Risk management software firm Raft International says that Barclays Capital has selected its raft radar solution to assist in managing operational risk and compliance with the Basel II and Sarbanes-Oxley regulatory requirements.
Barclays Capital will initially implement four raft radar modules; incident management, control self-assessment, key management indicators and processes, risks and controls. The system is due to go live globally in April 2004.
“We have selected Raft International for its ability to provide an innovative operational risk management solution that will help to facilitate Basel II and Sarbanes-Oxley compliance,” says John Whittaker, Global Head of Ops Risk at Barclays Capital. Philip Scott, Director, Operational Risk at Barclays Capital adds that “we wanted a best practice solution that could take us beyond regulatory compliance. Raft radar provides us with an integrated solution that can be deployed globally. It is functionally rich and provides us with full scalability for growth.”
David Priestley, Chairman and CEO at Raft International said the sale “demonstrates the success of our strategy to provide best practice operational risk management software to the financial services marketplace.”