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Enron Mail |
Paul Bristow gave me a call a few minutes ago, and is sending over some
info. I also received an email yesterday relating to operational risk. Evidently CIBC has purchased some software to help quantify there exposure. -Kevin ---------------------- Forwarded by Kevin Kindall/Corp/Enron on 08/08/2000 10:06 AM --------------------------- "Tao, Xin" <tao@NetRisk.com< on 08/07/2000 12:26:00 PM To: undisclosed-recipients:; cc: Subject: Press Release - NetRisk Announces Sale of RiskOpsTM Software to C anadian Imperial Bank of Commerce and Erste Bank < Please find attached an update on our most recent RiskOps sales. In < addition, we are currently implementing RiskOps at a continental European < financial insitution and a Tokyo based Japanese financial institution, < neither of whom are MORE members. We hope to issue a press release on < these clients in the near future. < < Kind Regards, < < Lara Swann < < < < <<...<< < < NetRisk Announces Sale of RiskOpsTM Software < to Canadian Imperial Bank of Commerce and Erste Bank < < < GREENWICH, CT. July 11, 2000 - NetRisk, Inc., the risk management software < and advisory firm, today announced that both Canadian Imperial Bank of < Commerce (CIBC) and Erste Bank have purchased licenses to its RiskOps(tm) < software product for measuring and managing enterprise-wide operational < risk. Operational risk includes the risk of direct and indirect loss from < causes as diverse as rogue trading to technology failures to improper < sales practices. < < Erste Bank, the second largest Austrian bank, and Canadian Imperial Bank < of Commerce, the second largest Canadian bank, plan to use RiskOps(tm) on < a continuing basis to help evaluate and quantify their firm-wide < operational risk capital. The results will be integrated into their < Risk-Adjusted Return on Capital (RAROC) and consolidated enterprise < (market, credit and operational) risk measures. These measures will help < both banks to better allocate resources, evaluate individual business < units on a risk-adjusted basis and improve strategic decision-making. < < "We are delighted to continue our working relationships with CIBC and < Erste Bank by offering the RiskOps(tm) solution to complete their < operational risk measurement and management processes," says Dan Mudge, a < founding partner of NetRisk. "Operational Risk has been at the forefront < of the regulators' minds and both CIBC and Erste Bank are taking leading < positions in the industry by quantifying Capital at Risk by business < line." < < "RiskOps(tm) has enabled us to comprehensively measure and manage < operational risk for each of our businesses," says Tony Peccia, Head of < Operational Risk Management at CIBC. "RiskOps(tm) gives us the tools we < need not only for capital allocation purposes but also for strategic < decision making." < < "The formal inclusion of operational risk into our overall risk management < framework has required a significant commitment of Erste Bank. < RiskOps(tm) will be used to estimate Capital at Risk for each business, < thereby creating an incentive for stronger risk management within the < Bank," says Franz Reif Head of Risk Management of Erste Bank. "In < addition, we plan to work with Swiss Re New Markets to evaluate our risk < financing alternatives to ensure our capital is being used most < efficiently." < < "NetRisk is pleased to continue its leadership role in helping the < financial services industry develop methods and tools to quantify and < manage operational risk," said Rob Ceske, head of NetRisk's Operational < Risk Management division. "As another example, the data standards we are < developing in conjunction with Multinational Operational Risk Exchange(tm) < (MORE(tm)), which includes CIBC, will significantly benefit the industry's < ability to exchange loss and risk data." < < RiskOps(tm) incorporates a database of published operational risk losses < from the financial services industry, combined with web-based software to < allow users to understand operational risk, analyze loss probabilities, < scale these losses to their firm and determine operational risk profiles, < including operational Capital-at-Risk. The product displays graphical < analyses of the causes, effects, probabilities and severities of < operational risk, specific descriptions of events and measures to help < senior management and risk managers understand and quantify the sources of < operational risk. RiskOps(tm) is available via the Internet, by means of < any standard browser. < < ABOUT NETRISK < NetRisk's mission is to bring cost-effective, practical, leading edge risk < solutions to its clients. To do so it is creating on-line communities and < risk analytic software delivered via the Internet. Products and services < offered by NetRisk include: RiskOps - internet-based operational risk < management solution; Crystal Box - interactive performance and risk < reporting for the investment professional; and Risk Advisory - enterprise < risk management consulting, advice and solutions to the financial services < industry. Gene Shanks, the former President of Bankers Trust, founded < NetRisk, Inc. in 1997. NetRisk has offices in Greenwich, CT; New York < City; and London. Additional information on NetRisk is available at < http://www.netrisk.com/ and on MORE at MORExchange.org. < < ABOUT CANADIAN IMPERIAL BANK OF COMMERCE < Canadian Imperial Bank of Canada is Canada's number two bank. Its 1350 < branches a range of banking services, including checking and savings < accounts, investment products, mortgages and other loans, and credit cards < to consumers and small to mid-sized businesses. In addition, the bank < underwrites and sells life, credit, personal property/ casualty, and < non-medical health insurance. CIBC World Markets provides investment < banking and other financial services in North America, Europe and Latin < America. < ABOUT ERSTE BANK < Erste Bank is Austria's oldest and second-largest commercial bank. The < bank is doing business in six core segments: retail banking, corporate < banking, treasury, trading and sales, and real estate financing and asset < management. It has approximately 300 branches with international offices < in New York, Hong Kong, and London. As Austrian banks consolidate, Erste < Bank is increasing its presence in Eastern Europe. It has subsidiaries in < Croatia and Hungary and acquired 52% of the shares in Ceska Sporitelna, < the second largest bank in the Czech Republic from the Czech government. < One of Erste Bank's largest shareholders is Savings foundation < Anteilsverwaltung Sparkasse . < < < < <
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