Oracle has announced the availability of Oracle Governance, Risk, and Compliance (GRC) for Financial Services, an initiative to address key GRC issues specific to the financial services industry. The solution helps financial institutions gauge the effectiveness of governance policies, manage enterprise risk, and future-proof compliance spending across multiple regulatory mandates.
Financial institutions have sound policies, but executives have struggled with challenges in their functional areas. Traditionally, GRC activities have evolved independently, both in the risk and control functions. The result is the impacted business units have created disparate short-term reactive approaches related to risk and compliance. Oracle GRC delivers oversight functions that can gauge the effectiveness of governance policies and procedures as driven by internal and external directives. Business functions can track and enforce compliance related to respective lines of business.
"The increasingly complex risk and compliance environment requires financial services executives to make decisions based on real-time views of enterprisewide data," says 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 policies and procedures as well as clear oversight of the organizational performance against those policies."
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