Algorithmics' Algo FIRST wins Outstanding Solution Provider Award and Penny Cagan named in 'Top 50 Faces of Operational Risk'

Toronto, New York, London - March 23, 2009 -

Toronto, New York, London - 23rd March 2009 - Algorithmics is proud to announce that Algo FIRST has won the Outstanding Solution Provider Award in OpRisk & Compliance's 'Ten Years of Excellence' Awards. In addition, Penny Cagan, Algorithmics' Managing Director of Operational Risk and Credit Content, has been named as one of the 'Top 50 Faces of Operational Risk' by OpRisk & Compliance in its review of the people who have helped shape operational risk as a discipline over the last ten years.

"Penny Cagan has spearheaded the development of the innovative Algo FIRST database since its humble beginnings as a modest spreadsheet of data points in 2000. By recognizing the benefits of the qualitative aspects of operational risk management, Cagan championed a qualitative approach to operational risk from very early on in the evolution of the discipline, which she channelled into the development of the Algo FIRST database. Over the past nine years, the database has expanded to incorporate over 8,200 case studies. We are pleased to award the Algo FIRST database an OpRisk & Compliance 'Ten Years of Excellence' award as an Outstanding Service Provider in the operational risk space", says Victoria Pennington, editor of OpRisk & Compliance.

Penny Cagan was quoted in the magazine as saying: "I pushed very hard for a more qualitative and balanced approach to managing operational risk and using historical information to understand loss trends. The user community of the Algo FIRST database has grown over the past 10 years into almost 100 institutions and I feel very privileged to have been a part of this."

Michael Zerbs, President and COO, Algorithmics, commented: "Algorithmics is honored that Penny and Algo FIRST have been recognized by OpRisk & Compliance. This is deserved recognition for Penny's role in the development of operational risk as a discipline as well as testimony to Algorithmics' investment in Algo FIRST, which has resulted in significant growth in the client base in recent years. The quality of content in Algo FIRST allows our clients to develop the robust and imaginative scenarios that global regulators are now calling for."

Algo FIRST, utilizing a unique real-life case study approach, is designed to assist institutions with their analysis of risk events. The Algo FIRST database is used as a qualitative tool, providing information on control breakdowns, event triggers, insight into why the losses occurred and lessons learned. Algo FIRST continues to expand the number of case studies on operational, credit and liquidity risk events and corporate governance issues, incidents and events. It is unrivalled in its depth of analysis and coverage of the industry and its user community numbers over 100 financial institutions headquartered across the globe.

Algorithmics was recently recognized for enterprise-wide risk management across all risk types in Risk Magazine's 2008 Risk Technology Rankings, receiving more first places in the risk categories than any other vendor. For more information about Algorithmics' award winning and patented solutions, visit: http://www.algorithmics.com

For information Algo FIRST please see: http://www.algorithmics.com/EN/services/23-prodserv.cfm

For further information please contact:
Heather Smith
Senior Communications Manager, Algorithmics (UK) Ltd
Direct line +44 (0) 20 7392 5820
Mobile +44 (0) 7515 974223
E-mail Heather.smith@algorithmics.com  

Notes to Editors:

OpRisk & Compliance 10th Anniversary Awards
To celebrate its 10th anniversary, OpRisk & Compliance gathered 10 of the most inspiring organizations and initiatives in operational risk in order to celebrate the achievements of the operational risk industry.

The Top 50 Faces of Operational Risk
On its 10th anniversary, OpRisk & Compliance celebrated the achievements of those that it considered had helped shape operational risk as a discipline. It selected the '50 faces of operational risk' by reviewing published material and conference programmes to identify the thought leaders and had many conversations with people in the industry over the course of 2008.

Algorithmics is the world's leading provider of risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. www.algorithmics.com

The Algo FIRST database is a uniquely designed research tool that helps financial institutions understand, identify, and manage operational risk. Recognized by analysts and practitioners alike for its industry-leading coverage, the ever-expanding Algo FIRST database contains thousands of real-life case studies on external risk loss events. Algo FIRST highlights operational risk, corporate governance, strategic, liquidity, and market events, control breakdowns, and management responses to help organizations prevent losses before they occur. Subscribers can proactively apply lessons learned from over 8,000 real-life case studies to help minimize their risk exposure and enhance internal controls. Algo FIRST is constantly expanding.

Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings' global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London.

The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions.

The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France. For additional information, please visit www.fitchratings.com www.algorithmics.com and www.fimalac.com

© 2009 Algorithmics Software LLC. All rights reserved. ALGO, ALGORITHMICS, Ai & design, ALGORITHMICS & Ai & design, KNOW YOUR RISK, MARK-TO-FUTURE, RISKWATCH, ALGO ALM, ALGO COLLATERAL, ALGO CREDIT ADMINISTRATOR, ALGO CREDIT DATA SERVICES, ALGO CREDIT ECONOMIC CAPITAL, ALGO CREDIT EXPOSURE, ALGO CREDIT LIMITS, ALGO CREDIT REGULATORY CAPITAL, ALGO CREDITVANTAGE, ALGO ETREASURY CREDIT, ALGO FIRST, FIRST 500, ALGO MARKET ANALYTICS, ALGO OPDATA, ALGO OPVAR, ALGO RECONCILIATION, ALGO RISK, ALGO RISK SERVICE, and ALGO SUITE are trademarks of Algorithmics Trademarks LLC.