SOURCE: Venice Consulting Group

November 09, 2006 10:15 ET

A COOL Change: Venice Consulting Group and IMAG Work on Enhanced Risk Diagnostic Mapping Tool

New Generation of COOL Maps to Help Fortune 100 Companies Capture Business, Operational, and Regulatory Risk

VENICE, CA -- (MARKET WIRE) -- November 9, 2006 -- Venice Consulting Group (VCG), a leading software development and consulting firm based in Venice, California, has begun work on the next generation of COOL Maps, the state-of-the-art risk diagnostic mapping tool from IMAG. The new COOL Maps will be built using the latest in web services technology, allowing customers and partners access to a flexible web-based system that supports risk mapping processes in an unprecedented manner that is easy to use and highly effective at risk identification and mitigation.

COOL is IMAG's non-database risk analysis methodology designed to capture business, operational, and regulatory risk within a product or service flow. Using COOL, management can easily view their process flows, the control tools and metrics, the identification and analysis of risks within the process flow and proposed solutions, all at the same time. COOL Maps is used by numerous Fortune 100 companies, and has been successfully utilized by a number of mortgage companies, banks, and securities firms.

The new COOL Maps take an approach that was more process-based and reliant on standard tools to an enterprise application that includes the COOL Maps process logic and the capability to add rules to support varying customer requirements. The new system is being developed on Microsoft .NET 3.0 framework, and will be offered in web-based, enterprise and standalone versions.

"In today's corporate environment, it is more important than ever before that companies proactively manage risk in all its forms," says Robert Cone, Managing Partner of IMAG. "This joint development effort with Venice Consulting represents the culmination of our experience and success in process risk management. Through the years IMAG has proven the success of our process approach to risk management with COOL Maps. We look forward to the release of the new enterprise class system that leverages our many years of experience in an application that can be used across our customers' entire enterprise."

"The IMAG project is ideal for VCG in many ways," says Jake Ryan, Managing Partner for Venice Consulting Group. "IMAG brings incredible vertical market depth to the project, encapsulating invaluable years of experience in an application and system that can transform how process risk is identified and mitigated. We're excited to be working with a client that brings this caliber of experience to a project, enabling us to produce a system that delivers world-class services to the Fortune 100."

About Venice Consulting Group

Venice Consulting Group is a leading software consulting and development company specializing in time-sensitive and mission-critical system development. With extensive experience in technologies such as .NET, Java and open-source environments, our consortium of seasoned consultants deliver quality solutions on time and within budget. The benefit of our consortium approach is our agility and flexibility. Because of our depth of resources, we can field complete project teams or skilled individuals to augment your team quickly. Our team has deep industry experience that cross many vertical markets from real estate to media & entertainment to new start-up ventures. Please visit us at to learn more.

About IMAG, Inc.

IMAG, Inc., the International Management Advisory Group, founded in 1993, is headquartered in New York City. IMAG's reputation risk solutions combine experienced consulting practices with innovative non-data base systems to provide financial institutions with practical methodologies for managing reputation risk. In 2002, IMAG introduced "COOL," a proprietary risk analysis and solution methodology that identifies business, operational, and regulatory risks. In 2004, IMAG introduced "R3," a reputation risk reduction methodology, which coupled with COOL analysis, permits management teams to focus attention on prioritized areas of risk that require immediate attention. COOL and R3 have been successfully utilized by a number of mortgage companies, banks, and securities firms.

For more information about IMAG, Inc., please visit or call 212-697-2424.

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