Tuesday, 7th February, 2012
Exact Match
Financial Services Sector Increasingly Relies on OpenPages for Risk and Compliance Management in Face of Regulatory Reform
28/Jul/2010
OpenPages
, the leading provider of
integrated risk management solutions
for global companies, today reported that leading financial services organisations worldwide are choosing the OpenPages platform to help them meet their risk and compliance management challenges in the face of increasingly complex regulatory requirements.
With the passage of the Dodd-Frank bill, which institutes sweeping changes in the U.S. financial services industry, companies will need to step up their efforts to put in place an information architecture that supports the identification, measurement, management and reporting of risk exposure across the business.
Michael J. Duffy, President and CEO, OpenPages said, “As history proves, companies that proactively employ sound risk management processes and technology solutions to meet compliance requirements are better-positioned to address the demands that new regulations bring. OpenPages has been on the front lines with customers who have employed this strategy since initiatives such as Sarbanes-Oxley and Basel II were introduced. And with the new financial regulatory oversight now in place, we will continue to help them meet these new obligations and ensure that financial services companies worldwide are strong and secure.”
Throughout the financial crisis, OpenPages has worked with many of the global institutions most affected by the crisis, including several financial services institutions that received funding under the Troubled Asset Relief Fund (TARP). Among
OpenPages customers
are the leading banking, financial services, credit and insurance organisations in the world.
As regulators work to ensure systemic stability under the new regime, they will increase their oversight of financial services institutions. To respond, these institutions will have to put in place a programmatic approach towards complying with the requirements from the new legislation, including those from the newly-formed Consumer Financial Protection Bureau.
Furthermore, the systemic risk council will demand better information on risk exposure. OpenPages has a proven track record in helping financial services institutions address regulatory risk management oversight and will help companies conform to the requirements of the new Dodd-Frank Bill.
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