Providus, as an independent company, will focus its development and sales resources on delivering comprehensive software solutions for corporate compliance and operational risk management. Today, Providus also announced commercial availability of its RiskResolve software application. RiskResolve is a packaged enterprise software solution for the proactive management of SEC compliance and operational risk.
"Our customers have quickly realized that RiskResolve is applicable to a wide range of operational challenges, not the least of which is ensuring that their internal controls are adequate to meet new SEC certification requirements, based on the Sarbanes-Oxley Act of 2002," stated Andrew Evans, President & CEO of Providus.
RiskResolve was specifically developed to assist major financial institutions in their efforts to manage the complex provisions of the Basel II international capital accords, which define "operational risk" as a safety and soundness concern that should be factored into a financial institutionâs capital requirement. Developed first as a custom solution and then commercialized in late 2002, RiskResolve has been received enthusiastically by customers in highly regulated industries, delivering a much-needed solution in this growing regulatory environment. RiskResolve automates the risk management process and transforms internal control and compliance processes into sustainable, business activities, not annual or quarterly events.
"The difficulty of deploying operational risk software that is actually usable for business line managers should not be underestimated, neither should the value that can be obtained through its use" stated Deborah Williams, Group VP of Capital Markets and Corporate Banking at Financial Insights, an IDC Company. "Embedding process control monitoring and reporting functionality into bank management is critical to success â¦ and to meeting regulatory compliance," added Williams.
Providus will focus on expanding its existing RiskResolve customer base and further enhancing the applicationâs feature set to meet growing customer and market requirements. Providusâ goal is to deliver proactive and comprehensive software applications to meet the regulatory and risk management needs of major financial institutions and other industries within the U.S.