i-flex acquires Capco''s ORTOS

By Our Corporate Bureau | 22 Jun 2005

Bangalore: I-flex solutions, a world leader in providing IT solutions to the financial industry has acquired Capco''s ''operational risk tool suite'', ORTOS, in order to provide financial institutions better measures to manage their enterprise risk.

Through the alliance, Capco and I-flex intend to leverage their collective strengths in operational risk thought leadership, consulting, and product development, as well as their extensive global sales and delivery networks.

The Basel II accord which was finalised last year has now a new category of risk which has been introduced unlike the focus earlier which was only on credit and market risks, namely operational risks. According to I-flex officials ORTOS satisfies basic, standardised as well as Advanced Measurement Approaches for operational risk management.

ORTOS includes all components needed to fully cover the regulatory and management operational risk mandates for all banking institutions, regardless of size. Its modular framework addresses loss data collation, self assessment, monitoring of risk indicators, tracking of issues and action plans, calculation of economic capital along the advanced management approach as well as fulfilling the requirements for both Standard and Basic Approaches.

Capco is a leading provider of integrated consulting, processing services and products exclusively for the financial services industry. The size of the deal was not revealed by either of the parties involved.