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Compliance 360 Announces Products for Sarbanes Oxley and
Enterprise Risk Management
Fulfilling vision of providing one comprehensive solution
for all governance, risk and compliance needs
Atlanta, GA—May 31, 2006 — Compliance 360, a provider
of governance, risk and compliance management software announced
today that it has added products for Sarbanes Oxley (SOX) and Enterprise
Risk Management (ERM) to its suite of on-demand solutions. “Together,
the new SOX and ERM products help us fulfill our vision of providing
one comprehensive solution to help companies meet every governance,
risk and compliance management need,” says Steve McGraw, Compliance
360 chief executive officer.
Utilizing the Compliance 360 Sarbanes Oxley application, companies
can manage all facets of SOX compliance while integrating those activities
with corporate-wide compliance initiatives. Based on the framework
from the Committee of Sponsoring Organizations of the Treadway Commission
(COSO), Compliance 360 SOX supports financial reporting processes
while helping companies more effectively manage controls, objectives,
risk, testing and auditing. The product includes a robust scheduling
and workflow component that automates controls testing and provides
real-time notifications when issues arise. Coupled with the new enterprise
risk management product and other Compliance 360 components, the
SOX application allows customers to seamlessly integrate and manage
compliance activities across the entire organization, improving efficiencies
and reducing vulnerabilities.
Public and private companies as well as federal agencies are adopting
Sarbanes Oxley and OMB Circular A-123 to manage internal controls
due to governance requirements. "Companies today need to focus
on putting controls in place to safeguard their assets and to promote
reliable financial reporting. Numerous fraudulent financial reporting
cases clearly indicate that weak corporate governance and ineffective
internal controls are associated with a higher risk of fraud. Therefore,
strong internal controls are absolutely essential to stamping out
fraud and abuse,” says Dana R. Hermanson, Ph.D., Dinos Eminent
Scholar Chair of Private Enterprise and professor of accounting,
Kennesaw State University.
Traditionally, SOX compliance solutions have been limited to financial
reporting and the internal audit function and do not incorporate
all the other corporate risks and vulnerabilities. Unlike other SOX
tools, Compliance 360’s product assists not only the finance
team in managing risk and compliance, but also helps coordinate finance
efforts with legal, IT, human resources and other departments by
seamlessly integrating with the rest of the Compliance 360 product
suite. Executives have a much better view of how their entire organization
is impacted by issues well beyond Sarbanes Oxley regulations.
Concurrent with the release of SOX, Compliance 360 is releasing
the ERM product. Based on the COSO II framework, Compliance 360’s
ERM manages all major risk and opportunities facing a company. By
monitoring the organization’s processes, policies, procedures,
systems and external events across the operating groups, ERM binds
disparate groups such as legal, finance, IT, sales & marketing
and operations into one consistent framework. This helps companies
identify, measure and manage opportunities and risks based on strategic,
operational and compliance objectives. ERM enables an integrated
view of risk across the enterprise, for easier identification and
control.
“Successful organizations take risks that are necessary for
meeting their goals and objectives while avoiding potential pitfalls.
In today’s business world, the objective is not to avoid risk,
but to optimize the risk versus return for the corporation’s
highest reward,” says McGraw. “Compliance 360’s
ERM application helps our customers make better decisions by monitoring
enterprise risks.”
By integrating the ERM and SOX products into Compliance 360’s
classic suite of products that include IT Governance, Policy & Procedure
Management, Compliance Assessments and more, customers can have global
real-time visibility to all compliance activities and enterprise
risk status. This allows executives to address all compliance initiatives
through a single application assisting in the organization’s
overall communication and most importantly, reducing or avoiding
fines and bad publicity.
About Compliance 360
Compliance 360 helps companies in regulated industries address the
most important facets of a comprehensive governance, risk and compliance
management program—reducing risks, reducing costs, improving
efficiencies and protecting a company’s brand. The Compliance
360 on-demand software suite includes products that address IT
governance, policies and procedures management, incident management,
surveys, Sarbanes Oxley compliance and enterprise risk management.
Compliance 360 has headquarters in Atlanta, GA and serves over
300 customers in healthcare, financial services, managed care and
other highly regulated complex business environments. For more
information, visit Compliance 360 at www.compliance360.com.
For more information, click here: Sarbanes Oxley and Enterprise
Risk Management |
