Société Générale goes live with Accurate Softwares Operational Risk Mana

Thursday 3 March 2005 17:52 CET | News

Société Générale, has selected Accurate Softwares Operational Risk Management solution, Accurate NXG, to automate the processing of its cash transactions across multiple departments at its Paris headquarters.

Accurate NXG is now deployed in the companys International Operations Division (OPI), in the investment banking division (SGCIB) and will also be rolled out at Crédit du Nord, one of Société Générales French domestic banks. Accurate NXG is built on the four core competencies of reconciliation, exception management, workflow and business intelligence. Société Générale will in the first instance use Accurate NXG for the reconciliation of its nostro and internal accounts at OPI, centralising back office processes for all of its Western European sites, which include Paris, London, Amsterdam, Brussels, Frankfurt, Madrid, Milan and Zurich. Accurate NXG delivers comprehensive transaction control and ensures validity and consistency of data across multiple business lines. The solution will form part of Société Générales end-to-end risk control framework. Accurate NXGs workflow component will enhance operational control, enabling Société Générale to minimise risk. Using workflow, Société Générale will be able to automatically assess errors early in the value chain, pre-empting downstream errors and feeding information back to the customer services teams, enabling faster customer response. Société Générale will implement more than 20 different automated workflows across its different regions and business units. With the improved management reporting available via Accurate NXGs business intelligence Dashboard technology, senior management will be constantly alerted to critical areas of potential loss. Accurates Dashboard can intelligently display a wide variety of business metrics, which can be instantly accessed online throughout the organisation. Phase one of the implementation, which included OPI and SGCIB, was completed in October 2004. The second phase, which will see Accurate NXGs reconciliation, workflow and business intelligence components being rolled out at Crédit du Nord, is currently under way and will be completed in early 2005. Future plans include the extension of the Accurate NXG deployment to Société Générales other divisions and to other geographical areas, notably Asia Pacific. Accurate NXG replaces Corona and Hermes reconciliation and investigation systems respectively from Smartstream Technologies. Accurate NXG will provide an end-to-end transaction processing solution for all of Société Générales reconciliation and exception management needs.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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