The Hindu Business Line : Reveleus making inroads into compliance market

Reveleus, an i-flex business addressing financial analytics, is making inroads into the Basel II compliance market in association with Oracle Corporation.

Since December, Reveleus has closed deals with Tier-I financial institutions such as Wells Fargo, which has $ 482 billion assets. Wells Fargo had long relationship with Oracle and the combination of Reveleus swayed the decision. Bank of Montreal and Citibank are others. Reveleus is finalising some more deals in Canada and the US.

The Chief Executive Officer of Reveleus, Mr S. Ramakrishnan, told Business Line that Oracle's investment in i-flex and its decision to resell Reveleus suite as its Basel II application had opened up a large market with the capability to cross sell. "We are working closely with Oracle's financial services sales team to take our products to the market and the sales model will be mutually beneficial," he explained.

Reveleus incorporates all the calculations required under Basel II together with pre-built data structures that help store calculations. One of the challenges large banks such as Citibank face is the complexity of multi-jurisdictional implementations, which Reveleus simplifies.

A recent research indicates the consolidated IT-spend on risk management technology in financial services across all risk types by region is more than $ 25 billion.

Mr Ramakrishnan explained that there wasincremental value in starting a strategic initiative such as data warehousing. Firms were realising that they were better off streamlining their compliance efforts by imposing some centralised order to their data while complying with Sarbannes-Oxley requirements.

Reveleus Operational Risk was launched two months ago to service the operational risk and compliance market. This is a potent combination of analytical application for Sarbannes Oxley, Anti-Money Laundering and Patriot Act.