SOURCE: OpenPages

June 05, 2006 09:00 ET

OpenPages Announces Availablility of Next-Generation Financial Controls Management Software for Sarbanes-Oxley Compliance

SOX Express Becomes OpenPages FCM; Addresses Requirements of International Financial Reporting Regulations

WALTHAM, MA -- (MARKET WIRE) -- June 5, 2006 -- OpenPages, the leading provider of enterprise governance, risk and compliance management (GRCM) solutions, today announced the availability of OpenPages FCM 4.0 (formerly SOX Express), the newest version of its market-leading software for compliance with financial reporting regulations. Now in its fourth generation with nearly 200 implementations worldwide, OpenPages FCM 4.0 offers new and enhanced capabilities in user configuration, automation, reporting, third-party integration, and local language support, to provide organizations with significant relief from the complex, costly and burdensome nature of financial controls management and compliance.

To help organizations address compliance with the numerous international financial reporting regulations, including Bill 198 in Canada, Loi de Sécurité Financière (LSF) in France and JSOX in Japan, OpenPages FCM is now available in six languages -- English, French, Spanish, German, Japanese and Chinese. With local language support, users worldwide can manage their documentation, testing, remediation and certifications through a Web browser in the language of their choice. Additionally, for multinational corporations that must comply with multiple financial reporting regulations, OpenPages FCM provides the ability to share processes, risks and controls across different regulations, creating a single management system for financial controls that reduces duplication and redundancy.

Enhancements to Configurability, Usability and Decision Support Streamline Compliance Procedures and Reduce Overall Costs

OpenPages FCM 4.0 builds on its industry-leading configuration capabilities to provide organizations with a solution that is easy to deploy, easy to use and less costly to maintain. All form fields, properties and application settings are 100 percent configurable, eliminating the need for customers to customize the software to accommodate the unique operations of their business. Extended product flexibility allows users to easily adapt the system according to changes in entity, business processes or external environments. As a result, organizations reduce total cost of ownership by minimizing support from IT or outside consulting.

With new enhancements to compliance automation, OpenPages FCM 4.0 increases efficiency and drives down costs. OpenPages FCM 4.0 supports hierarchical workflows, which enables users to automate compliance activities based on organizational charts. Changes in organizational hierarchies or realignment of business functions and processes are automatically recognized and the new hierarchies and relationships respected in subsequent workflow activities.

OpenPages has also extended its CommandCenter reporting capabilities with additional out-of-the-box graphical reports and dashboards that provide management and executives with real-time visibility into the state of the organization's internal control framework. In addition, new reporting capabilities provide users with increased flexibility in developing new reports quickly and easily. CommandCenter reports can now be routed to users through workflow to provide greater context and better decision support. To further enhance usability, end-user home pages are now powered by CommandCenter to provide personalized access to information that is relevant to each individual user. Combined with OpenPages' CrossTrack functionality, users can drill down from reports into sub-reports and underlying detail data to obtain better understanding of processes, risks and controls.

"OpenPages FCM 4.0 combines OpenPages' leading domain expertise with best practices developed by nearly 200 of the world's foremost organizations into a powerful, yet flexible solution to ease the burdens of Sarbanes-Oxley compliance, as well as newer worldwide regulations for financial reporting," said Michael J. Duffy, president and CEO of OpenPages. "With OpenPages FCM 4.0, organizations can make compliance as predictable and repeatable as closing the books each quarter."

OpenPages FCM is the market-leading software solution for financial controls management and a key building block in a Business Governance framework that allows organizations to increase efficiency, reduce unexpected outcomes and strengthen overall performance. It reduces the time, resource costs and complexity associated with ongoing compliance for worldwide financial reporting regulations. Combining powerful document and business process management with flexible reporting capabilities in an extremely easy-to-use environment, OpenPages FCM enables CEOs, CFOs and financial management officers to enforce internal controls. It helps corporations automate significant aspects of their internal controls framework to significantly reduce the overall cost of compliance. Its dashboards can be used by project managers, documentation team members and internal auditors to plan, document and test the internal controls of the company, and eventually to attest to the financial statements.

About OpenPages

OpenPages is the leading provider of governance, risk and compliance management software solutions. The company's solutions provide the visibility, decision support and control to improve accountability, better manage risk, achieve compliance with numerous regulations, improve operational performance and align strategies to ensure better results.

Market-leading corporations in financial services, manufacturing, telecommunications, media/entertainment, retail/consumer, energy, high technology, health services and life sciences rely on OpenPages to help them achieve sustainable governance, risk and compliance management -- enabling them to become well-governed businesses. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in Hong Kong, Japan, France and the United Kingdom, and regional offices throughout North America.

For more information on OpenPages' suite of business governance software solutions or to register for an online demonstration, please call 781-693-5999 or visit www.openpages.com.

OpenPages is a trademark of OpenPages, Inc. All other trademarks contained herein are the property of their respective owners.

Contact Information

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    Kara Armit
    OpenPages
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    Lois Paul & Partners
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