iCreate Announces Integrated Risk Management and Compliance Reporting Suite in Accordance with the Central Bank of the UAE Guidelines

Launches Biz$core Compliance & Risk Management Pack with combined advantage of UAE Central Bank Regulatory Reporting + Risk & Compliance in a single solution; Ready-to-deploy solution compliant with the Central Bank of the UAE requirements; Solution built using "Single Extraction Multiple Implementation (SEMI)" methodology.

Bangalore, India, May 22, 2013 --(PR.com)-- Banking Decision Sciences leader iCreate has launched an integrated Compliance and Risk Management Pack for banks in the UAE that is compliant with the Central Bank of the UAE requirements. The solution has been built using the SEMI methodology where the granular data extracted from the banks' source systems once, can be subsequently reused for multiple diverse applications by the bank. Biz$core Compliance and Risk Management Pack provides banks with a versatile solution to effectively address their Risk/Compliance Management and Compliance Reporting challenges.

Key highlights of the solution -

Single Extraction
•Data extracted only once from source systems
•No duplication of effort for extraction
•Consistent picture across both Data Marts
•Reconciliation not required
•Single point solutions for identifying and resolving Data Quality issues
•Data conversions to standardized coding structure (Value Mapping) done once

Single GL Reconciliation
•GL Reconciliation is required for completeness check across all products
•Adjustments at contract / account level done once and used by both modules
•Bank's CFO and CRO concur on the same base for both Regulatory and Financial Reporting

Stress Testing
•The same base can used for stress testing for Capital Adequacy and Financial Performance
•Multiple scenarios can be reviewed consistently for Risk and Financial Control

Mr. Ravi Raman, Chief Solution Evangelist, iCreate said, “The SEMI concept based on which the Biz$core Compliance and Risk Management Pack has been engineered, ensures that the data extracted once can be subsequently used for critical banking requirements across risk, compliance and reporting.”

Mr. Sunny Malhi, Head of iCreate's Banking GRC Solutions Suite added, "The new Biz$core Compliance and Risk Management Pack is designed for banks in the UAE to effectively address the two critical areas of Risk Management and Compliance Reporting with one single solution. This makes it exceptionally attractive for banks looking for an integrated, ready-to-deploy, enterprise-grade banking solution with a competitive TCO."

iCreate has also published a white paper detailing the SEMI concept in leading banking journals.

About iCreate
Headquartered in Bangalore, India with offices in Mumbai, South Africa, the Middle East and Europe, iCreate is a global Banking Decision Sciences leader that works with banks worldwide to enable faster, better decision making. iCreate’s enterprise-grade solutions integrate with most banking systems and provide banks with a functional Decision Enablement System in a fifth of the time as compared to conventional options. iCreate’s banking decision enablement solution suite includes Biz$core for Business Intelligence, Analytics, Risk & Compliance, powered by Fintellix Data Warehouse and Data Integration platform. iCreate is a winner of several premier industry recognitions including the Red Herring Asia 100, Deloitte Technology Fast 500 Asia and the NASSCOM Emerge 50; an endorsement of its unique ‘Banking-specific Business Intelligence’ proposition.
iCreate Software
Niranjan Ananth