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Z/Yen has vital role in foresight challenge winning Financial Laboratory Club

Z/Yen Limited, the risk/reward management specialist firm, has won £3/4M funding from the DTI's Foresight Challenge, together with its consortium partners in the Financial Laboratory Club (F£C). The money helps to fund a two year research program into the use of virtual worlds for effective risk management in the financial sector.

As well as Z/Yen, the F£C consortium includes, BZW, Silicon Graphics, Sun Alliance, City University Business School, The London Stock Exchange and DERA (the Defence Evaluation And Research Agency, an Agency of the Ministry of Defence). The consortium members have pledged circa £1M as industry's contribution to this valuable work.

Z/Yen director, Ian Harris, says: "We are delighted to have such a vital role in the F£C consortium. The Government's chief scientific advisor, Sir Robert May FRS, rated the science alpha, while the Minister For Science and Technology, Ian Taylor MBE MP said that the proposals embrace science, engineering and technology of the highest quality.

"The F£C is combining technology developed for defence with leading edge financial risk management techniques. We intend to evolve a common risk visualisation environment, known as CORVET, which can be applied within and beyond the financial arena. This prestigious award will enable the F£C to turn Z/Yen's vision of risk/reward management into reality, or at least virtual reality. Z/Yen will staff the project out of London and Edinburgh."

Z/Yen specialises in risk/reward management, an innovative approach to improving organisational performance. Z/Yen clients to date include blue chip companies in banking, insurance, distribution as well as several charities and technology companies.

For further information please contact Ian Harris on (020) 7562-9562 or Kevin Parker on (0131) 667-6012

25 June 1996