NWC News Network, July 22 2008, 1230 hrs
Polaris Software Lab, a manufacturer of specialty application development in banking, financial and insurance sector, has announced that it will be setting up a dedicated Center of Excellence (COE) for Algorithmics, a provider of enterprise risk management solutions serving over 300 financial institutions globally, to build capacity and service opportunities in the current and emerging markets.
Polaris will set-up its Algorithmics' COE in its Mumbai office and the associates will be trained on the latest software releases provided by Algorithmics. The new COE will support Algorithmics' global services and support team to enhance local project delivery capacity wherever it is needed in line with Algorithmics' business plan for the year. The initial focus will be on implementation of Algorithmics' credit risk and market risk solutions, which are the high growth areas in the market.
Polaris is an early entrant in the risk solutions space and recognizes the shifting focus from risk mitigation to early warning based solutions.
Speaking at the occasion, Bikash Mathur, EVP and Head of Polaris Europe, said, “With banks’ growing spend on risk management solutions, Polaris is well placed with its unique offerings in early warning-based solutions. Polaris and Algorithmics’ relationship has grown broader and deeper over the last two years with Algorithmics’ strong product suite coupled with Polaris’ proven delivery capabilities. The setting up of a dedicated COE signifies our joint commitment in developing a strategic relationship. Considering Polaris’ strong focus on the banking and financial services sector, the new COE, through this partnership will help further strengthen our risk management practice.”
Mina Wallace, Executive Vice-President, Global Services and Support, Algorithmics, added, “Algorithmics is delighted to extend and deepen this partnership with Polaris. We look forward to working with Polaris to ensure availability of experienced and trained people to support our clients' risk management programmes.”
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