Providus Software Solutions, Inc. today introduced a new version of its operational risk management (ORM) solution, RiskResolve™ 3.5, that delivers the industry's first and only Active Control Environment™ capability that ensures the efficacy of internal financial controls and processes. RiskResolve 3.5, which is designed to facilitate enterprise-wide control self-assessment across multiple risk and compliance objectives, also offers the industry's first Oversight Console, enhancing the integrity of both internal and external audit and oversight.
RiskResolve 3.5 is the only ORM solution that enables real-time detection and correction of risks and control failures as they happen. This real-time ability to manage current risks and compliance activity is possible because of RiskResolve's Active Control Environment that consolidates internal controls across multiple risks and compliance objectives. It manages internal controls based on objective, consistently applied rules that can be validated and audited. This enables the active aggregation, testing, validation, escalation and certification of internal controls from within the system. Providus’s Active Control Environment approach ensures independent oversight and accountability of all managers and delivers all these benefits within Providus’s unique, COSO ERM-compliant Active Risk Management™ Framework. The Oversight Console is a unique feature of RiskResolve 3.5 used by both audit staff and risk managers. By bringing together information from both the audit and risk management staff, executives can quickly identify issues and resolve problems across multiple compliance objectives.
In addition to the new Active Control Environment capability and Oversight Console, RiskResolve 3.5 adds a number of major features including:
- Enhanced support for managing compliance with multiple regulations such as Sarbanes-Oxley, Basel II and FDICIA all within a single solution;
- A more powerful and sophisticated control environment for supporting multiple compliance objectives;
- Flexible classifications, allowing users to implement unique, customized classification configurations to meet highly individualized requirements;
- User interface and design improvements that make it quicker and easier to navigate RiskResolve and to personalize the home page for the needs of users based on their respective roles and permissions; and,
- An additional 25-plus new features designed to enhance ease of use, reporting, administration, configuration, archiving and tracking.
"We found that RiskResolve was the most comprehensive choice to meet our regulatory requirements," said Gary Neal, Senior Vice President and Chief Auditor at Umpqua Bank, a $3.0 Billion regional bank holding company based in Portland, OR. "The fact that it was built by bankers and tailored for the banking industry was a decisive factor. It clearly separated RiskResolve from the competition."
"Despite the urgency imposed by new regulations, it's no longer just about compliance. The emergence of an aggressive regulatory environment is making reactive solutions that mainly document compliance after the fact obsolete in 2004. Financial institutions are shifting their requirements to a search for proactive, comprehensive solutions to managing the internal control environment," said Deborah Williams, Group Vice President of Capital Markets and Corporate Banking at IDC's Financial Insights. "The market is demanding solutions that can simultaneously meet financial institutions' needs for real-time reporting and accommodation of multiple regulations as well as their bottom-line goal of mitigating risks to actively prevent losses. This kind of capability, which is both broad and deep, can only be achieved by managing the control environment holistically."
Developed exclusively for the financial services industry, RiskResolve is the first risk management solution to provide financial institutions with an unprecedented top-down view of risk and potential risk across lines of business — enterprise-wide. Designed by bankers for bankers, Providus's RiskResolve and its Active Risk Management approach comprise an early-warning system of all operational risks, wherever they are in the enterprise, by scoring objectively on three measures — inherent risk, control effectiveness and residual risk — continuously in a closed-loop system. The Providus Active Risk Management™ Framework and RiskResolve 3.5 together support a corporate risk culture where managers at every level understand their assigned responsibilities and become active risk managers. In this way, Providus's Active Risk Management approach enables institutions to better tap the business knowledge of line-of-business managers in the identification and assessment of risks and prevention of losses.
"With RiskResolve 3.5, we have once again raised the bar on operational risk management in the financial services industry," said Andrew T. Evans, President and CEO of Providus. "Active Risk Management simplifies governance and oversight, with role-based access and real-time lenses into the entire business allowing executives, auditors and business managers to proactively defend against unacceptable risks. By implementing RiskResolve and our unique Active Risk Management Framework, institutions can now have an Active Control Environment and meet multiple regulatory compliance requirements at the same time. RiskResolve 3.5 is the only solution on the market that delivers all these benefits today."
Using RiskResolve, managers anywhere in a financial institution can attest to the completeness and compliance of their established internal financial control processes directly within the system. This coupling of compliance reporting with actions taken makes compliance easier and more auditable, helping to identify and eliminate gaps in financial controls.
Built on .NET Web services, RiskResolve 3.5 provides users with the necessary role-specific workflow and permission capabilities 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 its advanced Web services architecture, sophisticated, role-based permissions and rules-based policies, RiskResolve 3.5 delivers the industry’s most comprehensive operational risk management solution focused on control self-assessment.