Innovations won Merlin Award for Best Service Provider

The German American Chamber of Commerce of the Midwest (GACCoM) celebrated a decade of excellence in German American Business on May 7 in Chicago. During the course of this elegant Gala, the 2010 Merlin Awards were presented to companies representing exceptional achievements in German American business in three award categories:  Best Innovator, Best New Company, and Best Service Provider.

Innovations Software Technology won the Merlin Award for Best Service Provider

Innovations’ leadership within the Global Risk Management community during the financial crisis and the support of financial Credit Risk Management and Basel II are some of the primary reasons Innovations received the award.

New Credit Risk Rating Systems Replace Legacy Systems

Every bank and financial institution knows that risky lending can result in tremendous financial loss. With the Basel II accord now or soon to be in effect throughout the world, they are implementing new credit risk rating systems, replacing legacy systems mainly based upon Excel / VBA solutions.

Assessing Risk as Precisely as Possible

The required amount of capital reserve increases in relation to the risk that the borrower will not meet its obligations. To assess this risk as precisely as possible, leading banks and financial service providers throughout the world have implemented Innovations’ Credit Risk Management Platform. Volkswagen Financial Services, Fannie Mae, Capital One, Scania Financial Services are just a few of Innovations’ references among its growing list of global clients.

“In the past few years we have been able to help financial service providers manage their risks more precisely, and we are pleased that they appreciate our technology, expertise and staying-power with complex implementations.  We are very proud to have been named Best Service Provider by the German American Chamber of Commerce for our work in both Germany and in the United States",  said David S. Kim, Managing Director and CEO of Innovations Software Technology.