Algorithmics, a financial solutions provider, has announced that the Savings Bank of the Russian Federation has chosen Algorithmics and its Russian partner Technoserv, to deliver and implement a comprehensive new risk management system.
Technoserv and Algorithmics together will initiate the project of adaptation and implementation of a full range of risk solutions for Savings Bank of the Russian Federation (Sberbank) in 2008, including all of the main areas of managing market, credit, and operational risks, as well as asset and liability management and regulatory compliance.
John Macdonald, executive vice president of Algorithmics said: We are delighted to have won this tender to provide Sberbank with such a broad ranging, truly enterprise wide, risk management solution, competing against a wide range of international companies. This deal is unparalleled in the Russian enterprise risk market and we look forward to working with Sberbank and our local partner Technoserv, to implement the solution as quickly as possible. We anticipate it will be the start of a long term strategic co-operation reaching beyond the functional implementation process.