Fitch Risk Management, an affiliate of Fitch Ratings, has agreed to acquire the NetRisk and its OpVantage subsidiary. Fitch Risk Management is looking to integrate its credit analytics with NetRisk and OpVantage's advisory services as well as OpVantage's tools for quantifying operational risk and capital-at-risk.
Goldman Sachs is spearheading the creation of a not-for-profit company to operate a shared database of public information to help identify and manage the risk associated with financial crime. Other financial institutions already on-board with the Regulatory Data Corporation formation include Allianz, American Express, Bank of America, Bank of New York, Bear Stearns, Citigroup, Credit Suisse First Boston, JPMorgan Chase, Deutsche Bank, GE Capital, Lehman Brothers, Merrill Lynch, Morgan Stanley and several others. William Catucci has been tapped to head up the RDC as chief executive officer. The RDC will develop the Global Regulatory Information Database, or Grid system, which will combine historic and current public records published by regulatory agencies along with news and other public sources of information. The RDC will also develop due-diligence and anti-fraud products and services.
BITA Plus Consultants, a provider of risk management and portfolio optimization software, will now operate as COR Risk Solutions. COR Financial Solutions recently acquired BITA Plus Consultants to extend its range of software products and services into the portfolio risk analysis area. COR RS will complement COR Investment Solutions and COR Internet Banking Solutions groups which also fall under the COR Financial Solutions' product and service line.