On June 21, Oracle announced the availability of Oracle(R) Governance, Risk, and Compliance (Oracle GRC) for Financial Services, an industry-first initiative to comprehensively address key GRC issues specific to the financial services industry, which includes banking, insurance and capital markets.
“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, Oracle Financial Services Global Business Unit and Chairman of i-flex solutions. Oracle’s Governance, Risk, and Compliance solution for Financial Services provides chief compliance, risk and information officers with a holistic view of their governance.”
Oracle GRC for Financial Services helps financial institutions gauge the effectiveness of governance policies, manage enterprise risk and future-proof compliance spend across Basel II/IA (risk-based capital); MiFID (Markets in Financial Instruments Directive, the EU Commission’s financial services action plan for investment services across the 30 member states of the European Economic Area); RegNMS (Regulation National Market System): SEC initiative and trade-through rule that will make best price and fast quotations a requirement for U.S. equities trading; Solvency II: improves and streamline European insurance regulation; Gramm Leach Bliley Act (GLBA): Financial Services Modernization Act of 1999, provides limited privacy protections against the sale of private financial information; PATRIOT Act, deters and punishes terrorist acts in the United States and around the world by enhancing law enforcement investigatory tools; and the Anti-Money Laundering (AML).
Sarbanes-Oxley Act, signed into law in September of 2002, led governments and regulators to revisit existing standards and create new rules on internal controls over financial reporting stateside and around the world. The Sarbanes-Oxley Act changed the management, oversight, and compliance responsibilities of CEOs, CFOs, auditors and corporate boards. It has created a new era of accountability to which other sectors and countries have converged.
Oracle now delivers the industry’s most comprehensive offering to manage strategic, financial, technology and operational risk across the enterprise regardless of compliance mandate.
For example, the suite includes support for international financial regulations including: OMB A-123 in the U.S; Multilateral Instrument 52-109 in Canada; and the Turnbull Report in the U.K.
