Integrating risk-management

Oracle unveils its integrated platform for risk and performance management for the financial services industry. By Jacob Nthoiwa, ITWeb journalist.
Traditionally, financial organisations have responded to compliance, performance and risk requirements as a series of individual and isolated solution areas, rather than as part of an integrated solution architecture.

This is according to Felix Caprez, senior director of Oracle EMEA's financial services industry business unit. He was speaking at the announcement of Oracle's integrated platform for risk and performance management for the financial services industry.

He said that banks' core processes around lending and risk management have typically operated in isolation of each other. Due to this, they developed various measurements and deployed different systems to support their operations, added Caprez. Historically, this approach worked sufficiently.

The company's new offering, Oracle Financial Services Analytical Applications, allows risk and performance to be analysed and managed in a single platform.

“Today, the combination of unprecedented industry turmoil and an economic downturn has forced financial services institutions to re-evaluate their business models,” he pointed out.

This involves achieving a more holistic view for management as well as reporting to both regulators and investors, Caprez added.

Managing risk

To help the financial services institutions break down their functional silos and enable the flow between risk and performance management processes, Oracle has developed a common data model as the underpinning of the Financial Services Analytical Applications, Caprez explained.

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    http://www.linkedin.com/groups/ISO-31000-2009-Risk-Management-1834592?mostPopular=&gid=1834592

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