GREENWICH, Conn. (HedgeWorld.com)--Fitch Risk Advisory, a consultant to the financial services industry in North America and Europe, has created a new product, NetRisk Insurance Services.
In a statement, Christopher Lewis, managing director of Fitch Risk Advisory, described NetRisk as a specialty practice providing advisory support in the design, pricing, underwriting and claims adjustment of insurance policies written on financial institutions and capital market risks in North America and Europe.
"The financial services industries have been converging rapidly over the past several years, particularly in the products offered for risk transfer," Mr. Lewis said. "This convergence has exposed important gaps in the way that financial institutions and insurance companies understand capital market activities and risk. NetRisk helps clients bridge this gap."
Among other services, NetRisk will provide risk management benchmarking assessment. The objective of benchmarking assessment is to provide NetRisk's clients with a evaluation of the current state of their risk management and control practices, with an eye to gap analysis and the best practices of peer institutions and with recommendations for improvement.
Fitch Risk, which has headquarters in New York and London as well as Greenwich, has two divisions: Op Vantage and Credit Vantage. Fitch Risk Advisory, headquartered in Greenwich, is in the words of one company spokesperson "wrapped around" the work of both divisions, consulting with clients as to both operational and credit risks.
The corporate umbrella for Fitch Risk and the wrap-around advisory service is Fitch Risk Management Inc.