Bradford & Bingley to outsource credit risk management to Euristi

Tue. April 07, 2009; Posted: 09:42 AM

Apr 07, 2009 (Datamonitor via COMTEX) -- BDBYF | Quote | Chart | News | PowerRating -- Financial services provider Bradford & Bingley and Euristix, a credit risk management consultancy, have signed a deal to outsource all credit risk management activities of the bank to Euristix.

The existing 12 staff members of Bradford & Bingley's (B&B) credit risk management department have been transferred over to Euristix. The staff will continue to work at B&B's premises in West Yorkshire, UK where they will work on monitoring the mortgage portfolio and producing strategies to deal with credit and arrears management. Euristix will also provide B&B access to risk management practices and analytics.

Martin Rowe, director of mortgage services at Euristix, said: "This deal, although being the largest outsourcing deal that we have signed, is a continuation of the Euristix strategy to offer risk outsourcing solutions to businesses that, for size or strategic reasons, believe it would be hard or too costly to attract the talent they need to run an industry leading risk management function.

"Also, this will provide Euristix with an opportunity to implement the entire suite of mortgage portfolio management reports and industry leading analytics that we have developed over the past several years."

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