OpenPages Delivers Sarbanes-Oxley Express -SOX- to Meet Sarbanes-Oxley Act Demands.
WESTFORD, Mass.--(BUSINESS WIRE)--June 30, 2003
First Enterprise Class Solution Available to Corporations to bring Clarity, Confidence and Control to Financial Reporting Compliance Mandates
Volt Information Sciences and American Retirement Corporation Implement SOX 404 to Meet Section 404 Reporting Requirements
OpenPages(R), Inc., a leading provider of corporate governance and brand management solutions, today introduced Sarbanes-Oxley Express (SOX) to enable companies to comply with the Sarbanes-Oxley Act of 2002. SOX is a Web-based suite of enterprise class solutions, which provides companies with an integrated framework for the documentation, management and monitoring of internal controls as mandated by the Act. The first application in the suite, SOX 404, addresses Section 404 of the Act, which requires that companies establish and maintain adequate internal controls and procedures, as well as conduct annual evaluations of internal controls and procedures for financial reporting. SOX 404 helps companies create a framework and more efficiently plan, document, test, monitor, communicate and attest to the effectiveness of the controls adopted.
Companies like Volt Information Sciences and The American Retirement Corporation have already begun deploying SOX 404.
"Sarbanes-Oxley compliance has become a critical issue in board rooms across the United States. Despite the recent reprieve on the date by which companies must meet compliance, corporations know that they must begin implementing an independent, scalable solution now," said Michael J. Duffy, CEO and president of OpenPages. "The solutions available today for Section 404 compliance are largely repurposed desktop tools that cannot scale to meet the demands of enterprise-wide deployments. Sarbanes-Oxley Express was designed from the ground-up to support a comprehensive corporate governance strategy and is the only solution capable of meeting enterprise level reporting requirements. SOX 404, is the first application delivered in support of this vision and is already in use today, helping organizations get ahead of this daunting task."
Sarbanes-Oxley Express 404
SOX 404 is built on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, and runs on top of the OpenPages 4.0 Enterprise Edition OP4 Platform. The OP4, a J2EE-compliant environment, combines a set of components including document and content management, collaborative and automated workflows, and multi-channel publishing. SOX 404 provides support in five key areas:
-- Project management - Enables cross-functional teams to
organize their Section 404 compliance initiative. This
function defines milestones, tasks and assignments; defines
access control by individual, group, and entity; and monitors
the progress of projects and subprojects.
-- Documentation - Allows corporate compliance team members to
capture and associate control structures within a COSO based
framework, including business entities, significant accounts,
processes, risks, controls and tests. SOX 404 also provides a
library of control structures, which enables companies to
accelerate their documentation process, as well as keep an
auditable historical record of the processes.
-- Adaptive Workflow - Enables the review and approval of all
control structures across the enterprise, as well as the
automation of control testing and review.
-- Issues Management - Allows companies to capture, assign, and
resolve issues that arise in the course of the ongoing
-- Reporting - Provides standard and ad hoc reporting
capabilities, publishable in both print and web formats, that
allow ongoing visibility into all aspects of the documentation
control process. SOX Reporting delivers, an interactive,
dynamic experience enabling managers a real time view of their
SOX 404 users and external auditors can continuously monitor and manage the process from any location using web dashboards in a common secure collaborative workspace. In addition, summary information can be provided to the board and/or audit committee.
Enterprises Using SOX 404 Today
SOX 404 is generally available and has been deployed at several companies.
Volt Information Sciences, Inc. has installed SOX 404 and is using it to streamline the internal controls documentation process across all of its worldwide locations. SOX 404 will enable Volt to facilitate the exchange of information regarding its ongoing business controls deployment, testing, and improvement, resulting in significant reduction of operational costs.
"We require a global collaborative effort to ensure compliance, and that, in turn, requires a scalable, enterprise-ready solution," said James J. Groberg, CFO of Volt Information Sciences. "SOX 404 allows us to create a centrally-controlled repository with bi-directional flows of information to and from local field offices and managers. SOX 404 streamlines this process, allowing more efficient information capture and analysis, to determine what actions we may need to ensure a prioritized path to compliance."
American Retirement Corporation (ARC), a national senior living and health care services provider, is also deploying the SOX 404 solution. The company will use the application to centralize information, including policies, processes, risks, controls and internal audit testwork and results, in order to facilitate compliance with Sarbanes-Oxley. ARC believes SOX 404 is the best solution to assist the company in accomplishing three main tasks:
-- Documenting existing internal controls
-- Identifying potential deficiencies, or areas in which controls
could be improved
-- Providing a framework to document evidence of the company's
internal control testing, sufficient to support attestation by
its internal auditor.
OpenPages provides Corporate Governance and Brand Management solutions to facilitate enterprise business control. Every OpenPages solution is built on OP4, a foundation architecture merging collaboration, workflow, information management, and multi-format publishing.
Founded in 1996, OpenPages Inc. is a privately held company serving over 80 customers and partners, and is actively supported by investors from leading high technology venture capital firms including Matrix Partners, Sigma Partners, Goldman Sachs, Globespan Capital Partners, and North Hill Ventures. OpenPages Inc. is headquartered in Westford, Massachusetts. For more information, visit: www.OpenPages.com.
OpenPages are trademarks of OpenPages, Inc. All other trademarks contained herein are the property of their respective owners.
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|Date:||Jun 30, 2003|
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