Risk of the Year Data Repository: Oracle Financial Services


Oracle Financial Services stood out this year in a highly competitive market for the industry-leading data catalog and rich set of governance capabilities it provides to customers.

“The pandemic has challenged the traditional thinking of financial institutions, which are increasingly looking for new ways to optimize technology investments by adopting value-driven solutions offered in a consumption model via the cloud and SaaS. [software as a service] offers, ”said Jason Wynne, vice president of strategy for modern risk and finance products.

“Oracle has seized this opportunity to become a leading provider of integrated content-driven financial and risk analysis to meet statutory, regulatory and management reporting needs. Oracle is poised to capitalize on this change and deliver value-based results to financial institutions around the world. “

In an industry where CFOs, CIOs, and Chief Risk Officers need a complete and reliable data source to support external and internal reporting, a close, high-quality repository is key to ” precise determination of profitability, earnings stability and overall balance sheet risk exposure.

Oracle allows financial institutions to enter each loan, deposit, investment, and off-balance sheet instrument individually. This helps the financial industry better understand their data and provides a solid foundation for all financial analysis – and ongoing risk and compliance concerns.

Oracle’s value proposition, which has been key to its success, is that it offers a single, unified data model and infrastructure. The goal is to deliver a version of “analytical truth” to business users across the enterprise. Such an approach enables financial services institutions to manage performance, governance, risk and compliance with confidence. Additionally, shared data, metadata, calculations, and business rules enable institutions to meet new business and regulatory requirements with reduced expense, and the unified platform helps financial institutions leverage existing investments.

Oracle Financial Services analytical applications (OFSAA) can handle both structured and unstructured data. The system enables financial institutions to manage large amounts of data throughout the data lifecycle on a single platform. The metadata-based platform makes models and applications independent of the underlying technologies. By enabling the delivery of contextual information at the point of interaction, the OFSAA The suite of applications helps financial institutions maximize sales opportunities.

“The core repository allows clients to focus on value creation strategies and new business models that drive growth aligned with risk appetite while meeting challenging regulatory mandates with a consistent data strategy,” explains Wynne. “The risk data repository deployed on Oracle Cloud with Autonomous Database uses machine learning to automate database tuning, security, backups, and more.

Using Oracle technology, banks can model all financial instruments – on and off balance sheet – in the banking book. This allows entities to actively integrate quality controls, minimize data inconsistencies and inaccuracies, and promote a culture of transparent data management.

The Oracle platform also offers comprehensive coverage for all types of products. It consolidates all data sources and relies on a proven financial reconciliation process to actively determine variances with financial ledger balances. It also promotes proactive, automated and verifiable adjustment processes that ensure consistency of all downstream data consumption.

Ultimately, what sets Oracle apart from its competitors in this space is that while competing solutions offer partial models or logical models that do not have defined use methods, the Data Model Oracle’s integrated system is designed to be scalable and work well with large volumes of data, providing full traceability and auditability of instrument data.

Its unified platform enables the integration of analytical decisions on risks and finances. Using a common data model and platform ensures that users of various OFSAA applications that the data in front of them is reconciled and balanced. This has a positive impact on the total cost of ownership and the investment rate criteria.

The Oracle platform also places great importance on speed and accuracy, as it delivers fast and accurate results, backed by common rules and data configuration. Faster processing times turn overnight batch processing into intraday capacity, meaning there are no shortcuts. Given the common data and the unique daily reconciliation process, everyone has the same reconciled starting point for their data.

The platform is also very flexible – as long as its configurations can be tailored to manage and extend the model for currently unknown use cases – and Oracle has invested a lot of resources to make it as user-friendly as possible.

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