Singapore/Hong Kong, 15 December 2020 – Oracle Financial Services has won Best Solution in Enterprise Risk Management in the 3rd Regulation Asia Awards for Excellence 2020 in an online ceremony on 15 December 2020.
Enterprise risk management has been brought into stark focus this year, as disruptions arising from the Covid-19 pandemic have exposed financial institutions to various sources of vulnerability. Yet, many institutions are slow to identify, assess and respond to these vulnerabilities as they lack the ability to provide a single, consistent view of risk across their organizations. This is commonly a result of their data being dispersed across multiple risk applications, which themselves often run in silos.
Oracle’s approach involves the use of a common data model across all of its risk and finance applications, enabling financial institutions to obtain a complete view of risk, achieve significant efficiencies and save on cost. The approach relies on establishing a common set of data for each of its clients, which include some of the largest banks in the world. Using a “common staging area”, the data goes through a cleansing and reconciliation process, following which it can be used for risk and finance calculations as well as accounting processes and regulatory reporting.
In addition to use of common data model, Oracle provides a suite of best-in-breed applications covering Interest Rate Risk, Liquidity Risk, Credit Risk, Capital Adequacy, Loan Loss Provisioning and Stress Testing. It’s unique approach to risk modeling allows users to rapidly build and deploy models. These models can be scripted in any of the supported languages including Python, Java, C++
Effectively, Oracle has made redundant the need for data to be cleansed on an application by application basis, as is still the case with many banks today. Under Oracle’s approach, each risk application – even those from third-party providers – is able to draw from the same set of data to perform the required calculations. Further, the ability of Oracle solutions to connect with third-party applications allows financial institutions to achieve benefits even in the early stages of implementation, without having to wait for the complete solutions set to be in place.
“Oracle has set an impressive bar with its broad suite of risk solutions that can communicate with one another and leverage on a single source of data,” said a judge on the awards panel. “This presents a huge opportunity to monitor multiple risks in ways that a user can understand and that can be accessed efficiently and quickly. This is extremely valuable to risk managers.”
About the Regulation Asia Awards for Excellence 2020
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that have helped meet the challenges of the ever-changing and increasingly complex regulatory landscape in Asia Pacific. Each year, submissions are diligently evaluated and award winners selected by a panel of industry experts serving as judges.
The full list of award winners is available here.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 8,500 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.