Algorithmics Congratulates St George Bank's Gary Dingley on Selection as the Operational Risk Executive of the Year

Toronto, Canada - May 4, 2006 -

Algorithmics Incorporated, a world leader in enterprise risk management solutions, is pleased to congratulate Gary Dingley of St George Bank for his recent win in the third annual Operational Risk & Compliance Achievement Awards announced April 6 in London. Dingley, Group Operational Risk Manager at St George Bank, was voted as the Operational Risk Executive of the Year by his peers in the operational risk community.

"We are honored to work with operational risk innovators like Gary Dingley. He is dedicated to implementing a best-practice framework at St George Bank, and continues to display his commitment to advancing the field of operational risk management," commented Dan Mudge, Group Managing Director of Operational Risk at Algorithmics. "Gary and his team have made great strides in championing a risk culture throughout St George, a culture that is embraced from the branch to the boardroom." Operational risk management is an essential element of the St George corporate governance structure, and is critical in ensuring that adequate controls exist to mitigate risks that may impact on the bank's ability to achieve its overall business objectives.

St George, an Algorithmics operational risk client, is just one example from Algorithmics' client base where true thought leaders and innovative organizations take risk culture to heart. Across the breadth of its enterprise risk business for market, credit and operational risk, as well as collateral and capital management, Algorithmics' clients are implementing significant risk projects that allow them to create strategic advantage by intelligently taking risk. Some of these innovative organizations are profiled in the Algorithmics case study series and as speakers at the upcoming Algorithmics Risk Conference in Toronto.

About Algo OpVantage
Algo OpVantage is a fully integrated, comprehensive solution for identifying, managing, measuring, and mitigating operational risk. It helps institutions successfully meet their Basel II, Sarbanes-Oxley, and compliance goals through software, content, and advisory services. Algo OpVantage provides management with an integrated analysis of operational risk, bringing together internal loss data, external loss data, risk and control self-assessments, key risk indicators, structured scenario analyses, capital modeling, and risk mitigation strategies. The Algo OpVantage solution is based on the best practices that currently exist in operational risk management - many of which were first introduced by Algorithmics - thought leaders and professionals. These experts have served over 100 clients around the world - in banking, insurance, brokerage, and other financial sectors.

About Algorithmics
Founded in 1989, Algorithmics is recognized as the world's leading provider of enterprise risk management solutions and services that enable financial institutions to effectively understand and manage their financial risk. Algorithmics has over 300 clients, including more than 70 of the 100 largest financial institutions in the world. Algorithmics was voted as the leading enterprise risk solution provider for Basel II, market risk, credit risk, operational risk and collateral management in Risk magazine's 2005 Technology Rankings.

About Fitch Group
Fitch Group is the parent company of Fitch Ratings, a leading global rating agency committed to providing the world's credit markets with accurate, timely and prospective credit opinions. Fitch Ratings is dual-headquartered in New York and London, operating offices and joint ventures in more than 50 locations and covering entities in more than 80 countries. Fitch Group is a subsidiary of Fimalac, S.A., an international business support services group listed and headquartered in Paris, France.

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Heather Smith
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