iAppraise is strongly focused on Compliance, and has finessed the review, assessment, oversight and audit processes for regulators and corporate users. The application has been acquired by the Australian Stock Exchange as the online technology platform for its Participant Compliance program to be rolled out in February 09.
âImplementing the software provides a powerful mechanism to establish and maintain compliance across multiple regulations, standards and codes of practiseâ said CEO Tony Stephenson. âUsers are able to set up and maintain a raft of assessments, reviews and control audits, and make these available to internal and external stakeholders via an online portal. The same process is used for forms submission, providing the opportunity for significant cost savings and efficiency gains.â
iComply now offers a pure usage-based pricing option for iAppraise, in addition to the option to purchase user based licenses. âWe realised that our end product was assessment or audit capability, rather than user licenses, said Stephenson. âThe new service based approach allows for on-premises as well as hosted deployment, and users pay only for what they use rather than for the right to use the software. This takes the cost off the balance sheet and into revenue, and makes procurement virtually risk-free, and vastly accelerates acquisition.â
âThis is akin to SaaS on steroidsâ, says Stephenson, âCustomers have all the advantages of on-premises deployment â and virtually all of our large customers prefer this - but only pay a service fee based on volume usage. Itâs the ultimate, no-risk approach.â
The current economic situation makes it imperative for Financial Sector organisations to look at ways to cut costs and improve efficiency, but at the same time, as emphasised recently by the SEC Office of Compliance Inspections, the officers of all registered companies must maintain their commitment to compliance procedures.