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."
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.