IBM Unveils New Regulatory Compliance Software With Unique Enhancements for Federal Agencies
Latest Version of IBM(R) Workplace(TM) for Business Controls and Reporting Helps Drive Down Costs and Improve Business Processes
SOMERS, NY -- Jul 6, 2005 -- IBM has introduced a new version of IBM Workplace for Business Controls and Reporting, software designed to assist companies with their compliance efforts through management of internal controls and financial reporting. In addition to increased analytic and reporting capabilities and significant new business process integration capabilities, the latest version includes a dedicated deployment option to help federal agencies address new government compliance standards that take effect later this year.
The regulatory compliance regulations that have been issued in the private sector are now being applied to federal agencies. The U.S. Government’s Office of Management and Budget (OMB) Circular No. A-123 will take effect October 1, 2005, and will define internal control and compliance responsibilities for government bodies. As a result, IBM has leveraged the best practices from private sector clients and IBM’s Business Consulting Services (BCS) consulting expertise in the federal sector to develop a complete solution specifically designed for the unique requirements of federal agencies.
“IBM created the federal version of IBM Workplace for Business Controls and Reporting based on client feedback and specific requirements we have developed from numerous engagements around federal business controls and financial statements,” said Denise Rabun, associate partner, financial sector, IBM Business Consulting Services. “We are already engaging with several agencies with the new federal version of this software, and the initial response has been quite positive.”
New features and functions in the latest version of IBM Workplace for Business Controls and Reporting are designed to help reduce the cost of compliance process management while addressing compliance needs. Industry experts estimate that total corporate spending for overall compliance efforts will top $6 billion(1), and companies with an average revenue of $2.5 billion can expect to spend around $3 million within its first year of compliance(2).
“Compliance has become an everyday business necessity for the private and public sector, and organizations benefit more rapidly from solutions uniquely designed for their particular industry,” said Larry Bowden, vice president, IBM Workplace Software Solutions. “IBM is unique in providing both the vertical industry application and a risk and compliance platform in one single product to the market. This gives customers both immediate out-of-the-box value and also a flexible platform to reuse across multiple regulatory initiatives, thus, driving down the total cost of compliance.”
As part of IBM’s broad range of compliance capabilities, IBM Workplace for Business Controls and Reporting helps customers leverage current investments in compliance regulations and compliance-related software as an opportunity to transform key business processes, enabling organizations to improve overall efficiency, streamline business processes and lower costs.
Some of the new features and benefits in IBM Workplace for Business Controls and Reporting 2.5.1 include:
* Integrated Analytics -- Enables organizations to embed analytic reports into existing business processes and makes information available to a wide spectrum of users and applications.
* Business Process Choreography -- Enables automation of business processes and simplifies task management across compliance applications.
* Composite Application Generation -- Construction of role-based, virtual applications from multiple “stovepipe” regulatory systems distributed across a company.
* “Top Down” and “Risk Based” Control Features -- Specific views and reports help customers understand the overall status of their entity level controls, as well as direct their efforts to the areas that present the greatest risk because of their potential impact to financial reporting.
* “Test Drive Program” -- Offers companies a fast and easy way to test IBM Workplace for Business Controls and Reporting 2.5.1 in a secure and private manner. No fees or costs are involved in the 5-user/5-day period, which gives customers a test drive using actual data, allowing for complete evaluation of the IBM Workplace for Business Controls and Reporting product’s ease of use and functionality, without any need for up-front customer capital and administrative investment.
Pricing and Availability
IBM Workplace for Business Controls and Reporting 2.5.1 is available now for SRP of US$28,750 per 25 users, with maintenance available for SRP US$5,750 per 25 users. IBM Workplace for Business Controls and Reporting is also available as a hosted service for US$65 - $100 per user per month (based on total number of users), with an initial set-up fee starting at US$5,000.
IBM is the world’s largest information technology company, with 80 years of leadership in helping businesses innovate. IBM Software offers a wide range of middleware and operating systems for all types of computing platforms, allowing customers to take full advantage of the on demand era. The fastest way to get more information about IBM Software is through the IBM Software home page at http://www.software.ibm.com.
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(1) AMR Research vice president John Hagerty as quoted in CFO Magazine, February 1, 2005
(2) Data from Financial Executives International as reported in SC Magazine, February 23, 2005
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