Oracle Unveils Compliance Package for Financial Services

By Chris Preimesberger  |  Posted 2007-06-22 Print this article Print

The new Oracle GRC suite allows 24/7 views into enterprise systems to help keep them legal.

Oracle on June 21 announced the availability of a real-time data governance, risk and compliance software package geared specifically for financial service companies. The package, Oracle GRC for Financial Services, helps financial institutions gauge the immediate effects of governance policies on their business and also manage enterprise risk for such legislation as Basel II/IA, GLBA (Gramm-Leach-Bliley Act) and the Patriot Act. The software also offers real-time guidance regarding MiFID (Markets in Financial Instruments Directive), RegNMS (Regulation National Market System), Solvency II, AML (Anti-Money Laundering), KYC (Know Your Customer), fraud prevention and other regulatory mandates.
Oracle GRC for Financial Services combines the original technology of two outside entities: the real-time enterprise risk and compliance expertise of Reveleus (a division, based in Edison, N.J., of i-Flex solutions, which is majority-owned by Oracle) and the behavior detection platform supplied by Mantas, an independent company based in Herndon, Va.
Senthil Kumar, chief marketing officer of i-Flex, told eWEEK from his London that this new package "completes the original vision that Oracle had several years ago about building a high-performance risk/compliance package for financial services companies." Click here to read about why data governance is taking center stage to make compliance auditing less painful. Kumar continued, "The GRC for Financial Services puts everything a company needs in one real-time application. … There is no need anymore to buy disparate applications, install, maintain and update them. This package will serve for years on its own merit. It can be updated as regulations change, and its very easy to do it." Oracle GRC delivers oversight functions that can gauge the effectiveness of governance policies and procedures as driven by internal and external policies, while business functions within the software can track and enforce compliance related to respective lines of business, Kumar said. "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 of the Oracle Financial Services Global Business Unit, and chairman of i-Flex solutions. Oracle GRC for Financial Services is available now. Pricing information is available upon consultation. For more information, see Oracles Web site. Check out eWEEK.coms for the latest news, commentary and analysis on regulatory compliance.
Chris Preimesberger Chris Preimesberger was named Editor-in-Chief of Features & Analysis at eWEEK in November 2011. Previously he served eWEEK as Senior Writer, covering a range of IT sectors that include data center systems, cloud computing, storage, virtualization, green IT, e-discovery and IT governance. His blog, Storage Station, is considered a go-to information source. Chris won a national Folio Award for magazine writing in November 2011 for a cover story on and CEO-founder Marc Benioff, and he has served as a judge for the SIIA Codie Awards since 2005. In previous IT journalism, Chris was a founding editor of both IT Manager's Journal and and was managing editor of Software Development magazine. His diverse resume also includes: sportswriter for the Los Angeles Daily News, covering NCAA and NBA basketball, television critic for the Palo Alto Times Tribune, and Sports Information Director at Stanford University. He has served as a correspondent for The Associated Press, covering Stanford and NCAA tournament basketball, since 1983. He has covered a number of major events, including the 1984 Democratic National Convention, a Presidential press conference at the White House in 1993, the Emmy Awards (three times), two Rose Bowls, the Fiesta Bowl, several NCAA men's and women's basketball tournaments, a Formula One Grand Prix auto race, a heavyweight boxing championship bout (Ali vs. Spinks, 1978), and the 1985 Super Bowl. A 1975 graduate of Pepperdine University in Malibu, Calif., Chris has won more than a dozen regional and national awards for his work. He and his wife, Rebecca, have four children and reside in Redwood City, Calif.Follow on Twitter: editingwhiz

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