HP Launches Compliance Suite

Hewlett-Packard said today that it will bundle a set of software products and services for financial institutions into what it is calling the HP compliance suite, bringing together enterprise risk management, enterprise information retention and IT risk management in order to shorten project timelines and reduce ongoing compliance costs.

At the heart of the new suite is the new HP Risk Data Repository, which iis designed to run on most of today's commercially available databases and operating systems using any data integration tool and analytics engine for regulatory and economic capital calculations. The repository provides a fully developed, pre-configured Basel II physical data model and offers strategy review, gap analysis, data mapping and integration, data warehouse operations consulting, as well as services for custom reporting, portals and executive dashboards for management information systems and regulatory reporting.

HP StorageWorks Information Lifecycle Management (ILM) services and products will be used for retaining and managing transaction-related business documents, records, correspondence and data.

The recently announced HP OpenView Compliance Manager software will be used to continuously monitor internal controls of key business processes subject to compliance to measure the effectiveness of IT controls and mitigate risk.

For risk management HP will provide a range of services and products to help identify and remediate gaps in IT controls, IT availability, IT security and continuity of business in support of various regulations covering operational risk management.

"HP's goal is to help our customers transform compliance from a cost burden to a value generator to build an Adaptive Enterprise in which business and IT are synchronized to capitalize on change," said Ismail Pishori, HP's worldwide director, Risk Management and Compliance, Financial Services Industry, in a prepared statement. "Like other HP Adaptive Enterprise blueprints for the financial services industry, including HP Open Bank and HP Open Payments, the HP compliance suite allows firms to tackle priorities based on business benefits and organizational readiness."