SOURCE: Oracle Corporation

Oracle Corporation

March 25, 2014 08:08 ET

Oracle Financial Services Analytical Applications Help Organizations Jumpstart Efforts to Meet Compliance Deadline of BCBS 239: BIS Principles for Effective Risk Data Aggregation and Risk Reporting

Oracle Helps Systemically Important Banks (SIBs) Achieve Regulatory Compliance Through a Comprehensive, Unified and Scalable Risk Management Framework

BOSTON, MA--(Marketwired - Mar 25, 2014) - ORACLE INDUSTRY CONNECT -- Oracle (NYSE: ORCL)

News Summary
In early 2013, the Basel Committee announced the Bank for International Settlements (BIS) Principles for Effective Risk Data Aggregation and Risk Reporting and set an aggressive compliance deadline of January 2016 for global systemically important banks (G-SIBs). As financial institutions prepare for this deadline, Oracle Financial Services Analytical Applications offer a comprehensive and scalable solution to support regulatory compliance, enabling organizations to maintain a single source of truth across risk and finance and support data consistency, transparency, security and traceability.

News Facts

  • G-SIBs -- highly diversified and complex organizations with many lines of business and legal entities spanning multiple countries -- face significant challenges in meeting the January 2016 deadline for compliance with BCBS 239: Effective Risk Data Aggregation and Risk Reporting. These challenges range from navigating regulatory ambiguity and exceptions to coordinating other risk management initiatives underway that are related but have non-aligned deadlines.
  • Oracle Financial Services Analytical Applications, with its unified platform, comprehensive data model and strong risk management framework, provides a jumpstart to financial institutions to support compliance with the BIS principles, which are designed to strengthen banks' risk data management, calculation, governance and reporting practices. 
  • The solution suite is built on a common data model and infrastructure which provides a single source of truth across risk and finance and helps ensure data consistency, as well as transparency, security and traceability -- capabilities fundamental for BIS Principle compliance. Financial institutions also gain a 360-degree view of risk and performance data and benefit from pre-built reports and robust dashboards to support enterprise-wide consistency in risk management and regulatory reporting.
  • Oracle Financial Services Analytical Applications enable enterprises to implement a stronger, more reliable, repeatable and comprehensive risk data management framework that helps to improve overall performance and drive down compliance costs.
  • The Oracle Financial Services Analytical Applications suite of applications provides best-of-breed capabilities across multiple risk areas while supporting enterprise-wide integrity and consistency. It enables banks to achieve enterprise-wide stress testing in a consistent manner and improve model governance through periodic and structured assessments of models used across the organization. The applications can improve security and governance via workflows, approvals and access controls.
  • Together with Oracle Exadata Database Machine running Oracle 11g and Oracle Advanced Analytics, Oracle Financial Services Analytical Applications help banks process data, perform complex calculations and deliver advanced reporting at high speeds and meet the demands of multiple stakeholders in a timely manner.
  • Several components of the Oracle Financial Services Analytical Applications suite provide a strong foundation for compliance. These include:
  • Oracle Financial Services Analytical Applications include a common data model and infrastructure as well as a set of industry-specific and integrated applications that help financial institutions to measure and meet risk adjusted performance objectives, cultivate a risk management culture through transparency, lower the costs of compliance and regulation and improve insight into customer behavior.

Supporting Quotes

  • "To meet increasingly complex regulatory requirements, such as the BIS Principles, financial services organizations want proven solutions that help them jumpstart compliance and achieve the heightened visibility between risk and finance that today's environment demands," said Sultan Khan, group vice president and general manager, Oracle Financial Services. "Oracle Financial Services Analytical Applications deliver on these requirements with a pre-built industry-specific data model, robust infrastructure, and industry leading analytical applications that give financial services organizations unprecedented power to manage enterprise performance and risk, as well as financial crime and compliance, while gaining new levels of customer insight." 

Supporting Resources

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About Oracle in Industries
Oracle industry solutions leverage the company's best-in-class portfolio of products to address complex business processes relevant to financial services, helping speed time to market, reduce costs, and gain a competitive edge.

About Oracle Industry Connect
Oracle Industry Connect, taking place in Boston March 25-26, 2014, brings industry leaders together to share deep domain expertise, insights and industry-specific best practices. This leadership event features customer-led content including visionary keynotes, executive-level networking and in-depth case studies designed to help organizations meet industry-specific challenges. For more information, please visit www.oracleindustryconnect.com

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