GRC this week is dominated by compliance and risk and moves in the compliance market, including the acquisition of e-Discovery vendor PSS by IBM. Oracle has also been busy looking at risk and data management, while Varonis offers Exchange audit and monitoring.
Oracle Looks at Risk and Systems Assessment
Oracle (news, site) however, has produced some new research carried out for it by Vanson Bourne, which identifies the inability to access data, or even knowledge of where it resides, as one of the key compliance problems, coupled with integration of legacy systems with business processes.
The study, which looked at financial institutions in Europe — probably a good place to start in that many of them are still reeling from the recent recession — shows that almost a quarter of respondents lost money because of antiquated IT systems.
Entitled The European Confidence Report, it surveyed the views and opinions of 222 IT professionals and 228 financial services. Key findings include:
- 37% had issues with IT systems that made the business unable to evaluate investment risk.
- 38% of financial IT departments are asked for market risk information on a daily basis, yet only 17% believe the information is 100% accurate.
- Four in five said that legacy systems are a barrier to system improvements.
Half of all respondents admitted to having to reach out to multiple sources to get the required data to achieve corporate compliance.
While the fact that legacy systems are causing problems is probably well documented, the number of sources needed to maintain compliance is surprising. The research is free and can be downloaded from the Oracle website.
CaoSys Adds to E-Business Suite GRC
Separate to that, but also from Oracle, is the release of CS*Impact from CaoSys this week that can assess and monitor the performance for Oracle’s E-Business Suite by improving visibility and understanding of the impact of change to key configurations and setups within their enterprise applications.
This is just the latest of CaoSys GRC releases for E-Business and can be fully embedded into Oracle to perform a detailed impact analysis across multiple instances of the applications.
As all businesses at some point install patches and upgrades and apply their own configuration changes, those using E-Business applications can use CS*Impact to assess the risks of not knowing the impact of a given change. Available to download, CaoSys says it will also be introducing a SaaS version soon.
IBM Buys E-Discovery Vendor PSS
IBM (news, site) has also been making moves in the compliance space this week, this time with the expansion of its information management portfolio with the acquisition of PSS Atlas, an e-Discovery vendor that provides software for document analysis, management and disposal.
How much IBM paid for PSS was not made public, but the acquisition adds an important piece to its GRC solutions, to which it only recently added Open Pages, a company that provides software for developing risk, compliance and internal audits strategies in the financial space.
Designed specifically for enterprise legal departments, PSS’s software gives enterprises an overview of their corporate information, automates governance of that information and ultimately sets out disposal schedules for information that is no longer needed.
Over the past number of months it has worked with IBM on legal compliance for Bank of America and once the deal is completed IBM says it intends to sell PSS software in conjunction with its Lifecycle Governance applications that will benefit considerably with the automated document disposal brought by PSS. Want to know more?