered in Greenwich, Connecticut. Dan Mudge, a co-founder of NetRisk, is President and CEO of OpVantage. OpVantage has a staff of 14 people from the combined PwC and NetRisk operational risk groups.
OpVantage purchased from PricewaterhouseCoopers its OpVaR risk management methodology and data. NetRisk contributed its RiskOps operational risk measurement and management software, databases, methodologies, and other offerings to OpVantage.
The combined software will provide for the measurement and management of operational risk through data collection, analysis and quantification methodologies.
OpVantage provides the largest commercially available database of operational risk data, containing approximately 8,000 operational risk loss events, according to the companies. OpVantage also has a combined client base of over 20 institutions.