News
Prodiance and Cherry Group Deliver Solution to Improve Compliance and Prevent Fraud for the CIS Region
Pleasanton, Calif. and Nicosia, Cyprus – June 17, 2010 – Prodiance Corporation, a leading provider of Enterprise Risk Management (ERM) solutions, and the Cherry Group, a leading provider of information security, anti-money laundering, fraud prevention, regulatory compliance, and risk management solutions, today announced a formal partnership and new solution to help financial institutions in the Commonwealth of Independent States (CIS) region mitigate risk, improve compliance, and prevent fraud associated with the use of critical spreadsheets, Access databases, and other end-user computing (EUC) applications. The joint solution combines best of breed technology from Prodiance, with professional services, support, and domain expertise from the Cherry Group. Under the agreement, the Cherry Group will distribute the Prodiance Enterprise Risk Manager (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," said Dr. Soheil Saadat, President and CEO at Prodiance Corporation.
About Prodiance
Prodiance delivers Enterprise Risk Management (ERM) solutions to help improve integrity, transparency and control over end user computing applications such as spreadsheets, databases and BI reports which comprise a significant portion of mission critical data within organizations. Prodiance leverages over 20 years of experience in delivering innovative technology solutions for highly regulated markets. Leading global organizations in more than 25 countries across 6 continents, representing a wide variety of industries - banking, insurance, capital markets, energy, telecommunications, manufacturing, media and entertainment, food and beverage, health care, pharmaceutical, and education - have chosen Prodiance as trusted partner to achieve their strategic goals. Prodiance Corporation is an independent, privately held company based in Pleasanton, California with offices in London, Chicago, Philadelphia, New York, The Netherlands, Brazil, and Shanghai. Additional news and information about Prodiance solutions, products, and services is available at www.prodiance.com or by calling +1.925.460.9191.
Prodiance PR Contact:
Eric Perry
Vice President, Marketing
Tel: +1-925-460-9191
Email: eric.perry@prodiance.com
About Cherry Group
Since 2005, The Cherry Group offers superior services and software solutions in anti-money laundering (AML), information security, and fraud prevention through partnerships with real industry leaders and experts in their respective domains. Amongst our clients are regulators, central banks and some of the largest financial institutions in the Commonwealth of Independent States.
We understand the support that financial institutions in our region require to get up to speed and be compliant with the wide variety of national and international standards and regulations. Apart from state-of-the-art software solutions, we offer consulting, implementation and project management services with a team of certified professionals.
The Cherry Group is an independent, privately held company based in Nicosia, Cyprus and with an office in Kiev. Additional news and information about the Cherry Group is available at www.cherrygroupcis.com or by calling +357 22 022672.
Cherry Group PR Contact:
Olena Pavlova
Director – Head of Strategic Partnerships
Tel: +357 22 022672
Email: opavlova@cherrygroupcis.com
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