SOURCE: OpenPages

January 22, 2007 09:00 ET

OpenPages Announces Industry Support for OpenPages Governance Platform 5.0

Complementary Solutions and Frameworks From Industry Leaders Enhance OpenPages' New Platform, Modules

WALTHAM, MA -- (MARKET WIRE) -- January 22, 2007 -- OpenPages®, the leading provider of governance, risk and compliance management (GRCM) solutions, today announced widespread industry support and complementary solutions for the new OpenPages Governance Platform(SM) 5.0 and its suite of modules for financial controls management, operational risk management, IT governance and general compliance management.

With integration to best-in-class applications and best-practices from industry experts, the OpenPages Governance Platform becomes the nucleus of the Business Governance ecosystem, enabling organizations to centralize the management of governance, risk and compliance information.

"By integrating with best-in-class applications and incorporating best-practice frameworks from industry experts, OpenPages creates an enterprise-wide ecosystem for governance, risk and compliance information," said Michael J. Duffy, President and CEO of OpenPages. "With OpenPages and its partners, organizations can take advantage of a centralized approach to Business Governance, with full visibility into the interrelationships between risk and compliance across geographies, business units and functional departments."

The OpenPages Governance Platform serves as the foundation for enterprise-wide Business Governance. It provides interoperability between OpenPages modules and third-party technologies, best practices and methodologies, including financial consolidation systems, audit tools, continuous controls monitoring systems, IT infrastructure management, loss-event databases, capital allocation calculation engines and more.

Examples of OpenPages technical integrations include:

--  ACL Services Ltd., the leading global provider of audit analytics and
    continuous controls monitoring technology to finance, compliance, and audit
    professionals
--  Approva, a provider of continuous controls monitoring and audit
    software
--  Aveska, the leading provider of automated security compliance
    management across the enterprise
--  BEA, a world leader in enterprise infrastructure software
--  Cognos, provider of business intelligence and performance management
    solutions
--  Fujitsu Computer Systems Corporation, a leading global provider of
    standards-based Business Process Management software and SOA solutions
--  Oracle, the world's largest enterprise software company
--  Oversight Systems, provider of automated continuous monitoring
    solutions
    
Additionally, the OpenPages Governance Platform supports best practices and methodologies from leading accounting and consulting firms, including:
--  ABS Consulting, an independent global provider of risk management
    solutions and services
--  Control Solutions International, the leading global provider of
    independent internal audit, compliance, risk management and technology
    solutions
--  Crowe Chizek and Company LLC, a top 10 U.S.-based public accounting
    and consulting firm
--  Deloitte Consulting, one of the world's largest consulting firms
--  James Lam & Associates, one of the world's leading risk consultancies
--  RiskBusiness, a global operational risk advisory firm
    
The OpenPages Governance Platform 5.0

The OpenPages Governance Platform 5.0 features new and enhanced modules for Operational Risk Management, Financial Controls Management, General Compliance Management and IT Governance. It empowers the well-governed business through its ability to unite an organization's governance, risk and compliance initiatives into a single management system. (See OpenPages Introduces Next-Generation Software Platform for Governance, Risk and Compliance Management, 01/22/07.)

"Agility and competitive advantage in today's business environment require integrated performance monitoring, clear accountability for results, and risk intelligence capabilities," said Lee Dittmar of Deloitte Consulting LLP. "That's why the market for governance, risk and compliance solutions is important and growing: leaders are seeking to reduce and mitigate their corporate risk, protect their bottom lines, strengthen their market positions and maintain the confidence of investors."

OpenPages ITG(SM)

One of the new modules for the OpenPages Governance Platform introduced today, OpenPages ITG facilitates excellence in Information Technology Governance by aligning IT process, policy, risk and operations management with corporate business initiatives, strategy, and operational standards. OpenPages ITG enables organizations to sustain compliance across multiple IT best practice frameworks and regulations while managing internal IT control and risk according to the business processes they support. (See OpenPages Introduces Information Technology Governance Solution, 01/22/07.)

"Risk and compliance management are top-of-mind issues for the CIOs with whom I talk," said Warren Chan, Executive at Crowe Chizek and Company LLC, a top 10 US-based public accounting and consulting firm. "Any missteps in IT can go undetected for long periods of time, and can have profound business consequences. Minimizing IT risk to acceptable levels gives IT leaders improved visibility into their operations as well as improved decision support and performance."

OpenPages GCM(SM)

Also introduced today, OpenPages GCM is a general compliance management software solution that reduces the cost, complexity and cumbersome nature of complying with numerous regulatory mandates, including privacy, anti-money laundering, industry and best practices/internal policies. (See OpenPages Introduces General Compliance Management Solution, 01/22/07.)

"Our customers must comply with a myriad of regulatory mandates, which share common business approaches to assess, manage and monitor compliance," said Todd Richards, Executive at Crowe Chizek and Company LLC. "The bottom line is companies want to eliminate the redundancies in management, documentation and monitoring demands so they can save time and money. And they want to do it all while significantly reducing their exposure to violations and providing better transparency."

OpenPages ORM(SM)

OpenPages ORM automates the process of identifying, measuring and monitoring operational risk on an integrated, company-wide basis. OpenPages ORM allows risk managers to reduce the likelihood and impact of unexpected business events, which helps minimize earnings volatility, protect against reputational damage, ease regulatory burdens, optimize capital allocation reserves and ensure that operational performance meets expectations.

"Global organizations like those we work with say managing critical risks is a huge priority and significant challenge," said James Lam, President, James Lam & Associates. "As business grows, so do the complexities, uncertainties and risks. Companies that can understand and proactively manage those risks are the ones that will be most likely to thrive."

OpenPages FCM(SM)

OpenPages FCM enables organizations to automate ongoing compliance with worldwide financial reporting regulations, including the Sarbanes-Oxley Act, Loi de Sécurité Financière in France, Bill 198 in Canada, JSOX in Japan and more.

"Many organizations struggle to meet the financial reporting requirements introduced by the Sarbanes-Oxley Act, and those with manual procedures not only require more effort, they also increase their chances for mistakes that might cloud their view of where they are really at in terms of compliance," said Justin Morrow, Director of Global Marketing for Control Solutions International, Inc.

About OpenPages

OpenPages is the leading provider of enterprise risk 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 regional offices throughout North America and international offices in London, Tokyo, Munich, Hong Kong, and Paris.

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

  • Contacts:

    OpenPages
    Ed Thomas
    OpenPages
    781.647.5941
    Email Contact

    North America
    Michael Parker
    Lois Paul & Partners
    781.782.5714
    Email Contact

    Europe
    Charlotte Hanson
    Harvard Public Relations
    +44 208 759 3242
    Email Contact