OpenPagesR, the leading provider of governance, risk and compliance management (GRCM) solutions, today announced the availability of the OpenPages Governance PlatformSM 5.0. With new and enhanced modules for Operational Risk Management, Financial Controls Management, General Compliance Management and IT Governance, the OpenPages Governance Platform unites an organisation's governance, risk and compliance initiatives into a
single management system.
The OpenPages Governance Platform provides organisations with a heightened understanding of the risks that can impact their business and a greater insight into the effectiveness of controls that monitor and mitigate those risks. As a result, organisations can reduce unexpected outcomes, become more efficient and effective, improve top-line and bottom-line results, and increase company valuation.
"Organisations today face a broad range of governance challenges, from compliance with a multitude of regulations, to managing the risks that occur in daily business operations and in IT systems," said Brian Cleary, Vice President of OpenPages. "The OpenPages Governance Platform provides a single system of record that unites risk and compliance initiatives throughout the enterprise, so that organisations can manage across all their enterprise risk requirements while reducing the cost and complexity and gaining the assurance that those risks are mitigated, loss is avoided and regulatory requirements are met."
The platform incorporates two new modules - OpenPages GCM and OpenPages ITG.
OpenPages GCM automates the ongoing test, review, attestation and remediation of industry and privacy compliance processes, while helping to identify similarities between regulations to reduce redundancy and duplication of effort. Actionable decision support, in the form of interactive dashboards and reports, gives General Counsel and Chief Compliance Officers the confidence that compliance is achieved, risks are mitigated and corporate policies and procedures are enforced. OpenPages ITGSM leverages a core shared services open architecture to sustain
compliance across multiple IT best practice frameworks, facilitating the alignment of IT process, policy, risk and operations management with corporate business initiatives, strategy, and operational standards.
The platform also incorporates OpenPages FCM, the market-leading software solution for compliance with the Sarbanes-Oxley Act and similar worldwide financial reporting regulations, and OpenPages ORM which provides comprehensive scenario analysis capability and also supports extensions to loss events.
"The ways in which companies view governance, organisational risk and compliance is evolving. Understanding and effectively managing those risks provides significant business benefits," said nationally recognised corporate governance expert Richard Steinberg, founder and principal of Steinberg Governance Advisors. "By driving a risk-aware culture and accountability into their day-to-day operations - and using integrated GRCM solutions - companies can see benefits that include better visibility into business operations, gains in efficiency, enhanced compliance, and better risk management with related improved performance."