Oracle Financial Services Governance & Compliance Management

The division of Oracle Financial Services submitted in October, 2012 two solutions Oracle Financial Services Governance & Compliance Management and Oracle Financial Services Operational Risk Analytics supplementing each other which allow to meet better the needs of the financial industry for management of audit, changes, risks of non-compliance with legislative arrangements and also ensuring business continuity. In combination with the solution Oracle Financial Services Operational Risk these products offer the integrated platform for operational risk management on the scale of all enterprise.

The solution Oracle Financial Services Governance & Compliance Management allows departments of audit to trace, study and estimate risks for different aspects of business. Managers on ensuring business continuity can develop detailed plans of support of continuous activity for each direction of business, and managers on accomplishment of the regulating regulations — to help the companies with understanding and respect for applicable rules and the politician in all regions where business is done.

"Financial institutions and regulating authorities realize weakness of the traditional fragmented approaches more and more and look for more complete approach to operational risk management — S. S. Ramakrishnan, the vice president and the general manager of the Oracle Financial Services Analytical Applications direction noted. — Oracle Financial Services Governance & Compliance Management in combination with other Oracle Financial Services analytical applications provides single all-corporate solution for risk management on a set of aspects. It helps clients to respect the existing regulating rules and also to develop the corporate politicians necessary for operational risk management".

According to developers, Operational Risk Analytics allows business users to carry out the profound analysis of statistical data about losses, risks and control and also to study trends using a complex of the built-in means of the analysis and preparation of reports, complete, ready to deployment. A key feature of the Oracle Financial Services Operational Risk platform is time series analysis which reveals communications between risks, control facilities, key hazard rates, losses and incidents and allows to compare the relevant data for products, branches and processes.

In turn, the solution Governance & Compliance Management created based on the same unified platform shares basic data, information on user rights, such modules as to Issues & Actions ("Problems and Actions"), the general access to a repository of documents and the link to the Insurance component ("Insurance"), creating the unified approved user environment and providing effective use of organizational assets. It allows to reduce total cost of ownership and operating expenses, claim in Oracle.

In general thanks to control automation of observance of legislative arrangements to both advance audit and risks assessment industry solutions of Oracle Financial Services Operational Risk and Governance & Compliance Management allow to increase transparency, efficiency and coordination of management and also to optimize observance of legislative arrangements, concluded in corporations.