Riskraft signs six-month contract with Financial Services Commission

Mumbai, Apr 12 (UNI) Riskraft consulting limited, a subsidiary of the Financial Technologies Group, today signed a six-month contract with Mauritius-based Financial Services Commission (FSC) for an undisclosed amount, to impart a risk-based supervision system (RBS) in the operations of Mauritius FSC.

Riskraft will be instrumental in installing a browser-based risk management system for the Mauritius regulator and thus to create an early warning system for the FSC enabling it to adopt corrective measures, said Riskraft Chief Consulting Officer Ashok K Nag while addressing mediapersons today.

'' Riskraft will execute the project on a turnkey basis by first customizing its proprietary RBS framework to the regulatory environment of Mauritius. This will enable FSC to undertake both a multi-dimensional analysis of risk profiles and a prospective detection of risk regulation,'' Mr Nag said.

Mauritius FSC, that has tied up with 33 countries including India, have 20 players in Insurance, 12 in Stock Broking and 100 in management sector.

''Ours is an open market that still expects large-scale investments from across the world. We are planning to expand our capacity by entering into the larger platforms of insurance and capital markets. At this juncture, we believe a scientific risk management system will catalyst the activities,'' FSC (Mauritius) Chief Executive Milan J N Meetarbhan.

UNI