Benfield Selects PeopleSoft To Support Compliance Needs

Business Wire, Oct 4, 2004

LONDON -- At its EMEA Connect 2004 customer conference, PeopleSoft Inc. (Nasdaq:PSFT) today announced that Benfield, the world's leading independent reinsurance intermediary, will deploy PeopleSoft(R) Enterprise Financial Management and Human Capital Management (HCM) solutions to expedite its regulatory reporting and disclosure, and standardise its human capital management processes.

Flexibility to Support Compliance Needs

Benfield will deploy PeopleSoft's Financial Management solution to automate many of its statutory financial reports and eliminate the need to manually configure complex information across the organization. The solution will provide the flexibility to support Benfield's internal and external reporting requirements for multi-language and multi-GAAP formats, both locally and globally. The ability to deliver relevant information about financial performance will increase accountability and improve strategic decision making within individual business units.

Workforce Performance Management to Reduce Costs

Benfield will also deploy PeopleSoft's HCM to integrate human resource information into its financial system. This integration will deliver real-time visibility into employee performance, compensation and development across the company.

"As a multinational organisation, Benfield is required to provide financial information to a variety of agencies in multiple formats that involve different levels of disclosure," said John Whiter, chief financial officer of Benfield. "We will standardise PeopleSoft's solutions to streamline regulatory reporting processes and gain the flexibility required to adhere to the changing financial regulations environment."

"Compliance is no longer an option--it's a requirement," said Guy Dubois, executive vice president international, PeopleSoft. "The approaching 2005 deadlines are driving a heightened sense of urgency around the need to enforce accountability across all levels of an organisation."

PeopleSoft and IBM are working together to implement PeopleSoft solutions across Benfield's global operations.

About Benfield

Benfield is the world's leading independent reinsurance intermediary and risk advisory business. Its customers include many of the world's major insurance and reinsurance companies as well as government entities and global corporations. Benfield operates from more than 30 locations worldwide. The company is listed on the London Stock Exchange under the ticker symbol BFD. www.benfieldgroup.com

About PeopleSoft

PeopleSoft (Nasdaq:PSFT) is the world's second largest provider of enterprise application software with 12,400 customers in more than 25 industries and 150 countries. For more information, visit us at www.peoplesoft.com.

PeopleSoft and the PeopleSoft logo are registered trademarks. All other company and product names may be trademarks of their respective owners. Copyright (C) 2004 PeopleSoft, Inc. All rights reserved.