leader in enterprise risk management solutions, today announced that United
Mizrahi Bank, an innovative Israeli financial institution, has selected
Algorithmics to be its exclusive enterprise risk vendor. United Mizrahi's
enterprise-wide risk management system will leverage Algorithmics' Algo Risk
solution to manage market risk, ALM and liquidity risk, and the Algo Capital
solution to meet Basel II requirements and effectively allocate regulatory and
"We are moving to standardize our risk management system with Algorithmics to take a consistent, industry-leading approach to making risk management a competitive advantage," said Mr. Shimon Gal, Vice President - Comptroller Division Manager at United Mizrahi. "This system will allow the various users across the bank to manage risk using some of the most advanced analytic instruments on the market delivered through an integrated, efficient risk platform."
"Financial institutions that understand their risk across products and
counterparties are able to make better business decisions, providing a
competitive edge in their investment and credit portfolio strategy," said
Kim Olson, co-managing director for Algorithmics' capital management
solutions. "United Mizrahi has made a strategic move to meet the challenges of
Basel II head on and establish a "best practice" risk management system."
"We are very excited about this project as United Mizrahi's desire for an
integrated market, ALM and liquidity management solution matches Algorithmics'
business focus of delivering an integrated risk platform leverageable by
multiple audiences within an organization," said Andrew Aziz, managing
director for the Algo Risk solution. "United Mizrahi will control and manage
risk across multiple asset classes and risk factors and will be supported by a
complete range of advanced risk analytics and scenario capabilities."