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Acxiom and PricewaterhouseCoopers Combine Strengths To Help U.S. Financial Community Comply With Privacy Regulations.


Business Editors/Technology Writers

LITTLE ROCK, Ark.--(BUSINESS WIRE)--Jan. 18, 2001

Acxiom's AbiliTec(TM) Enables Institutions to Improve

Customer Relationships Through Legislative Compliance

With stringent federal privacy regulations looming looming: see mirage.  over the U.S. financial community, Acxiom Corporation and PricewaterhouseCoopers have formed a strategic alliance to help financial institutions comply with the short deadline of the mandatory privacy regulations of the Gramm-Leach-Bliley Act The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition  (GLB (Gramm-Leach-Bliley Act) Enacted in 1999 and effective in mid 2001, the GLB stipulates that every financial institution shall protect the security and confidentiality of its customers' confidential personal information. ), while at the same time improving customer relationships and consumer trust.

Acxiom(R) (Nasdaq:ACXM), the global leader in Customer Data Integration (CDI CDI compact disc interactive: a system for storing a mix of software, data, audio, and compressed video for interactive use under processor control ), and PricewaterhouseCoopers, the world's largest professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products.  organization, will focus on Acxiom's AbiliTec(TM) software as an enabler of privacy policies, practices and consumer preference procedures. AbiliTec is Acxiom's CDI software powered by patented linking technology and already adopted by leaders in the technology, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.
 and retail industries to help them create a single view of their customers across the enterprise.

GLB became effective November 12, 2000, and requires financial institutions to give their customers notice of corporate privacy policy as well as a choice about how an individual's private information is used. The deadline for full compliance is July 1, 2001.

The new alliance is specifically between Acxiom and Global Risk Management Services (GRMS GRMS Global Risk Management Solutions (Price-Waterhouse-Cooper)
GRMS Generalized Rate Monotonic Scheduling
GRMS Group Risk Management Services
GRMS Gauge Restraint Measurement System (rail road tracks) 
) Division of PricewaterhouseCoopers. Under the alliance, PricewaterhouseCoopers' GRMS practice will conduct an initial assessment of a financial institution's consumer privacy compliance needs. Then, Acxiom and PricewaterhouseCoopers will work together on a joint design and implementation using AbiliTec as the compliance enabler and consumer preference solution. Once the system is in place and approved, PricewaterhouseCoopers will perform verification of the solution.

"Institutions that do not comply with the law could face stiff penalties and regulatory action as well as loss of consumer trust," said Jennifer Barrett, Acxiom Company Privacy Leader. "However, the typical financial institution offers an array of different products and services, generally from a host of locations, to thousands - if not millions - of customers. Data is often fragmented and housed in disparate data silos (1) A separate database or set of data files that are not part of an organization's enterprise-wide data administration. See siloed application.

(2) An external storage array or cabinet. See disk array.
 across the enterprise. Different lines of business do not always interact with each other. Yet the institution must develop a privacy policy that comprises the full depth and breadth of its corporate identity."

Barrett added that "the task of compliance is technically intimidating in·tim·i·date  
tr.v. in·tim·i·dat·ed, in·tim·i·dat·ing, in·tim·i·dates
1. To make timid; fill with fear.

2. To coerce or inhibit by or as if by threats.
 for many institutions, and those that can comply quickly and successfully will have a competitive advantage in the marketplace. Success will depend on how they meet the demands for new levels of sophistication so·phis·ti·cate  
v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates

v.tr.
1. To cause to become less natural, especially to make less naive and more worldly.

2.
, speed and accuracy in their customer data integration - qualities that are delivered by AbiliTec."

As the global leader in CDI, AbiliTec is capable of quickly creating an accurate, single view of a customer, something that is critical for achieving customer relationship management and maintaining consumer trust. This ability to link consumer data quickly and completely across the institution creates the opportunity to not only meet the requirements of the law but allows an institution to improve its relationship with its customers. This means the institution can now view their whole relationship with a customer, which helps prevent duplication on privacy notices or other information sent to customers. This recognition translates into increased customer loyalty leading to additional revenues and profitability over time.

"PricewaterhouseCoopers recognizes the critical nature of Customer Data Integration in a number of business processes necessary to the financial industry, including customer relationship management, data mining and business intelligence," said Dr. Larry Ponemon, founder and Senior Partner of PricewaterhouseCoopers Global Privacy Practice. "AbiliTec goes hand-in-hand with our risk management services, which can identify a company's compliance risks, build leading-edge compliance programs and manage the compliance infrastructure, and measure and monitor actual practices to ensure the company meets the highest standards."

About PricewaterhouseCoopers

The Global Risk Management Services (GRMS) practice of PricewaterhouseCoopers helps clients anticipate, identify and assess business risks. Through the implementation of controls, clients are able to minimize those associated risks and maximize their business performance by integrating strategic change, process improvements and technology solutions. Through a worldwide network of skills and resources, consultants manage complex projects with global capabilities and local knowledge, from strategy through implementation. PricewaterhouseCoopers (www.pwcglobal.com) is the world's largest professional services organization. Drawing on the knowledge and skills of more than 150,000 people in 150 countries, we help our clients solve complex business problems and measurably enhance their ability to build value, manage risk and improve performance in an Internet-enabled world.

PricewaterhouseCoopers refers to the member firms of the worldwide PricewaterhouseCoopers organization.

About Acxiom

Acxiom Corporation, the global leader in real-time, multi-channel Customer Data Integration, enables businesses to develop and deepen deep·en  
tr. & intr.v. deep·ened, deep·en·ing, deep·ens
To make or become deep or deeper.


deepen
Verb

to make or become deeper or more intense

Verb 1.
 customer relationships by creating a single, accurate view of their customers across the enterprise. Acxiom achieves this by providing customer data integration software, database management services, and premier customer data content through its AbiliTec(TM), Solvitur(R) and InfoBase(R) products, while also offering a broad range of information technology outsourcing Information Technology Outsoucing or ITO is a company's outsourcing of computer or Internet related work, such as programming, to other companies. It is used in refence to Business Process Outsourcing or BPO, which is the outsourcing of the work that does not require so much  services. Founded in 1969, Acxiom (Nasdaq: ACXM) is based in Little Rock, Arkansas Little Rock, Arkansas

required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557]

See : Bigotry
, with locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area.  and with operations in the United Kingdom, France, Spain and Australia. Acxiom revenues were $1.03 billion for the 12 months ended September 30, 2000. For more information, please visit www.acxiom.com.

The discussion in this release regarding Acxiom Corporation contains forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
 that involve risks and uncertainties, including risks detailed from time to time in the company's SEC reports. Actual results may differ materially. Acxiom undertakes no obligation to publicly release any revision to any forward-looking statement to reflect any future events or circumstances.

Acxiom, InfoBase and Solvitur are registered trademarks of Acxiom, RTC See real time clock. , Inc. AbiliTec is a trademark of Acxiom Corporation.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Jan 18, 2001
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