Investors Guaranty Group is changing the name of the CicadaRisk risk management technology it funded in conjunction with Cicada and Algorithmics to RiskGrid Technologies.
CicadaRisk was originally launched as a joint venture between Algorithmics and Cicada, with strategic investment by Investors Guaranty. The company and its flagship product RiskGrid, along with related services, will now be marketed on an ongoing basis under the RiskGrid Technologies brand.
The senior management team for the new unit includes Dr. Douglas Love of Investors Guaranty and long-time Algorithmics veterans Raj Verma and Sumit Chattopadhyay.
Inverstors Guaranty describes RiskGrid as “a framework for risk management and compliance solutions, tailored to the requirements of asset management firms, hedge funds, pensions and endowments, investment consultants and insurance companies.”
The application incorporates risk analysis and pricing models from Algorithmics, with data management technology from Cicada.
RiskGrid is designed to address risk management, performance attribution and compliance in a consistent, integrated enterprise framework. RiskGrid version 2.0, released in October, features a new dashboard view, designed to help provide senior management with a high-level enterprise view of risk.
“We are pleased to bring the new RiskGrid Technologies brand to the market. By incorporating into the brand the impressive solution developed by CicadaRisk and its team, we have a solid foundation of technology and expertise to address the expanding risk management market,” says Douglas L. King, Chairman, Investors Guaranty Group. “The market’s efforts toward best practices for risk management and meeting compliance requirements continue to drive demand and our product strategy. We also look forward to continuing our mutually-beneficial relationship with Algorithmics and developing various solutions ‘Powered by Algorithmics’.”
The announcement follows Algorithmics’ news in October that it had re-aligned and expanded its product development agreement with Investors Guaranty. Under the new agreement, Investors Guaranty is developing systems, including RiskGrid, that make use of Algorithmics’ software in several buy-side markets, including asset management and insurance.