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San Francisco, CA, United States, 2012/10/09 - Oracle Openworld - Single unified platform extends visibility and insight to help financial institutions manage operational risk and streamline regulatory compliance (NASDAQ: ORCL) - Oracle.com. NYSE, NASDAQ: ORCL
Oracle Financial Services today introduced two complementary products, Oracle Financial Services Governance & Compliance Management, and Oracle Financial Services Operational Risk Analytics that provide extended capability to meet industry needs of audit, compliance risk, business continuity and change management. These offerings combine with Oracle Financial Services Operational Risk to provide an integrated system for the management of operational risk and related disciplines across the business enterprise.
Oracle Financial Services Governance & Compliance Management enables audit teams to oversee, review and rate risks and controls across lines of business; business continuity managers to develop detailed business continuity plans for every part of a firm’s operation; and Compliance managers to help the business understand and adhere to relevant regulations and policies wherever that business is conducted.
Oracle Financial Services Operational Risk Analytics enables business users to conduct in-depth analysis of historical loss, risk and control data, and review trends via a comprehensive and readily deployable suite of pre-built analytics and reports. Time-series analysis, deriving connections between Risks, Controls, Key Risk Indicators, Losses, Incidents and exploring comparisons across Products, Locations and Processes are key capabilities of this offering.
Oracle Financial Services Operational Risk with Governance & Compliance Management is built on the same unified enterprise-class platform that shares master data, user rights, modules such as Issues & Actions, common access to document repository and links to Insurance – making for a single consistent user experience and leveraging of organizational assets. This can help lower the overall cost of ownership and operation and result in more satisfied business users.
By automating compliance management, and prescheduling risk control assessments and audits, as well as delivering a powerful workload engine to keep users informed of action items, Oracle Financial Services Operational Risk with Governance & Compliance Management can extend visibility, improve management efficiency and consistency and streamline compliance processes.
Financial institutions can clearly define roles and responsibilities across the operational risk framework, aligning them with the multiple lines of defense model deployed in many institutions.
“Financial institutions and regulators are increasingly aware of the inherent weakness in traditional siloed approaches and are seeking a more holistic approach to operational risk management,” said S. Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications. “Oracle Financial Services Governance & Compliance Management, in concert with other Oracle Financial Services Analytical Applications, provides a unified, enterprise-wide solution for managing risk across multiple categories. This helps customers respond to existing and pending regulation as well as implement corporate governance policies that require organizations to create a strong, robust and multilayered risk management framework.”
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