Prodiance helps manage risk

6 July 2010

Henderson Global Investors, an independent global asset management, has chosen the Prodiance Enterprise Risk Manager (ERM) system to mitigate operational risk and automate internal controls over mission critical spreadsheets, Access databases and other end-user computing (EUC) applications.

The Prodiance ERM solution will enable Henderson to implement a sustainable solution for spreadsheet and EUC discovery, risk assessment, monitoring, change control, analysis and reporting.

"Asset management firms rely on hundreds of proprietary spreadsheets and EUCs for a variety of asset classes, including equities, fixed income, property and private equity," said Soheil Saadat, president and CEO at Prodiance. "The accuracy and integrity of these EUCs is critical to managing operational risk and ensuring compliance with FSA guidelines."

Prodiance has also partnered with the Cherry Group, a leading provider of information security, anti-money laundering, fraud prevention, regulatory compliance, and risk management solutions, to provide a new solution to help financial institutions in the Commonwealth of Independent States (CIS) address these problems.

Under the agreement, the Cherry Group will distribute the Prodiance ERM system to countries in the CIS region, including Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Mongolia, the Russian Federation, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

"With new draft amendments to the Law of the Ukraine, regulatory pressure on banks is mounting quickly," said Morten Kriek, general director at the Cherry Group. "Regulators are now insisting that banks have the proper systems and controls in place for effective anti-money laundering and anti-fraud to guard against financial crimes. The combination of best of breed technology from Prodiance, and our domain experience provides banks and financial institutions in the CIS region with a proven, world class solution for mitigating operational risk, improving compliance, and preventing fraud associated with the uncontrolled use of spreadsheets and EUCs."

"We are very pleased to partner with the Cherry Group. There is tremendous synergy between both companies, and we look forward to successfully expanding the Prodiance footprint into the CIS region," concluded Saadat.

Prodiance software runs on Microsoft technology, including SharePoint, SQL Server, Windows Server and Office.