MCLEAN, VA â November 8, 2004 â Providus Software Solutions, Inc., a leading provider of Operational Risk Management (ORM) solutions and Celequest, the leading provider of Operational Performance Management solutions, today announced a technology and marketing alliance under which the two companies will integrate their software solutions. The integration of Providusâ RiskResolveâ¢ 3.6 ORM solution with Celequest 3.0, the latest version of the award-winning Celequest Activity Suite, will provide financial institutions with a comprehensive, enterprise-wide solution with enhanced continuous visibility into business operations, an Active Risk Management Frameworkâ¢ for consolidating internal controls across multiple risk types, and highly advanced reporting and analytics.
On November 8th and 9th, the two companies will demonstrate the unique capabilities of their combined solution in Celequestâs Booth # 200 at the 2004 Thomson Operational Risk Management Forum being held at the Ritz-Carlton Tysons Corner, VA.
The joint technology integration will dramatically improve the speed with which risks are assessed and mitigated through unprecedented views of operational, credit and market risks across all lines of business â aggregated and consolidated throughout the enterprise. The combined solution establishes a solid risk management foundation for quickly mitigating risks and preventing losses. Additionally, it addresses 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.
With a unique, event-driven architecture that correlates operational risk and compliance events with historical information, Celequest's intuitive self-service dashboards extend the value of the Providusâ RiskResolve operational risk management solution. By enabling executives, risk managers and business managers to monitor leading risk or compliance indicators, business users gain continuous visibility into Key Risk Indicators (KRIs) and can correlate data with control-based assessment at the business process level.
"With access to Celequestâs dynamic Risk and Compliance dashboards and continuous business visibility capabilities, our customers can expect enhanced visibility into complex business operations," said Andy Evans, president and CEO of Providus. "Together, Providus and Celequest create a unique and powerful solution that seamlessly integrates business activity monitoring with control self-assessment for complete visibility into risks. This gives customers the intuitive decision-making capabilities that can bring competitive advantage. We are pleased to partner with Celequest to add even more value to our RiskResolve solution."
"Our customers have been looking for a familiar and powerful operational risk management solution," said Diaz Nesamoney, president and CEO, at Celequest. "Through our partnership with Providus, we offer seamless integration with RiskResolve, one of the industryâs most advanced ORM solutions. The ability of Celequest to launch workflows and alerts within the RiskResolve control environment and integrate it with our customersâ KRIs is an important piece of offering operational business intelligence."