SOURCE: OpenPages

August 15, 2005 10:36 ET

OpenPages and Oversight Systems Partner to Provide Real-Time Transaction Inspection for Sarbanes-Oxley Compliance

Partnership Combines Internal Controls Test and Review Information for Transactions in Financial Systems

WALTHAM, MA and ATLANTA, GA -- (MARKET WIRE) -- August 15, 2005 -- OpenPages, the leading provider of enterprise governance, risk and compliance management (GRCM) solutions, announced today new capabilities for continuous monitoring of Sarbanes-Oxley processes through a partnership with Oversight Systems. The combination of OpenPages' SOX Express and Oversight 3.5 will enable organizations to merge internal controls test and review information with real-time transactions and business activities in financial systems to prevent risk, fraud and error in core business processes including Order to Cash; Procure to Pay; Employee Pay; Financial Accounting and Reporting; and Capital Projects and Fixed Assets.

"For the world's largest organizations, OpenPages has become the system of record for Sarbanes-Oxley compliance processes. As the hub for a company's compliance information, it is imperative that we interoperate with best-in-class solution providers to increase efficiencies and reduce costs throughout all phases of a compliance process," said Peter Emerson, vice president of business development at OpenPages. "In partnering with Oversight, OpenPages customers gain powerful continuous compliance monitoring capabilities that ensure 100% accuracy and integrity in financial reporting while continuing to reduce the compliance effort."

"The repetitive burden of Sarbanes-Oxley compliance is affecting employee morale. Organizations want to reduce the burdens placed on their staffs in charge of day-to-day compliance tasks," said Patrick Taylor, CEO of Oversight Systems. "In combination with SOX Express, our customers can increase the level of confidence in their internal controls while reducing manual tasks, freeing up their staffs to handle critical responsibilities."

As a virtual auditor, Oversight's software solution continuously monitors 100 percent of the transactions and business activities in financial systems in real time to evaluate the compliance of every transaction and prevent mistakes and violations from leading to financial losses or misstatements. In automating the testing and analysis of auditors and fraud examiners, Oversight continuously monitors the business processes and all underlying transactions. The Oversight Controls Library links an organization's key risks and controls with specific audit tests. These tests, or Integrity Checks, encapsulate the best practices of auditors and fraud examiners, which are applied to every transaction.

OpenPages SOX Express is the market-leading software solution for reducing the time and resource costs associated with ongoing compliance for Sections 302 and 404 of the Sarbanes-Oxley Act. SOX Express combines powerful document management, business process management and flexible reporting capabilities in an extremely easy-to-use environment that enables an organization to document financial controls and automate the end-to-end compliance process. Completely Web-based, SOX Express maximizes end-user participation with little training. Its dashboards can be used by project managers, documentation team members, internal auditors and external auditors to plan, document and test the internal controls framework of the company, and to attest to the financial statements.

For more information on OpenPages' line of enterprise governance, risk and compliance management solutions or to register for a weekly webinar, please call 781-647-3800 or visit www.openpages.com.

About Oversight Systems

Oversight Systems is the leading provider of independent, continuous monitoring solutions for real-time transaction inspection. By combining the expertise and experience of security, fraud, audit and enterprise software development professionals, Oversight Systems is redefining how enterprises satisfy Sarbanes-Oxley compliance requirements, and enabling corporations to gain substantial returns from their compliance investments. For more information, visit www.oversightsystems.com.

About OpenPages

Founded in 1996, OpenPages is the leading provider of enterprise governance, risk and compliance management (GRCM) software solutions. OpenPages' solutions streamline knowledge-intensive processes to improve corporate accountability, reduce disclosure process cost, enhance internal controls management productivity, and increase investor confidence. The company's portfolio of solutions includes SOX Express, the market-leading enterprise application for automating the compliance requirements of Sections 404 and 302 of the 2002 Sarbanes-Oxley Act, and OPtimum ORM, an enterprise risk management software solution that enables entities to identify, analyze and manage operational risk on an integrated, company-wide basis. The world's largest corporations in diverse markets -- including financial services, manufacturing, telecommunications, media/entertainment, retail/consumer, energy, high technology, health services and life sciences -- rely on OpenPages for cost-effective, efficient, sustainable governance, risk and compliance management. The company is headquartered in Waltham, Massachusetts, with international headquarters in the United Kingdom and Hong Kong, 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.

Contact Information

  • Contacts:

    OpenPages
    Ed Thomas
    OpenPages
    781.647.3800, Ext. 241
    Email Contact

    North America
    Mike Antonellis
    Lois Paul & Partners
    781.782.5832
    Email Contact

    Europe
    Louise Matthews
    Harvard Public Relations
    +44 208 759 0005
    Email Contact

    Oversight Systems
    Amanda Jones
    Connect PR
    801.373.7888
    Email Contact