Tech firm in risk deal with Swiss finance giant

10 Jan 2006

A Dublin-based software company that orchestrated a recent management buyout (MBO) has deployed a complete operational risk management system for the worldwide operations of Swiss Life and health insurer Swiss Re.

Ci3, which recently completed a MBO from its former parent Comit Gruppe, has had its flagship product Sword selected for the delivery of a complete operational risk management system

“Swiss Re undertook very extensive and detailed analysis of the operational risk systems market, so the decision to award this contract clearly identifies Sword as the leading operational risk management solution for the global financial services industry,” commented Seamus O’Farrell, director of Ci3.

Sword will provide Swiss Re with computer-based tools to measure, monitor and manage the operational risks taken across its entire organisation in the normal running of its business. This project is a key plank in Swiss Re’s ongoing initiatives to be at the forefront of risk management in the insurance industry.

“Sword’s ease of configuration for different divisions, coupled with its enterprise-wide reporting capability makes it the clear winner for a global operation such as Swiss Re,” explained Philip Lemmens, head of group operational risk management at Swiss Re.

In September Comit Ireland rebranded as Ci3 following the completion of its MBO from Comit Gruppe. In December, Sword ranked first in three categories — risk assessment, key loss indicators and internal loss data — in the Risk Magazine Technology Rankings for 2005.

By John Kennedy