Oracle (ORCL) is stepping up efforts to help banks and other financial institutions manage risk and streamline regulatory compliance.
The software company based in Redwood Shores, Calif. has introduced systems for managing governance and compliance that work together with Oracle's existing platform to enable financial firms to manage risk company-wide, Oracle said Tuesday.
The Oracle Financial Services Governance & Compliance Management system allows companies to review and rate risks across their business, to develop continuity plans, and to adhere to regulations and policies in effect wherever the company conducts business. Oracle's Financial Services Operational Risk Analytics allows users to assess risks, losses, controls and trends.
According to Oracle, the systems share data, user rights and modules with the company's master platform, a design that streamlines the user experience and lowers costs.
"Financial institutions and regulators are increasingly aware of the inherent weakness in traditional siloed approaches and are seeking a more holistic approach to operational risk management," S. Ramakrishnan, group vice president and general manager with Oracle Financial Services' analytical applications, said in a news release. "Oracle Financial Services Governance & Compliance Management, in concert with other Oracle Financial Services Analytical Applications, provides a unified, enterprise-wide solution for managing risk across multiple categories."