CLICK HERE FOR VIDEOHexaware Tech today announced it has entered into a joint venture agreement with Pemtrad International to launch Risk Technology International (RiskTech).According to an official release issued by Hexaware Tech to the BSE today, the new entity will focus exclusively on offering a comprehensive suite of technology-intensive solutions in the domain of enterprise risk and compliance management, primarily for financial institutions worldwide. RiskTech will have offices in UK, USA and India. Peyman Mestchian has been appointed CEO of Risktech. He will manage the business from UK.RiskTech will offer a suite of technology-focused solutions for implementation and support in the areas of value-based enterprise risk management (ERM) including Basel II and Pillar III based services, regulatory compliance, and treasury risk management. In addition, it will also provide MIFID related services. With an investment of 85% in the JV, Hexaware will be able to strengthen and leverage its scope of operations by offering diversified solutions in the field of enterprise risk and treasury risk management applications, the release said.The global market for risk technology is estimated at $ 5.5bn (external expenditure only) in 2007."After asset management and wealth management, we have now entered the risk management space through this venture. With this, Hexaware will strengthen its BFSI practice by adding a third sub-vertical of ERM. We expect to achieve revenue of $20mn+ in the third year in RiskTech coupled with a high downstream revenue potential for Hexaware," Atul Nishar, executive chairman, Hexaware Technologies, said."RiskTech will provide a new line of business and also new customer relationship for the entire Hexaware organization. We expect RiskTech to add at least half a dozen new clients in the next six months. Peyman's rich industry knowledge and business network in this space would be invaluable in giving RiskTech the business momentum." Rusi Brij, VC & CEO, Hexaware Technologies, said.
