National Bank of Canada selects Providus Software's RiskResolve operational risk management solution
NASHUA, N.H., Nov. 16, 2004-- Providus Software Solutions, Inc., a leading provider of operational risk management (ORM) solutions, today announced that National Bank of Canada (TSX:NA) has selected Providus' RiskResolve(TM) to actively manage and integrate its enterprise-wide operational risk management, Sarbanes-Oxley Act (SOX) and regulatory compliance initiatives.
National Bank, one of the largest banks in Canada, provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations. With over $84 billion in assets, National Bank offers a full array of banking services, including retail, corporate and investment banking from 550 branches and some 30 domestic and foreign subsidiaries.
National Bank has three independent risk management practices: operational risk management, Sarbanes-Oxley Act initiatives and regulatory compliance. In an effort to support these distinct practices with one comprehensive solution in a systematic and timely manner and also to facilitate SOX compliance, the bank evaluated several enterprise software solutions and chose Providus' RiskResolve.
"To meet our compliance objectives efficiently and cost-effectively, we required an easy-to-use and reliable risk management software that has the flexibility to fit in with the bank's business and operational needs," said Josee Thibodeau, Senior Manager, Financial Certification Process Management at the National Bank of Canada.
The bank found that RiskResolve was the best choice to meet all of its key requirements. RiskResolve offers the most complete and flexible solution to support the consolidation and integration efforts across the bank in three related areas: operational risk management, Sarbanes-Oxley Act initiatives and regulatory compliance. Preventing overlap among these three groups will help the bank drive down costs and allow its staff to manage risks more strategically across the bank. Most importantly, Providus was selected to support these requirements for its impressive track record of servicing banks with multiple initiatives.
"Increasingly banks and other financial services institutions are discovering the benefits of a single, integrated solution for managing operational risks, regulatory compliance and Sarbanes-Oxley efforts," said Andrew T. Evans, President and CEO of Providus. "RiskResolve is helping many leading institutions such as National Bank of Canada to manage controls more efficiently and empower them to rapidly move beyond compliance."
Providus' RiskResolve and its Active Risk Management(TM) enable companies to implement an early-warning system of all operational risks, wherever they are in the enterprise, by scoring objectively on three measures -- inherent risk, control effectiveness and residual risk -- continuously in a closed-loop system. Providus' Active Risk Management approach simplifies governance and oversight, allowing executives, auditors and business managers to proactively monitor risk assessments throughout the enterprise. RiskResolve is the only ORM solution that enables real-time reporting and correction of risks and control failures as they are identified. This ability to manage risks and compliance activity is possible because of RiskResolve's Active Control Environment(TM) that consolidates internal controls across multiple risks and compliance objectives. It manages internal controls based on objective and consistent rules that can be validated and audited. This enables the active aggregation, testing, validation, escalation and certification of internal controls from within the system. Providus' Active Control Environment approach enables independent oversight and accountability of all managers and delivers all these benefits within Providus' unique, COSO ERM-compliant Active Risk Management Framework.
About Providus Software Solutions, Inc.
Providus Software Solutions, Inc. develops innovative operational risk management and regulatory compliance software solutions, focused on the financial services industry. Providus' RiskResolve is the first operational risk management solution to provide financial institutions with an Active Control Environment that consolidates internal controls across multiple risk types across the enterprise to mitigate risks and prevent losses. In addition, the Providus approach quickly and reliably establishes a solid foundation for compliance objectives to minimize the cost of conformance while maximizing performance value. With built-in support for regulatory requirements including Sarbanes-Oxley, Basel II and FDICIA, Providus' Active Risk Management Framework is the first technology to support the new COSO ERM Framework for risk mitigation and management across both procedural functions and lines of business. More than 2,500 users at over a dozen financial institutions rely on RiskResolve solutions. Among Providus' customers are such leading financial institutions as Union Bank of California, Old National, Zions Bancorporation, FHLB Topeka, National Bank of Canada and several other institutions throughout North America. Headquartered in Nashua, NH, Providus is a wholly owned, independently operated subsidiary of Zions Bancorporation (NASDAQ: ZION), a $30 billion bank holding corporation headquartered in Salt Lake City, UT. For more information, please visit our Web site at www.providus.com or contact us at 1-888-899-2307.
RiskResolve, Active Risk Management and Active Control Environment are trademarks of Providus Software Solutions, Inc. All other named brands are trademarks of their respective owners. Patent Pending.
Parker Communications Michelle Allard McMahon, 978-929-9515 email: firstname.lastname@example.org
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