SOURCE: OpenPages


April 22, 2009 08:30 ET

OpenPages Helps Companies Adapt to a 'New Era of Risk Management'

Risk-Based Approach Enables Companies to Focus on What's Important

WALTHAM, MA--(Marketwire - April 22, 2009) -

News Facts

-- As a result of the turbulent economic environment, OpenPages, the leading provider of integrated risk management solutions for global companies, announced that it is helping companies successfully adapt to what they are calling a "New Era of Risk Management."

-- The fallout from the financial crisis and the global effort to stabilize the world's economies, including corporate bailouts, have prompted discussion of increased regulation that will require a greater focus on risk management in day-to-day business operations.

-- A recent report issued by the United States Government Accountability Office revealed that U.S. regulators failed to take action upon learning of critical weaknesses in the risk management oversight at some of the countries largest financial services institutions. The report provides further evidence of the need for a regulatory overhaul in the financial services industry.

-- Testifying before the House Financial Services Committee on March 26, 2009, Treasury Secretary Timothy Geithner hinted at the direction of the new regulation when he said, "We need much stronger standards for openness, transparency, and plain, common sense language throughout the financial system."

-- Gordon Burnes, vice president of marketing, OpenPages, wrote back in a September 2008 blog post that, "We're going to witness a shift in the industry as companies that can provide transparency into risk exposure will be valued more highly than those that cannot. Furthermore, regulators will demand this kind of transparency."

-- In the New Era of Risk Management, companies will take a risk-based approach to managing the business. This approach allows companies to identify and manage the key risks across their business. It also enables companies to focus on what's important and to avoid unexpected outcomes while improving performance.

-- Also in the New Era of Risk Management, companies will seek to integrate risk management silos from across the business. This integration will reduce costs through a consolidated technology infrastructure and shared processes and will provide better transparency into the interdependencies of risks in the business.

-- OpenPages is working closely with its customers as they make the transition to a risk-based approach to managing their business, and many of its customers are integrating heretofore disparate risk management activities into a common set of processes supported by a single technology platform, OpenPages 5.5. These companies are prepared for the New Era of Risk Management.

Supporting Quote from Michael J. Duffy, CEO & President, OpenPages

-- "This is a defining moment for our generation that underscores the importance of integrated risk management, not just within the financial services industry but in all companies. Our customers are working with us to proactively tackle this 'New Era of Risk Management' which is about taking a risk-based approach to managing the business. This approach allows companies to focus on what's important instead of pursuing activities that will have no impact on the business."

Supporting Quote from Richard Brilliant, VP & Chief Audit Executive of Audit Services, Carnival Corporation

-- "In today's economy, the audit function plays a critical role in validating performance and providing the transparency necessary for trustworthy commerce to continue. Carnival considers audit to be a crucial component of our overall ERM strategy and broader GRC activities. OpenPages has been instrumental in helping us adopt a system that integrates our requirements across our brands from an audit, SOX and ERM perspective resulting in reduced cost, increased efficiency and an improved overall view of the interdependencies among different risk disciplines."

Supporting Quote from Richard Steinberg, Founder and CEO of Steinberg Governance Advisors

-- "From a governance perspective, boards will need to sharpen their focus on risk management, looking particularly at the effectiveness of management's process for identifying, analyzing, and managing risk. This greater attention is already coming from financial institutions as result of the well-published failures over the last year, but extending well beyond to companies in every industry. In some cases, managements will need to rethink their entire approach how risk is managed, creating a risk-aware culture and building risk management into the business' normal, ongoing management processes and enhancing communication. While there are no silver bullets, a programmatic approach implemented through use of a well-designed technology support system can accelerate an organization's ability to manage risk more effectively."

Please contact Jessica Sutera to arrange for further quotes regarding this announcement or to request an interview with an OpenPages executive.

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About OpenPages

OpenPages is the leading provider of integrated risk management solutions for global companies. OpenPages' solutions empower a risk-based approach to identify and manage key business risks across the enterprise. This approach enables companies to focus on what's important and to avoid unexpected outcomes while improving performance. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in Japan and the United Kingdom, and regional offices throughout North America.

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

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Contact Information

  • Contact:
    Jessica Sutera
    Lois Paul & Partners
    Email Contact
    (781) 782-5789