Lava Systems Africa, an affinity partner of Canadian-based Open Text, and one of the companies within the Enterprise Content & Wireless (ECW) Group, today announced Open Text`s major new version of its internal controls software, with new features to manage the exploding costs of complying with corporate governance laws such as the US`s Sarbanes-Oxley Act and similar legislation worldwide.
Open Text Internal Controls 3.0 offers a centralised, enterprise-wide system to manage internal controls information, including the ability to automate processes and internal reporting. The solution is based on Open Text`s Livelink ECM suite, which provides a broad platform for managing enterprise compliance, so customers can bring internal controls processes into a broader compliance strategy.
Internal Controls 3.0 is aimed squarely at the corporate governance demands of large, global companies, which have spent enormous time and expense over the last year defining and documenting internal controls.
According to analyst firm IDC, the result has been audit fees that have increased 50% to 80%, with more than 10% of the average company`s workforce involved in internal controls activities. Today, companies want to move from this more manual, initial phase of documenting internal controls, to a longer term, more sustainable and more efficient solution.
"Companies risk adding to their already high compliance costs by adopting specialised solutions to meet different, very specific needs," commented Kathleen Wilhide, Research Director, Compliance and Business Performance Management Solutions at IDC. "Customers end up with expensive pieces of technology and can`t leverage the investment more broadly to achieve the most value. ECM software suites offer a broader platform for compliance, providing a more adaptable, single system to address existing and future regulations."
"This year, customers are focusing on improving compliance processes, while reducing costs," added Mark Portu, Vice-President of Compliance Solutions at Open Text. "The good news is that the hard part is over. Customers have documented their internal controls and they are in a better position than ever before to automate these processes. Version 3.0 provides new capabilities to address the huge challenge of managing controls across a global company."
Internal Controls 3.0 provides a trusted, sustainable and defensible system for managing internal controls. The solution combines powerful corporate governance tools, including a complete `controls library` to maintain all information on internal controls and risk mitigation; controls testing and self-assessments; issues remediation and task management; audit trails; employee certifications; and reporting.
The solution offers a variety of configurable options to minimise the need for customisation, and can be applied to address a wide range corporate governance requirements, including the US`s Sarbanes-Oxley Act, Canada`s Bill 198, the UK`s Combined Code and Turnbull report and the Companies Bill, France`s Loi de Securite Financiere, Germany`s KonTraG - Law for Control & Transparency and the German Code of Corporate Governance, and the European Union`s Proposed Directive on Statutory Audit.
Other key features include workflow and e-mail integration to manage key processes involved in the certification of internal controls. In Version 3.0, internal control tests, assessments, deficiencies and remediation plans can be assigned, reviewed and monitored throughout a company`s financial reporting period. Using this information, executives can monitor and generate reports at any time regarding the progress of testing, the status of deficiencies and their remediation, and the state of their internal controls. An added benefit is that this information is locked to a financial reporting period, providing a comprehensive archive of past activities.
For further information, please contact Ray Dalgarno, Lava Systems Africa: telephone (011) 675 3704, fax (011) 675 1021, e-mail rayd@lavasystems.co.za
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ECW is the merged entity of Lava Systems Africa and Real Global Business Solutions (RGBS).
Lava Systems Africa
The Lava Systems Africa (Pty) Ltd, (LSA) team originated in the late 1990s with the objective of becoming a premier supplier of enterprise systems based around knowledge management, document management, records management, image management, collaboration and workflow solutions.
The emerging demands that were identified included Government Process re-engineering, supply chain co-ordination, customer relationship management, e-government and B2B processing. In support of these business aims the technology platforms chosen had to enjoy a proven global track record and adhere to open Internet architecture standards and developments. Lava Systems Africa is a South African-based BEE company dedicated to the sales, marketing, support and consultancy founded upon the Livelink product suite from Open Text, a product that the staff have been involved with since 1998.
Lava Systems Africa`s user base embraces customers from both the private and public sector and includes organisations such as Bateman Projects Limited, Alexander Forbes, the Gauteng Provincial Government and the National Social Security Fund of Uganda. Additionally, Lava Systems Mobile was created earlier this year and KeyTools, a well-established mobile applications software developer with international links, was also been acquired by LSA.
Real Global Business Solutions
Real Global Business Solutions (Pty) Ltd is a South African 100% black-owned company specialising in the sales, marketing and implementation of enterprise wide information delivery solutions including both operational and analytical CRM and e-business solutions, The company`s major market focus is the government and public enterprises, as well as the middle-sized ERP markets. Its organisation markets packaged and customisable business solutions for vertical industry and departmental applications, as well as an integrated suite of software tools and consulting services. To this end, RGBS has entered into strategic partnership agreements with global, leading and reputable software vendors such as Microsoft and SAS.
RGBS customers include Department of Social Development, Eskom Distribution, First National Bank, Royal Swazi Sugar, SA Weather Services and SITA.
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