Oracle(R) Fusion Middleware Selected by the Principal Financial Group

Oracle today announced that the Principal Financial Group(r), a leading provider of retirement savings, investment, banking and insurance products, is using Oracle(r) Identity Management to integrate its auditing functions to more effectively manage operational risks.
Faced with a growing list of compliance requirements that required significant time and resources, The Principal(r) needed a scalable security offering capable of managing and auditing account creations, updates and assigned access rights across its enterprise. The Principal selected Oracle Identity Manager, a component of Oracle Identity Management, over competitive offerings to help meet its goals.

As part of an 18-month development and implementation process, The Principal incorporated Oracle Identity Manager into its comprehensive security platform that supports all account provisioning processes. Today, the overall solution provides end users and application owners with extensible, dynamic workflows for managing approval and provisioning processes across more than 100 systems and applications. With its provisioning system, the company can mitigate operational risks and more easily enforce audits for user access privileges. For example, The Principal can generate reports regarding who has access to CRM or financial applications for the purposes of attestation.

“Given the increasing complexity of regulatory requirements we face as a financial services provider, we needed to implement a system that could help automate our employee provisioning and deprovisioning process,” said Kevin Kelley, assistant director, IT, the Principal Financial Group. “Oracle Identity Management provides us with the ability to more easily and efficiently improve security processes across our comprehensive application environment while helping us address our compliance requirements.”

About Oracle Identity Management
Serving as the security backbone for Oracle Fusion Middleware, Oracle Identity Management helps customers and partners decrease security threats across diverse IT environments while helping address governance, risk and compliance needs. Oracle Identity Management was the market’s fastest growing suite of Identity Management products in 2006, based on total software revenues worldwide. Oracle Identity Management’s support of industry standards such as WS*, XACML, SAML and SPML helps enable customers and partners to more easily integrate applications with the framework. The family of best-in-class software, which can be used in its entirety or as individual components, includes Oracle Identity Manager, Oracle Access Manager, Oracle Enterprise Single Sign-On Suite, Oracle Identity Federation, Oracle Virtual Directory, Oracle Internet Directory, Oracle Management Pack for Identity Management and Oracle Web Services Manager. To learn more, visit http://www.oracle.com/identity.

About the Principal Financial Group
The Principal Financial Group( (The Principal (r))(1) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $270.1 billion in assets under management (2) and serves some 17.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.