SOURCE: OpenPages

June 05, 2006 09:00 ET

OpenPages Unveils Vision for the Well-Governed Business

Enables Organizations to Unify the Silos of Governance, Risk and Compliance Management to Maximize Business Efficiency and Performance

WALTHAM, MA -- (MARKET WIRE) -- June 5, 2006 --OpenPages, the leading provider of enterprise governance, risk and compliance management (GRCM) solutions, today unveiled its vision for Business Governance, where organizations increase efficiency, reduce unexpected outcomes and strengthen overall performance. A sea change of how organizations will be managed moving forward, Business Governance gives organizations the visibility and control over operations to improve both top- and bottom-line performance and increase overall valuation.

"Business Governance is the process by which organizations are directed to achieve maximum performance. It's the oversight function; it determines how the business should operate, how decisions are made and how the business should respond when things do not go according to plan," said Michael J. Duffy, president and CEO of OpenPages. "Business Governance is a natural extension of risk management and regulatory compliance. OpenPages is empowering organizations to become well-governed businesses by leveraging their risk and compliance efforts, in an integrated fashion, to improve overall business performance."

"In today's complex regulatory and business environment, a key challenge is integrating processes and metrics used to monitor adherence to regulatory requirements with those used to understand risks and manage enterprise performance," said Lee Dittmar, principal and national leader of Deloitte Consulting LLP's Enterprise Governance practice. "The goal should be to create a set of processes and information to help support the ongoing viability and performance of the enterprise, and to help align the focus of the board and the executive team. The idea is to view governance, risk management and compliance in a comprehensive, integrated manner. The benefit is that common processes and systems can be leveraged to address all three. Companies need to shift their thinking from tactical, short-term and point-solution approaches toward a more strategic, sustainable comprehensive approach that includes improved governance, standardized processes and enabling technologies."

To become the well-governed business, organizations need to facilitate the convergence of risk and compliance information to promote better visibility and decision support at every level of the organization. The key is to create a single management system for risk and compliance that enables the organization to:

1.  Achieve and sustain compliance across multiple regulations;

2.  Understand risk and its impact throughout the entire organization
    to ensure that performance outcomes meet strategic objectives;

3.  Model how the business should operate and understand what to do when
    things do not operate according to plan;

4.  Make complex decisions in a timely way using business intelligence
    decision support dashboards; and,

5.  Change the way the organization is managed for the better by driving
    governance into the DNA of the organization.
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. The OpenPages Governance Suite combines best-in-class applications for Financial Controls Management, Operational Risk Management, IT Governance and Strategic Performance Management. The OpenPages Governance Platform and suite of applications make it practical to share the management of processes, risks and controls within and across governance, risk and compliance disciplines. Business processes managed for operational risk purposes can be shared or linked with similar or related processes for financial controls management or IT governance. Likewise, the management of similar risks and controls can be shared between business entities and/or cross-functional departments.

With OpenPages, organizations can:

--  Prioritize risk and compliance management objectives and programs
    based on what is most critical  to the business;
    
--  Understand and manage the interdependencies between processes, risks
    and controls that are shared across departments, business units and
    geographies to reduce redundancy, minimize complexity and maximize
    efficiency; and,
    
--  Leverage the existing OpenPages investment by extending the solution
    to manage additional disciplines of risk and compliance as needed in an
    incremental, modular fashion -- allowing organizations to grow their
    implementation based on business priorities.
    
The combination of the OpenPages Governance Platform and applications become the nucleus of the organization's Business Governance ecosystem, coordinating all governance, risk and compliance management activities throughout the enterprise. The platform and applications are extremely flexible, so that they can be used to model best practices from leading advisory service providers in compliance, audit, risk management, IT optimization and performance. Integration with enterprise applications, enterprise infrastructure, continuous controls monitoring, automated testing and business intelligence further enable organizations to better leverage enterprise information to improve the performance of the organization.

Download the OpenPages Whitepaper on Business Governance

To download a whitepaper outlining OpenPages' vision for Business Governance, visit www.openpages.com.

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

  • Contacts:
    OpenPages
    Kara Armit
    OpenPages
    781.647.3800, ext. 267
    Email Contact

    North America
    Alicia Libucha
    Lois Paul & Partners
    781.782.5703
    Email Contact

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