Oracle Announces Availability of Oracle® Governance, Risk, and Compliance for Financial Services

NEW YORK 21-JUN-2007 01:21 PM Oracle today announced the availability of Oracle(r) Governance, Risk, and Compliance (Oracle GRC) for Financial Services, an industry-first initiative to comprehensively address key GRC issues specific to the financial services industry, which includes banking, insurance and capital markets. Oracle GRC for Financial Services helps financial institutions gauge the effectiveness of governance policies, manage enterprise risk and future-proof compliance spend across Basel II/IA, MiFID, RegNMS, Solvency II, Gramm Leach Bliley Act (GLBA), PATRIOT Act, Anti-Money Laundering (AML), Know Your Customer (KYC), Fraud Prevention and other regulatory mandates.
Financial institutions typically have sound policies, but executives have struggled with challenges in their functional areas. Traditionally, GRC activities have evolved independently, both in the risk and control functions. The result is that the impacted business units have created disparate short-term reactive approaches related to risk and compliance. Oracle GRC delivers oversight functions that can gauge the effectiveness of governance policies and procedures as driven by internal and external directives. Business functions can easily track and enforce compliance related to respective lines of business.

Oracle GRC for Financial Services brings together Reveleus' financial services leadership in Enterprise Risk and Compliance with Mantas' industry-leading behavior detection platform supported by Oracle GRC Manager's comprehensive Business Process Management, Contents and Records Management, Identity and Access Management and GRC Intelligence.

"The increasingly complex risk and compliance environment requires financial services executives to make decisions based on real-time views of enterprise-wide data," said Rajesh Hukku, Senior Vice President and General Manager, Oracle Financial Services Global Business Unit and Chairman of i-flex solutions. "Oracle's Governance, Risk, and Compliance solution for Financial Services provides chief compliance, risk and information officers with a holistic view of their governance policies and procedures, as well as clear, consistent oversight of the organizational performance against those policies."