Oracle today announced that the Principal Financial Group, a leading provider of retirement savings, investment, banking and insurance products, is using Oracle Identity Management to integrate its auditing functions to more effectively manage operational risks.
Faced with a growing list of compliance requirements that required significant time and resources, The Principal needed a scalable security offering capable of managing and auditing account creations, updates and assigned access rights across its enterprise. The Principal selected Oracle Identity Manager, a component of Oracle Identity Management, over competitive offerings to help meet its goals.
As part of an 18-month development and implementation process, The Principal incorporated Oracle Identity Manager into its comprehensive security platform that supports all account provisioning processes. Today, the overall solution provides end users and application owners with extensible, dynamic workflows for managing approval and provisioning processes across more than 100 systems and applications. With its provisioning system, the company can mitigate operational risks and more easily enforce audits for user access privileges. For example, The Principal can generate reports regarding who has access to CRM or financial applications for the purposes of attestation.
"Given the increasing complexity of regulatory requirements we face as a financial services provider, we needed to implement a system that could help automate our employee provisioning and deprovisioning process," said Kevin Kelley, assistant director, IT, the Principal Financial Group. "Oracle Identity Management provides us with the ability to more easily and efficiently improve security processes across our comprehensive application environment while helping us address our compliance requirements."