Reveleus, a business of i-flex solutions and a global provider of analytical applications for the financial services industry, announced the availability of version 4.0 of the Reveleus Operational Risk Solution.
This solution provides a common Operational risk and compliance platform which enables institutions to address Basel II Operational Risk, Sarbanes-Oxley, as well as all internal controls and operational management initiatives.
This comprehensive solution empowers business heads to identify the controls which need to be monitored, redesign processes in order to make controls more effective, align controls with business processes and arrive at the root cause understanding of risk events. End users can input losses, track (Key Risk Indicators) KRIs, identify risks & controls, conduct risk & control self assessments, do controls testing, create and map issues, and carry out action planning based on their roles & responsibilities within an easy to use web enabled environment.
Specifically to address the needs of complex and geographically dispersed institutions, the solution allows customers to model organization processes and end users to map key operational risk elements like specific risks and controls with process maps linked to compliance initiatives within the organization. Reveleus Operational Risk enables regulators and audit functions to gain a continuous, transparent understanding of the organization's compliance and internal control initiatives.
Financial institutions can now benefit through the combination of Reveleus Operational Risk and the Reveleus Basel II Solution which share a common rules and run framework and data management capabilities. Specifically the solution has an Economic Capital Data Management capability which imports, cleans, scales, defines relevance and maps external loss data and brings it together with the internal losses for the purpose of economic capital calculation. The Reveleus Basel II solution has already established itself as a leading solution with Tier I customers such as Bank of Montreal, Citigroup, Lloyds TSB and Wells Fargo.
"With the availability of Reveleus Operational Risk, financial institutions can now look forward to a flexible operational risk and compliance solution which can truly scale at the enterprise level," said, S. Ramakrishnan CEO of Reveleus. "Our focus is on supporting our customers' needs with deep functionality and continued extension of the Reveleus Enterprise Risk and Compliance offerings."