National Bank of Canada Selects Providus Software's RiskResolve™ Operational Risk Management Solution

Major Canadian Bank Relies on RiskResolve to Integrate Enterprise-wide Operational Risk Management, Sarbanes-Oxley Act (SOX) and Regulatory Compliance Initiatives

NASHUA, NH — November 16, 2004 — Providus Software Solutions, Inc., a leading provider of operational risk management (ORM) solutions, today announced that National Bank of Canada (TSX:NA) has selected Providus’ RiskResolve™ to actively manage and integrate its enterprise-wide operational risk management, Sarbanes-Oxley Act (SOX) and regulatory compliance initiatives.

National Bank, one of the largest banks in Canada, provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations.
With over $84 billion in assets, National Bank offers a full array of banking services, including retail, corporate and investment banking from 550 branches and some 30 domestic and foreign subsidiaries.

National Bank has three independent risk management practices: operational risk management, Sarbanes-Oxley Act initiatives and regulatory compliance. In an effort to support these distinct practices with one comprehensive solution in a systematic and timely manner and also to facilitate SOX compliance, the bank evaluated several enterprise software solutions and chose Providus’ RiskResolve.

"To meet our compliance objectives efficiently and cost-effectively, we required an easy-to-use and reliable risk management software that has the flexibility to fit in with the bank’s business and operational needs," said Josee Thibodeau, Senior Manager, Financial Certification Process Management at the National Bank of Canada.

The bank found that RiskResolve was the best choice to meet all of its key requirements. RiskResolve offers the most complete and flexible solution to support the consolidation and integration efforts across the bank in three related areas: operational risk management, Sarbanes-Oxley Act initiatives and regulatory compliance. Preventing overlap among these three groups will help the bank drive down costs and allow its staff to manage risks more strategically across the bank. Most importantly, Providus was selected to support these requirements for its impressive track record of servicing banks with multiple initiatives.

"Increasingly banks and other financial services institutions are discovering the benefits of a single, integrated solution for managing operational risks, regulatory compliance and Sarbanes-Oxley efforts," said Andrew T. Evans, President and CEO of Providus. "RiskResolve is helping many leading institutions such as National Bank of Canada to manage controls more efficiently and empower them to rapidly move beyond compliance."

Providus’ RiskResolve and its Active Risk Management™ enable companies to implement 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. 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. This ability to manage 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 and consistent 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’ Active Control Environment approach enables independent oversight and accountability of all managers and delivers all these benefits within Providus’ unique, COSO ERM-compliant Active Risk Management Framework.

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