Source: Providus Software Solutions
Providus Software Solutions, Inc., a leading provider of operational risk management (ORM) solutions, and Aleri, a leading provider of innovative aggregation and analytics software, today announced a technology and marketing partnership to support high performance, intra-day analytics for operational risk management.
The integration of Providus' RiskResolve™ 3.6 ORM solution with Aleri's Analysis Engine 3.0, a powerful rules-driven aggregation and analysis engine, combines the breakthrough processing speed and analytical sophistication of Aleri with Providus' comprehensive, enterprise-wide ORM solution for consolidating internal controls across multiple risk types and compliance objectives.
The partnership also builds on both companies' domain expertise in the financial services industry with a joint Sarbanes-Oxley (SOX) compliance solution that optimizes and places controls around the financial statement preparation, reconciliation and closing process. Providus' RiskResolve provides the compliance layer for cataloging, testing and certification of all types of controls, while the Aleri Analysis Engine provides a flexible aggregation and modeling environment to dramatically reduce the financial close cycle from days to hours or less - while increasing access to underlying transaction-level data within a highly auditable system. In addition, the joint solution will address a wide range of compliance objectives, with built-in support for regulatory requirements including Sarbanes-Oxley, Basel II and FDICIA, CoBIT, Patriot Act, Gramm-Leach-Bliley and Surveillance.
Aleri's advanced aggregation and analytics technology extends the value of the Providus' RiskResolve operational risk management solution by enabling executives, risk officers and business managers to view aggregated risk data from disparate sources, and report exceptions, limits and exposures on a real-time basis.
Providus' RiskResolve is the first ORM solution to provide financial institutions with a consolidated view of risk and potential risk across lines of business - enterprise-wide. Providus' RiskResolve solution and its Active Risk Management Framework provide companies with an intuitive control environment for all managers to quickly and easily implement an early-warning system for identifying operational risks, wherever they are in the enterprise and scoring objectively on three measures - inherent risk, control effectiveness and residual risk - continuously in a closed-loop system. Providus' Active Risk Management approach simplifies governance and oversight, allowing executives, auditors and business managers to proactively monitor risk assessments throughout the enterprise. RiskResolve is the only ORM solution that enables real-time reporting and correction of risks and control failures as they are identified.
The Aleri Analysis Engine 3.0 provides companies with greater visibility into their financial data, accelerating the performance of business intelligence and reporting environments. Using the Aleri Analysis Engine to fuel the performance of their business intelligence and reporting systems, customers are able to dynamically update analytic models; accelerate reporting cycles; and improve regulatory compliance.
"Governance, compliance and risk management are critical business imperatives that require the ability to aggregate, analyze and update large volumes of data while accommodating today's frequently changing business environment," said Andy Evans, President and CEO of Providus. "The Aleri Analysis Engine allows companies to interrogate and combine transactional data and historic information on demand, using business rules that can be easily amended. This gives our customers more flexibility to view data from any angle and allows them to dynamically respond to their changing needs. Together, Providus and Aleri form a powerful solution that enables institutions to better meet their growing need for increasingly robust insight into operational risk management. We are pleased to partner with Aleri to further enhance the value of our RiskResolve solution and Active Risk Management Framework."
"RiskResolve consolidates internal controls across multiple risks and compliance objectives, enabling reporting and correction of risks and control failures as they are identified," said Don DeLoach, president and CEO at Aleri. "The combined capabilities of RiskResolve and the Aleri Analysis Engine provide unprecedented control and powerful, immediate insight into operations. By partnering with Providus we can offer financial institutions one of the industry's most comprehensive solutions for operational risk management and sophisticated, high-performance data aggregation."