HP has announced a new business intelligence solution designed to enable financial services organisations to better measure risk and improve compliance management processes, and has also announced that Rabobank, a full-range financial services provider, has selected a business intelligence solution from HP in a deal valued at $4.3 million.
Based on HP Neoview, the HP Enterprise Risk Management solution is said to address all three pillars of Basel II and aids in the compliance of industry regulations such as Sarbanes-Oxley, International Accounting Standards, Anti-Money Laundering and Know Your Customer.
The Risk Management system was developed in collaboration with business intelligence software partners Informatica, MicroStrategy and Quadrant. HP has coupled this technology with its business intelligence hardware and services to deliver an offering for data access, governance and data quality management.
The package combines Quadrant’s data model and domain expertise, Informatica’s enterprise-grade data integration and quality tools, and MicroStrategy’s business intelligence platform with advanced dashboarding capabilities that HP says will allow financial institutions to achieve a comprehensive understanding of risk within every aspect of their business.
Netherlands-based Rabobank serves more than 9 million customers- both individuals and corporate clients - in 38 countries and its new BI technology is said to have delivered already improvements in performance and cost.
“HP has delivered a state-of-the-art solution to meet our business intelligence needs,” said Rik Op den Brouw, senior executive vice president, Information and Communication Technology, Rabobank. “[The new system] has exceeded our expectations in a joint proof of concept. The first implementation expects to deliver 10 to 20 times the performance we had with competitive offerings.”
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