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  • Financial Statement Presentation Changes

    - by Theresa Hickman
    On March 10, 2010, FASB and IASB came to an agreement on financial statement presentation. They have been discussing changes for some time, such as displaying more lines items and moving certain line items from equity to the P&L, and now it seems they have finally come to a joint decision and put it in writing. I recently learned that there will be a trend to book nothing to equity and to convey everything in the P&L to take away any facility for companies to hide losses from its shareholders, investors, etc. (I'm exaggerating when I say book nothing to equity. Obviously, those items that already live there, such as stocks and dividends, would stay there.) But accounts like your CTA (Cumulative Translation Adjustment account) used to plug the gain or loss from equity translation would move from the equity section to your expense section. The rationale is that when you run translation, you're doing so for a subsidiary that you own, or simply put, it's a foriegn investment. Thus, the gains/losses of that foriegn investment should be itemized on your P&L and not buried in equity. The FASB will include changes in financial statement presentation in its Exposure Draft that is planned for issuance at the end of April 2010. Companies will be required to adopt the financial statement presentation provisions retroactively. Yes, that means companies will need to apply these changes to previously issued financial statements. The FASB Summary of Board Decisions can be found at "fasb.org".

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  • Announcement: Federal Financial Briefing

    - by jeffrey.waterman
    Dear Oracle/PeopleSoft Federal Financial Management Customers: Oracle is pleased to announce that we will conduct the next Federal Financial Management Briefing on Tuesday, April 17th from 8:30 am until 2:00 pm at the Oracle Campus in Reston, Virginia. The Registration Link and Agenda can be found at the web site below: Federal Financial Briefing: Register Here Directions to Oracle Reston: From the Beltway take the Dulles Toll Road (Route 267 West). Do not get on the Dulles Access Road or you will not be able to exit until you get to the airport. Take the Reston Parkway Exit (Exit 12). At the end of the exit ramp, turn right onto Reston Parkway. Make your first right onto Sunset Hills Road. Take a Right turn onto Oracle Way and park in Visitor Parking. The receptionist will direct you to the CAB.

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  • Managing Operational Risk of Financial Services Processes – part 2/2

    - by Sanjeev Sharma
    Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif"; mso-bidi-font-family:"Times New Roman";} In my earlier blog post, I had described the factors that lead to compliance complexity of financial services processes. In this post, I will outline the business implications of the increasing process compliance complexity and the specific role of BPM in addressing the operational risk reduction objectives of regulatory compliance. First, let’s look at the business implications of increasing complexity of process compliance for financial institutions: · Increased time and cost of compliance due to duplication of effort in conforming to regulatory requirements due to process changes driven by evolving regulatory mandates, shifting business priorities or internal/external audit requirements · Delays in audit reporting due to quality issues in reconciling non-standard process KPIs and integrity concerns arising from the need to rely on multiple data sources for a given process Next, let’s consider some approaches to managing the operational risk of business processes. Financial institutions considering reducing operational risk of their processes, generally speaking, have two choices: · Rip-and-replace existing applications with new off-the shelf applications. · Extend capabilities of existing applications by modeling their data and process interactions, with other applications or user-channels, outside of the application boundary using BPM. The benefit of the first approach is that compliance with new regulatory requirements would be embedded within the boundaries of these applications. However pre-built compliance of any packaged application or custom-built application should not be mistaken as a one-shot fix for future compliance needs. The reason is that business needs and regulatory requirements inevitably out grow end-to-end capabilities of even the most comprehensive packaged or custom-built business application. Thus, processes that originally resided within the application will eventually spill outside the application boundary. It is precisely at such hand-offs between applications or between overlaying processes where vulnerabilities arise to unknown and accidental faults that potentially result in errors and lead to partial or total failure. The gist of the above argument is that processes which reside outside application boundaries, in other words, span multiple applications constitute a latent operational risk that spans the end-to-end value chain. For instance, distortion of data flowing from an account-opening application to a credit-rating system if left un-checked renders compliance with “KYC” policies void even when the “KYC” checklist was enforced at the time of data capture by the account-opening application. Oracle Business Process Management is enabling financial institutions to lower operational risk of such process ”gaps” for Financial Services processes including “Customer On-boarding”, “Quote-to-Contract”, “Deposit/Loan Origination”, “Trade Exceptions”, “Interest Claim Tracking” etc.. If you are faced with a similar challenge and need any guidance on the same feel free to drop me a note.

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  • CVE-2012-1714 TList 6 ActiveX control remote code execution vulnerability in Hyperion Financial Management

    - by chandan
    CVE DescriptionCVSSv2 Base ScoreComponentProduct and Resolution CVE-2012-1714 Remote code execution vulnerability 10 TList 6 ActiveX control Hyperion Financial Management 11.1.1.4 Contact Support Hyperion Financial Management 11.1.2.1.104 Microsoft Windows (32-bit) Microsoft Windows (64-bit) This notification describes vulnerabilities fixed in third-party components that are included in Sun's product distribution.Information about vulnerabilities affecting Oracle Sun products can be found on Oracle Critical Patch Updates and Security Alerts page.

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  • Improving the Extended Financial Close and Reporting Process

    Coming out of the recession, many organizations need to build or re-build trust with key stakeholders by delivering more timely and accurate financial and operating results. In this podcast, hear about new capabilities Oracle is delivering through its Enterprise Performance Management products to help organizations coordinate and improve the extended financial close and reporting process, from closing the sub-ledgers to regulatory filings.

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  • Secrets of Creating a Digital Marketing System For a Financial Management Firm

    A Financial Management firm can create a strong web presence by designing and developing a business website on the internet. However, this step alone is not a digital marketing plan. Just putting up a Financial Management firm website on the internet is similar to establishing a physical business like a shop or an office, and then just sitting back and waiting for the customers to flow in. More than likely, it will not happen and your website will resemble a billboard in the desert.

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  • Improving the Extended Financial Close and Reporting Process

    Coming out of the recession, many organizations need to build or re-build trust with key stakeholders by delivering more timely and accurate financial and operating results. In this podcast, hear about new capabilities Oracle is delivering through its Enterprise Performance Management products to help organizations coordinate and improve the extended financial close and reporting process, from closing the sub-ledgers to regulatory filings.

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  • EPPM Webcast Series Part II: Build – Consistently delivering successful projects to ensure financial success

    - by Sylvie MacKenzie, PMP
    Oracle Primavera invites you to the second in a series of three webcasts linking Enterprise Project Portfolio Management with enhanced operational performance and better financial results. Join us for the next installment of our 'Plan, Build, Operate' webcast series, as we look to address the challenges organizations face during the execution phase of their projects. Webcast II: Build – Consistently delivering successful projects to ensure financial success. This webcast will look at Three key questions: How do you maintain consistency in delivery whilst maintaining visibility and control? How do you deal with project risk and mitigation strategies? How do you ensure accurate reporting? Hear from Geoff Roberts, Industry Strategist from Oracle Primavera. Geoff will look at how solutions can help to address the challenges around: Visibility and governance Communication and complex coordination Collecting and reporting progress Measuring and reporting It is imperative that organizations understand the impact projects can have on their business. Attend this webcast and understand how consistently delivering successful projects is vital to the financial success of an asset intensive organisation. Register today! Please forward this invite to your colleagues who you think may benefit from attending.

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  • Financial institutions build predictive models using Oracle R Enterprise to speed model deployment

    - by Mark Hornick
    See the Oracle press release, Financial Institutions Leverage Metadata Driven Modeling Capability Built on the Oracle R Enterprise Platform to Accelerate Model Deployment and Streamline Governance for a description where a "unified environment for analytics data management and model lifecycle management brings the power and flexibility of the open source R statistical platform, delivered via the in-database Oracle R Enterprise engine to support open standards compliance." Through its integration with Oracle R Enterprise, Oracle Financial Services Analytical Applications provides "productivity, management, and governance benefits to financial institutions, including the ability to: Centrally manage and control models in a single, enterprise model repository, allowing for consistent management and application of security and IT governance policies across enterprise assets Reuse models and rapidly integrate with applications by exposing models as services Accelerate development with seeded models and common modeling and statistical techniques available out-of-the-box Cut risk and speed model deployment by testing and tuning models with production data while working within a safe sandbox Support compliance with regulatory requirements by carrying out comprehensive stress testing, which captures the effects of adverse risk events that are not estimated by standard statistical and business models. This approach supplements the modeling process and supports compliance with the Pillar I and the Internal Capital Adequacy Assessment Process stress testing requirements of the Basel II Accord Improve performance by deploying and running models co-resident with data. Oracle R Enterprise engines run in database, virtually eliminating the need to move data to and from client machines, thereby reducing latency and improving security"

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  • Oracle lance « Financial Analytics for SAP », une application de Business Intelligence destinée aux clients de SAP

    Oracle lance « Financial Analytics for SAP » Une application de Business Intelligence destinée aux clients de SAP Est-ce la volonté de pousser le bras de fer qui l'oppose à SAP à son paroxysme qui a poussé Oracle à lancer une nouvelle application de Business Intelligence capable d'obtenir des aperçus des données financières à partir des ERP de SAP ? Peut-être. Quoiqu'il en soit, Oracle enrichit encore un peu plus son portefeuille applicatif professionnel avec « Oracle Financial Analytics for SAP », une solution qui propose des modules pour des domaines fonctionnels variés allant des achats et des charges jusqu'au marchés verticaux. Mais surtout, ce nouveau produit i...

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  • New MOS Community: Hyperion Financial Close Management

    - by inowodwo
    Christmas has come early with a new Community in the Business Analytics Area! posted by Melanie Lunt: In the spirit of Christmas let's unwrap this community.....  The new community is the Hyperion Financial Close Management (FCM) Community. This community can be found under the Hyperion EPM Category.  Please post you questions about Hyperion Financial Close Management (FCM), including Close Manager and Account Reconciliation Manager (ARM) in this community. This communities are moderated by Oracle and we are looking forward to see you post your questions and help us build a strong community where you can collaborate with other customer, peers and Oracle. Merry Christmas and Happy New Year!

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  • Drive project success & financial performance with business critical Enterprise Project Portfolio Management

    - by Sylvie MacKenzie, PMP
    Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} Oracle Primavera invites you to the first in a series of three webcasts linking Enterprise Project Portfolio Management with enhanced operational performance and better financial results. Few organizations fully understand the impact projects have on their business. Consistently delivering successful projects is vital to the financial success of an asset intensive organization. Enterprise Project Portfolio Management (EPPM) is not a new concept yet for many organizations it is not considered "business critical". Webcast 1: Plan – Aligning project selection and prioritization with corporate objectives This webcast will look at 2 key questions: Are you aligning portfolio decisions with strategic objectives? How do you effectively measure the success of your portfolio decisions? Hear from Accenture who'll present a compelling case for why asset intensive organizations should consider EPPM as business critical. They'll explore: How technology is being used to enhance project delivery How collaboration enhances delivery performance The major challenges associated with the planning phase of a project Next hear from Geoff Roberts, Industry Strategist from Oracle Primavera. With over 30 years experience in project management/project controls in the construction, utilities and oil & gas sectors, Geoff will investigate how EPPM is a best practice and can support an organization through project selection and prioritization ensuring that decisions are aligned with corporate objectives. Don’t miss out, register today!

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  • Technology focussed solutions for Financial Services

    - by ambreesh
    Just finished a short trip to London, where I presented our 3 new technology solutions for Financial Services to the Oracle Client Advisors for the top accounts in EMEA. The solutions were well received by all, with opportunities for all 3 in all the top accounts. The solutions that we are focused on this FY are - Large Scale Data Management platform - Extreme Java platform - Banking Modernization platform, which includes Payments Consolidation (Wholesale and Retail), Core Banking Modernization and Mainframe Offload. My team's responsibility is to build the resilient platform that our financial customers can run their applications on. If they chose Oracle's applications such as Flexcube or Reveleus, we have done the hard work to tightly integrate these applications with our LSDM and BM platforms. If however a customer decides to run a competitive application, they should rest assured that we have done the best possible integration work with those applications too. And in the case of Capital Markets where Oracle does not have trading or risk assets, our LSDM and EJP solutions work with our partner applications such as GoldenSource, PolarLake, Calypso to name a few.  I will detail these solutions in subsequent posts.

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  • Financial Management: Why Move to the Cloud?

    - by Kathryn Perry
    A guest post by Terrance Wampler, Vice President, Financials Product Strategy, Oracle I’ve spent my career designing and developing financial management systems, most of it at Oracle. Every single day I either meet with our customers or talk to them on the phone. The time is usually spent discussing various business challenges facing CFOs and Controllers, who are running Oracle’s Financials. Lately, we’ve been talking a lot about cloud computing and whether it makes sense for finance to go to the cloud. Here are some pros and cons that might help you make that decision. Let’s start with the benefits of cloud solutions. The first is savings. With cloud services, you pay only for those commodities that you use. That makes you feel like you're getting better value for your money. Plus, you can preserve your cash for your core business and you can get a better matching of expenses and revenues. So, at the top of the list is lower total cost of ownership. The second point has to do with optimization. With cloud services, you’ll need less IT infrastructure so you can optimize your IT resources for better-value, higher-end projects. This also leads to greater financial visibility, where there's a clear cost for the set of services or features replaced by cloud services. And, the last benefit is what I call acceleration. You can save money by speeding up the initialization and deployment of the project. You don't have to deal with IT infrastructure and you can start implementing right away. We did a quick survey of about 70 CFOs at the CFO Summit last month in New York City. We asked them why they were looking at cloud services, and not necessarily just for financials. The No. 1 response was perceived lower cost of ownership. But of course there are risks to consider. The first thing most people think about in the cloud is security and ownership of data. So, will your data really be safe? Can you meet your own privacy policy requirements? Do you really want your private financial data exposed? Do you trust the provider? Is what you see really your data? Do you own it or is it managed by someone else? Security is a big concern that comes with an emotional component. The next thing in the risk category is reliability. Is the provider proven? You’re taking what you have control over – for example, standards and policies and internal service level agreements – away from your IT department and giving it to someone else. Will you still be able to adapt to shifts in your business? Will the provider be able to grow with your business effectively? Reliability means having a provider that can give you the service infrastructure that you need. And then there’s performance, which has two components in terms of risk. Going forward, will the provider be able to scale the infrastructure or service level if you have new employees or new businesses? And second, will the price you negotiate and the rate you lock in cover additional costs and rising service fees? Another piece is cost. What happens if you don't get the service level you want? What if you end the service? What happens, if after a few years, you send the service out for bid and change service? Can you move your data? Can you move the applications? Do the integrations work? These are cost components people don’t always take into account. And, the final piece is the business case. The perception is that you can get started really quickly with cloud. It has a perceived lower cost of total ownership and it feels cool because it's cloud. But do you have a good business case for moving to the cloud? Your total cost of ownership is over three years; then you’ll renew it, so your TCO is six years. Have you compared that to other internal services that you’re offering? You might already have product that you can run this new business or division on. In that same survey at the CFO Summit, the execs thought the biggest perceived risks were security of data, ability to move data back, and the ability to create a business case to actually justify the risks. So that’s the list of pros and cons. Not to leave you hanging, I will do another post on how to balance these pros and cons and make the right decision for your business.

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  • What's New in Oracle's PeopleSoft Enterprise Financial Management 9.1

    Oracle's PeopleSoft Enterprise 9.1 is one of the most robust and comprehensive releases in PeopleSoft's history. It includes 21 new solutions, 1,350 new features, more than 28,000 pages enhanced with Web 2.0 capabilities, 300 new Web services and 200 industry-specific enhancements. Specifically, the new enhancements in PeopleSoft Financials 9.1 helps organizations achieve world-class finance processes by dramatically improving the period close, maximizing cash and reducing liabilities, and further automating compliance and financial control.

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  • Proven Approach to Financial Progress Using Modern Best Practice

    - by Oracle Accelerate for Midsize Companies
    Normal 0 false false false EN-US X-NONE X-NONE by Larry Simcox, Sr. Director, Oracle Midsize Programs Top performing organizations generate 25 percent higher profit margins and grow at twice the rate of their competitors. How do they do it? Recently, Dr. Stephen G. Timme, President of FinListics Solutions and Adjunct Professor at the Georgia Institute of Technology, joined me on a webcast to answer that question. I've know Dr. Timme since my days at G-log when we worked together to help customers determine the ROI of transportation management solutions. We were also joined by Steve Cox, Vice President of Oracle Midsize Programs, who recently published an Oracle E-book, "Modern Best Practice Explained". In this webcast, Cox provides his perspective on how best performing companies are moving from best practice to modern best practice.  Watch the webcast replay and you'll learn about the easy to follow, top down approach to: Identify processes that should be targeted for improvement Leverage a modern best practice maturity model to start a path to progress Link financial performance gaps to operational KPIs Improve cash flow by benchmarking key financial metrics Develop intelligent estimates of achievable cash flow benefits Click HERE to watch a replay of the webcast. You might also be interested in the following: Video: Modern Best Practices Defined  AppCast: Modern Best Practices for Growing Companies Looking for more news and information about Oracle Solutions for Midsize Companies? Read the latest Oracle for Midsize Companies Newsletter Sign-up to receive the latest communications from Oracle’s industry leaders and experts Larry Simcox Senior Director, Oracle Midsize Programs responsible for supporting and creating marketing content ,communications, sales and partner program support for Oracle's go to market activities for midsize companies. I have over 17 years experience helping customers identify the value and ROI from their IT investment. I live in Charlotte NC with my family and my dog Dingo. The views expressed here are my own, and not necessarily those of Oracle. /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;}

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  • Overcoming the Global Financial Turmoil

    It isn't quite rare to hear that a certain company was badly affected by the global financial crisis and while some company weren't able to withstand the changes that eventually happened. Business venturing online with the expert help from web design companies is definitely the best solution for most companies who want to turn the situation to their favor.

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  • Genworth Financial Talks about the Value they received from Upgrading to Oracle E-Business Suite Release 12.1

    Genworth Financial is a publicly traded global financial security company and has a presence in more than 25 countries. Genworth Financial is recognized in Standard & Poor's 500 Index of Leading U.S. companies and ranked in the Fortune 500. Genworth Financial is committed to helping people effectively protect and achieve the comfort of financial security. Genworth Financial upgraded to the latest version of Oracle E-Business Suite Release 12.1 to support the management of their employees with core HR, Employee Self-Service, Compensation Workbench, Oracle Learning Management Oracle's Time and Labor. Genworth Financial will share their reasons for upgrading, their lessons learned and the benefits they are receiving.

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  • BPM Industry papers Financial Services & Insurance & Retail and BPM additional material

    - by JuergenKress
    Whitepaper: BPM for Financial Services Oracle BPM for Insurance Oracle BPM for Retail BPM 11g Patterns and Practices in Industry BPM Without Barriers Assessment: BPM Maturity - Online Self Assessment - Link New Book: "Oracle BPM Suite 11g: Advanced BPMN Topics" by Mark Nelson and Tanya Williams - Packt Publishing SOA & BPM Partner Community For regular information on Oracle SOA Suite become a member in the SOA & BPM Partner Community for registration please visit  www.oracle.com/goto/emea/soa (OPN account required) If you need support with your account please contact the Oracle Partner Business Center. Blog Twitter LinkedIn Mix Forum Technorati Tags: BPM,BPM FSI,BPM Insurance,BPM retail,BPM industries,BPM without barriers,Oracle SOA,Oracle BPM,Community,OPN,Jürgen Kress

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  • Particular Project Types & Job Responsibility in Financial Industry

    - by Rachel
    I want to gain knowledge about types of projects in Financial Industry and how it is like working for Back Office, Middle Office and Front Office of an Financial Firm. I have gone through How do I start programming in Financial Industry and it is really good but am question is mainly aim at: What typical types of Projects we have in Back Office, Middle Office, Front Office or in any other Financial Firms. I have heard about terms like Derivates Trading, Equity Trading, Banking, Money Market and so what are the types of projects in this areas and what would be a good read or resources to learn about different Financial Sectors and its related projects in each of this sectors. I would really appreciate if people who have worked in Financial Industry to share this knowledge.

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  • What's it like being a financial programmer?

    - by Mike
    As a student who's done an internship at a Silicon Valley company(non-financial), I'm curious to know what it's like working for a financial company doing software development. I'd expect the hours to be longer, and the pay to be higher. Specifically, I have the following questions: What's the work/life balance really like? Are you expected to work 80 hours a week most weeks? For those who have worked in non-financial software engineering jobs, how does being a financial software engineer compare in terms of work/life balance? How much does it pay? I'm curious as to starting(i.e. just got a BS) pay, as well as "top out" pay. (I'd prefer concrete numbers - ballpark is fine). Also, bonuses would be useful information. What jobs do financial programmers typically have? Are most just general software engineers, or do people typically have very specialized(i.e. AI or systems) backgrounds? Also, do most programmers have PhDs? Are programmers typically required to be at work, or are financial companies generally flexible about letting programmers work from home? When at work, do programmers have to dress formally? What are the technology environments like? Are finance companies using state-of-the-art hardware and software, or are they generally more conservative in upgrading their equipment? What programming languages are typically used? If VBA(shudder) is used, is it a large part of a finance company's workflow? If you could turn back the clock, would you still be a financial programmer? I'm going to keep this post open a little bit longer to get some more responses.

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  • Mega Trends 4 Financial Services, 21 maggio 2014

    - by Claudia Caramelli-Oracle
    Oracle ha sponsorizzato questo evento dedicato alle Banche e al mondo assicurativo. Il tema principale è stato cercare di capire come esplorare il futuro per migliorare il coinvolgimento dei clienti e le innovazioni in questo mercato. Oracle ha avuto l'opportunità di incontrare i Direttori Generali e i CxO delle più importanti banche italiane, internazionali e assicurazioni in oltre quattro momenti diversi: 1. Cena executive il 20 maggio2. Sessione plenaria3. Sessione parallela con il tema: Social & Digital Engaging4. CRM & Dig Data IntelligenceL'hashtag #mt4financialservices  ha visto un grosso movimento su Twitter: questo dimostra come le tematiche di cui si è discusso durante l'evento devono e trovano un reale riscontro in quello che è il mercato di riferimento. C'è interesse e soprattutto il mercato aspetta solo di essere ingaggiato in queste modalità! Per maggiori informazioni scrivi a Silvia Valgoi

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