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6. September 2011
MINNEAPOLIS - September 6, 2011 - FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that the company won the Paragon Award for the Best Paper at the Credit Scoring and Credit Control XII conference in Edinburgh, the leading worldwide conference on credit scoring and related topics. This marks FICO's second consecutive Best Paper award at the conference, following the 2009 win by FICO Labs' Gerald Fahner on causal modeling.
David Molyneaux and Johan Jansen van Rensburg of FICO Labs were awarded the Paragon Award for Economic Impact Grade Migration Modelling - To Address Pro-Cyclicality in Current Risk Management Practice. Selected from nearly 75 papers, the paper explores the authors’ methodology for determining the impact of economic scenarios on credit risk, in order to help banks manage counter-cyclical risk under Basel III. FICO has launched the FICO® Economic Impact Service to bring these predictive analytics innovations to clients worldwide.
"FICO's paper brings together the academic view and the practical view, which has been one of the main aims of the conference series since its inception in 1989," said David Edelman, founding member of the judging committee. "We seek papers that advance our knowledge but also have practical applications. The work FICO presented is forward-thinking and very relevant to the current challenges in the credit industry, both deciding factors in presenting the FICO team with the award."
“Members of FICO Labs advance the science of predictive analytics in order to solve some of the most pressing business issues facing banks and other companies,” said Andrew Jennings, FICO senior vice president, chief analytics officer and head of FICO Labs. “We are very proud to have been recognized with this award, as it acknowledges the groundbreaking research of our analytic experts in this field.”
The authors are also scheduled to present this work at the upcoming FICO World conference, to be held on 1-4 November 2011 in New York City. Information is available online at www.ficoworld.com.
Incidentally delegates came from 40 different countries and there were 398 delegates. This makes David's achievements even greater. Congratulations to David and his coauthor for an excellent paper.
The Credit Scoring Conference is organized by the Credit Research Centre at the University of Edinburgh and is held in Edinburgh every two years. Nearly 400 delegates — both academics and practitioners — attended from 40 countries. The Paragon Award for the Best Paper at the Credit Scoring and Credit Control conference is awarded by Paragon Business Solutions. Conference information is online at www.crc.man.ed.ac.uk/conference.
Über FICOFICO (NYSE:FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company’s groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO’s innovative solutions include the FICO® Score — the standard measure of consumer credit risk in the United States — along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world’s top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com. FICO: Make every decision count™.
For FICO news and media resources, visit www.fico.com/news.
Statement Concerning Forward-Looking InformationExcept for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company's Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2010 and its last quarterly report on Form 10-Q for the period ended June 30, 2011. If any of these risks or uncertainties materializes, FICO's results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
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