iComply's innovative pricing paves the way for regulatory oversight

28 January 2009

Australian based iComply has announced key pricing policy changes for its award-winning iAppraise Risk and Compliance Software. These are designed to simplify and streamline procurement and significantly reduce the risk to buyers.

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.

“Implementing the software provides a powerful mechanism to establish and maintain compliance across multiple regulations, standards and codes of practise” said CEO Tony Stephenson. “Users 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.”

iComply now offers a pure usage-based pricing option for iAppraise, in addition to the option to purchase user based licenses. “We realised that our end product was assessment or audit capability, rather than user licenses, said Stephenson. “The 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.”

“This is akin to SaaS on steroids”, says Stephenson, “Customers have all the advantages of on-premises deployment – and virtually all of our large customers prefer this - but only pay a service fee based on volume usage. It’s the ultimate, no-risk approach.”

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.

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