Littleton, Mass. â January 4, 2006 â FRS, a leading global provider of enterprise risk and regulatory compliance solutions and a business unit of S1 Corporation (Nasdaq: SONE), today announced the general availability of FRS RiskResolve 4.2. The Company has advanced the industryâs only operational risk management (ORM) and compliance solution that tightly integrates Control Self-Assessment and Loss Event data capture to provide financial institutions with a closed-loop approach to measuring assessed risk exposures against actual operational loss results. This latest version of RiskResolve delivers advanced workflow, extensive reporting options and a catalogue of industry best practices to further support financial institutionsâ efforts to achieve compliance efficiencies. The solution provides a sustainable compliance framework for multiple and overlapping regulatory mandates including Sarbanes-Oxley (SOX), Basel II, FDICIA, Graham Leach Bliley and Anti-Money Laundering (AML).
RiskResolve 4.2 provides institutions with a unique ability to link technology, information and risk management across the enterprise. In direct collaboration with its customers, FRS has made numerous usability improvements to the product and delivered the following key enhancements:
â¢ Advanced Workflow. Complex organizations must deal with critical dependencies across risks and controls that span multiple business units and processes. RiskResolve 4.2. users can realize considerable added benefits from the solutionâs workflow enhancements, which provide financial institutions with the flexibility to precisely model their organizationsâ unique operating styles by identifying the responsible owners of each process or risk. Detailed routing and approval flows of all losses, loss and control assessments and internal testing procedures can then cleanly and efficiently be maintained throughout the organization. Additionally, FRS RiskResolve 4.2 can be integrated with third party workflow products, like Filenet, enabling institutions to leverage existing investments in workflow technology.
â¢ Extensive Management Reporting. RiskResolve 4.2 provides robust management reporting capabilities as the foundation of a comprehensive Basel II ORM and SOX compliance system. The productâs reporting interface allows users to create and execute thousands of fully formatted reports available in a variety of formats (.pdf, .xls, XML, etc.). Reports can be stored on a userâs home page for frequent, direct access, facilitating the management of routine tasks and accountability reporting requirements. Additionally, RiskResolve easily integrates with all industry leading third party products such as BusinessObjects, Crystal Reports, Microsoft Access and Excel, and other XML-based reporting packages.
â¢ Support for Key Risk Indicators (KRIs). FRS RiskResolve 4.2 provides visibility and access to data that informs senior risk managers in the deployment of scarce resources to control risk; better information provides superior risk management. Risk managers can easily include KRIs anywhere within the application to provide real-time alerts and notifications. The powerful alignment of KRIâs and contextual loss data combined with risk and control assessment data, provides the foundation for powerful, real-time, analytical discovery around the causes and consequences of operational losses.
â¢ Integrated Best Practices. Institutions deploying this latest version of RiskResolve also gain an unprecedented resource for accelerating the enterprise-wide adoption of a consistent control and self-assessment framework, the FRS Active Guidance Catalogue. A repository of hundreds of pre-defined objectives, risks, controls and actions, the Active Guidance Catalogue equips institutions with a common set of best practices â as prescribed by organizations such as the COSO, FFIEC, OCC and PCAOB, and conditioned through multiple, successful customer implementations. The Catalogue provides institutions with a critical foundation for establishing and then customizing an effective framework for improved operational efficiency, regulatory compliance and risk mitigation.
âFRS is devoted to the accelerated development of FRS RiskResolve in close collaboration with our established and committed user community,â said Dr. Ed Shea, Director of ORM Product Strategy, FRS. âWith this release, we have further built upon the strengths of an industry leading solution to meet our customersâ current needs and deliver capabilities that anticipate evolving market requirements. FRSâ software solutions continue to provide the market with the ability to pre-stage a wide range of useable information at the point within the institution where it is most critical - the risk management professional.â