Providus Software Solutions, Inc. introduced new versions of its two risk management applications, RiskResolve 3.0 for Sarbanes-Oxley and RiskResolve 3.0 for Basel II regulatory compliance. Developed exclusively for the financial services industry, Providus’s RiskResolve is the first risk management solution to provide financial institutions with a single Active Risk Management Console enabling an unprecedented top-down view of risk and potential risk across lines of business enterprise-wide.
The RiskResolve 3.0 applications satisfy the needs of both auditors and top financial services industry executives, including CEOs, CFOs, Boards of Directors and Audit Committees, for an immediate risk management solution for multiple regulatory requirements with respect to:
- Visibility of risk and potential risk;
- Accountability of business lines; and
- Efficacy of internal financial controls and processes.
“Demand is growing among financial institutions for practical solutions that can support easy-to-use, efficient risk management capable of crossing business process and organizational boundaries,” said Deborah Williams, group vice president of Capital Markets and Corporate Banking at IDC’s Financial Insights. “Customers are looking for vendors to demonstrate tangible, long-term business benefits not just documentation of compliance. That means financial services executives need a single, managed view into all types of risk aggregated and consolidated across the enterprise. Solutions that can successfully meet these requirements will be well received not only in the Board room, but also by C-level executives and line-of-business users.”
With RiskResolve, managers in bank business units and business lines can attest to their completeness and compliance with established internal financial control processes directly online in the system. This coupling of compliance reporting with actions taken (which is not connected in most competing solutions) makes compliance easier and more auditable, helping managers to identify and eliminate gaps in financial controls.
Built on .NET Web services, the RiskResolve 3.0 applications provide users with the necessary workflow and permission capabilities for a role-specific interface the Active Risk Management Console for entering, viewing, tracking, and reporting on risks and risk-related data associated with each user’s area of responsibility in the financial institution. Through this advanced Web services architecture, the RiskResolve 3.0 applications deliver the industry’s most comprehensive risk management solution with early warnings and alerts; issue escalation; sophisticated, role-based permissions; and rules-based policies. With built-in support for the regulatory requirements of FDICIA as well as Sarbanes-Oxley and Basel II, Providus’s Active Risk Management Framework supports COSO best practices for risk mitigation and management across both organizational and procedural boundaries.
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