IPSA International, a risk advisory firm, has announced the launch of its asset integrity unit in response to the growing global financial crisis.
The new unit will be co-chaired by the firm’s COO, Greg Regan, and managing director, Dennis Lormel.
IPSA International (IPSA) noted that the recognized deficiencies in recent lending practices have led to a catastrophic level of losses in the financial industry. These subprime and mortgage backed securities losses have in turn created a domino effect of increased delinquencies across all closed-end and revolving credit products. Financial institutions are finding themselves exposed to a growing number of overall credit based risks. IPSA stated that its asset integrity unit has been created to assist financial institutions and government agencies in identifying the underlying risk profiles of these troubled assets and mortgage portfolios.
Dan Wachtler, president and CEO of IPSA, said: The growing financial crisis demanded IPSA act quickly and set up a unit that specifically addresses the issues affecting our clients. While financial institutions and governments need to act decisively during this crisis, managing exposures to increased risk and fraud should not be overlooked. Our clients have asked our assistance in balancing their need for swift action with their fiduciary requirement of prudence.