FileNet Corporation, the leading provider of Enterprise Content Management (ECM) solutions, today announced the availability of its latest compliance research, conducted by Datamonitor, into the effects of regulatory compliance within the European financial services market: Process Excellence in European Financial Services.
According to Datamonitor, in addition to ongoing business challenges suchas increased margin pressure and the need for improved operational efficiency, customer service and organizational agility, European financial institutions face a multitude of regulatory hurdles including new compliance mandates that require significant investment in both technology and organizational change.
"To date, financial services institutions have taken a short-term view of compliance, building point solutions to cover each new piece of legislation," says Sian Jones, managing analyst, Datamonitor. "To remain competitive, an integrated approach is essential. An integrated, enterprise-wide framework is a vital step in catering for common compliance needs."
"We believe Financial Services organizations need to achieve, maintain and demonstrate compliance in the face of new and changing regulations. For many, compliance is still viewed as an unwelcome distraction from their core business objectives and implementation is a challenge. However, it is becoming clear that those organizations that embrace compliance and implement it effectively across their enterprises, can leverage their investment for real competitive advantage," adds Stephen Van Herck, senior vice president, EMEA, FileNet.
The FileNet Compliance Framework is a single platform designed to address the majority of common compliance requirements and for building specific compliance solutions. Encompassing business process management, content management, records and forms management, FileNet's Compliance Framework is intended to enable customers to reduce the cost and effort associated with compliance, leverage their existing investments for compliance, and get back to focusing on their core business activities. Also, by offering a framework solution rather than a point solution approach, FileNet believes it offers lower total cost of ownership.
FileNet's Compliance Framework is scheduled for availability during the second quarter of 2004. For more information and to receive a copy of the report, please contact FileNet at +44 (0)1895 207373, email firstname.lastname@example.org or download your copy directly from http://www.filenet.com/fscompliance_emea.
FileNet Corporation helps organizations make better decisions by managing the content and processes that drive their business. FileNet's Enterprise Content Management (ECM) solutions allow customers to build and sustain competitive advantage by managing content throughout their organizations, automating and streamlining their business processes, and providing the full spectrum of connectivity needed to simplify their critical and everyday decision-making.
Source: FileNet Corporation