SOURCE: OpenPages

January 22, 2007 09:00 ET

OpenPages Introduces Next-Generation Software Platform for Governance, Risk and Compliance Management

New Modules Ease Cost and Complexity of Managing Risk in IT Operations and Compliance With Multiple Regulatory Mandates

WALTHAM, MA -- (MARKET WIRE) -- January 22, 2007 -- OpenPages®, the leading provider of governance, risk and compliance management (GRCM) solutions, today announced the availability of the OpenPages Governance Platform(SM) 5.0. With new and enhanced modules for Operational Risk Management, Financial Controls Management, General Compliance Management and IT Governance, the OpenPages Governance Platform unites an organization's governance, risk and compliance initiatives into a single management system.

The OpenPages Governance Platform 5.0 provides a modular and integrated approach to governance, risk and compliance management, enabling organizations to:

--  Manage risk and compliance across a multitude of regulations,
    including financial reporting, privacy, industry and more
    
--  Understand the interdependencies between processes, risks and controls
    that are shared across business units and regulations to help companies
    better manage the critical risks that have the biggest effect on
    performance
    
--  Implement a unified and simplified approach to managing enterprise
    risk to reduce redundancy, minimize complexity and maximize efficiency
    
The OpenPages Governance Platform and suite of four modules empower organizations to share the management of processes, risks and controls within and across governance, risk and compliance disciplines. Business processes and controls managed for operational risk purposes can be shared or linked with similar or related processes for financial controls management, general compliance or IT governance.

The OpenPages Governance Platform enables organizations to unify their governance, risk and compliance initiatives in a strategic, proactive manner to better understand the state of risks that can impact their business and to see the effectiveness of controls that monitor and mitigate those risks. As a result, organizations can reduce unexpected outcomes, become more efficient and effective, improve top-line and bottom-line results, and increase company valuation.

"Organizations today face a broad range of governance challenges, from compliance with a multitude of regulations, to managing the risks that occur in daily business operations and in information technology systems," said Michael J. Duffy, President and CEO of OpenPages. "The OpenPages Governance Platform provides a single system of record that unites risk and compliance initiatives throughout the enterprise, so organizations can manage across all their enterprise risk requirements, while reducing the cost and complexity and gaining the assurance that those risks are mitigated, loss is avoided and regulatory requirements are met."

"While the Sarbanes-Oxley Act still gets a lot of attention, it's only one of many concerns companies wrestle with," said John Hagerty in the January 2007 AMR Research Alert, "OpenPages Extends GRC Platform with IT and General Compliance Management." "Document and records retention, code of conduct/training requirements, and risk management concerns all show up as concerns for most companies. Anecdotally, we've been hearing these concerns for a while from business and IT leadership, and now we're seeing them in the numbers as well."

New Modules Manage Risk in Operations, IT Operations and Compliance with Numerous Regulatory Mandates

The OpenPages Governance Platform 5.0 introduces two new modules that enable organizations to manage risk in IT operations and compliance with multiple regulatory mandates:

--  OpenPages GCM(SM) automates the ongoing test, review, attestation and
    remediation of industry and privacy compliance processes, while helping to
    identify similarities between regulations to reduce redundancy and
    duplication of effort. Actionable decision support -- in the form of
    interactive dashboards and reports -- provide General Counsel and Chief
    Compliance Officers the confidence that compliance is achieved, risks are
    mitigated and corporate policies and procedures are enforced. (See
    OpenPages Introduces General Compliance Management Solution, 01/22/07.)
    
--  OpenPages ITG(SM) facilitates excellence in Information Technology
    (IT) governance by aligning IT process, policy, risk and operations
    management with corporate business initiatives, strategy, and operational
    standards.  Leveraging a core shared-services open architecture; OpenPages
    ITG makes IT governance achievable, enabling organizations to sustain
    compliance across multiple IT best practice frameworks (including Cobit,
    ITIL and ISO 17799) 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.)
    
The OpenPages Governance Platform 5.0 also enhances the capabilities of the company's existing modules for operational risk management and financial controls management:
--  OpenPages ORM delivers several significant enhancements within the
    OpenPages 5.0 Governance Platform to further enable organizations to manage
    operational risk in a centralized manner across the organization.
    OpenPages ORM now supports extensions to loss events as well as a
    comprehensive scenario analysis capability.  OpenPages ORM can also
    integrate with external loss databases to provide enhanced analysis and
    decision-support capabilities for risk professionals.
    
--  OpenPages FCM is the market-leading software solution for compliance
    with the Sarbanes-Oxley Act and similar worldwide financial reporting
    regulations. It automates an organization's entire compliance lifecycle --
    from design and documentation, through test, review, approval and
    certification. Combining full document management, powerful workflow and
    interactive reporting capabilities, OpenPages FCM makes compliance
    procedures more efficient while providing executive management with
    assurance that the organization is meeting its compliance requirements.
    
"The ways in which companies view governance, organizational risk and compliance is evolving. Understanding and effectively managing those risks provides significant business benefits," said nationally recognized corporate governance expert Richard Steinberg, founder and principal of Steinberg Governance Advisors. "By driving a risk-aware culture and accountability into their day-to-day operations -- and using integrated GRCM solutions -- companies can see benefits that include better visibility into business operations, gains in efficiency, enhanced compliance, and better risk management with related improved performance."

The Foundation of the Well-Governed Business

The OpenPages Governance Platform serves as the foundation for enterprise-wide business governance through its ability to unite an organization's governance, risk and compliance initiatives into a single management system. Comprised of a set of shared governance services and a centralized repository, the OpenPages Governance Platform enables organizations to:

--  Implement a process-centric, policy-driven approach to governance by
    driving accountability at the process owner level to ensure policies are
    enforced in a uniform fashion
    
--  Understand and gain visibility to risk and its impact throughout the
    entire organization through a risk and control framework that enables the
    monitoring and management of risk according to organizational tolerances
    
--  Leverage critical business intelligence created from capturing key
    business processes and risks through an actionable decision-support system
    to aid in making critical business decisions
    
--  Share processes, risks and controls across business units to reduce
    complexity, eliminate duplication of efforts and understand risk
    interdependencies between key business processes
    
--  Easily accommodate changes to organizational structure and business
    processes to maximize business agility
    
The OpenPages Governance Platform orchestrates all governance, risk and compliance management activities throughout the enterprise. With OpenPages, organizations gain visibility into how the business is operating and the information needed to maximize control and continuously improve performance.

The OpenPages Governance Platform and its suite of modules are easily configured to match an organization's business processes and the enterprise risk management methodology employed. As a result, OpenPages solutions can quickly and easily accommodate relationship changes between organizational structure, business process and risk methodology. With flexible, automated workflow, organizations can drive accountability down into the organization and eliminate uncertainty around process and control ownership and participation.

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
    781.693.5941
    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