Compliance Consortium to promote enterprise governance, risk and compliance management
CLEVELAND � June 7, 2004 � Axentis, the leading supplier of Governance, Risk and Compliance (GRC) and Sarbanes-Oxley (SOX) applications, today announced it has joined with several leading software, content and services firms to form the Compliance Consortium (www.thecomplianceconsortium.org).
The consortium will promote effective and efficient enterprise governance, risk and compliance management. In addition to Axentis, founding members include: Approva, Hyland Software, Inc., Hyperion Solutions Corp (NASDAQ:HYSL), Jefferson Wells International, Intuition, Navigant Consulting (NYSE:NCI), The Network, PLI-Corpedia, and Staffware (LSE:STW). By providing thought leadership, definitions of key components of a GRC framework and standards for integration, the consortium will provide much needed clarity to a market currently hit with a broad array of conflicting information. The consortium believes that establishing better GRC management practices has become imperative in response to dramatic growth in new regulations and market expectations such as Sarbanes-Oxley, the USA Patriot Act, Basel II and others.
“The formation of the Compliance Consortium is a significant milestone in the maturation of the compliance management marketplace,” said Lane Leskela, financial services industry vice president and research director of Gartner Research. “The founding members represent a healthy cross section of the components required for a comprehensive compliance management portfolio.”
“While there has been considerable investment in developing best practices for ongoing compliance management, the application of technology and the automation of compliance management best practices has lagged behind,” said Richard Steinberg, founder and Principal of Steinberg Governance Advisors, Inc. and a principal author of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control – Integrated Framework. “The Compliance Consortium is a significant market event that promises to correct this imbalance.”
“Given the amount of confusing GRC hype in today’s marketplace, we felt it was necessary to work with other leading firms to define a clear GRC technology vision and associated standards,” said Ted Frank, chief executive officer of Axentis, Inc. and chairman of the Compliance Consortium advisory committee. “We are very excited by the enthusiastic support we are seeing and by the work that lies ahead.”
About The Compliance Consortium
The Compliance Consortium (www.thecomplianceconsortium.org) is an international membership organization designed to promote effective and efficient enterprise governance, risk and compliance management (GRC). Areas of interest include GRC best practices and reference architectures, influencing and contributing to GRC-related industry and computing standards and establishing conferences and other professional events focused on GRC-centric topics. Founding Consortium Members include Axentis, Approva, Corpedia, Hyland Software, Inc., Hyperion (NASDAQ:HYSL), Intuition, Jefferson Wells International, Navigant Consulting (NYSE:NCI), The Network and Staffware (LSE:STW).
About the founding members of the Compliance Consortium
Technology, content and services companies participating in the consortium work to identify best practices for applying technology to compliance business processes and to exploiting those best practices to improve overall business performance. The Compliance Consortium’s founding members are:
- Approva – www.approva.net
- Axentis – www.axentis.com
- Hyland Software, Inc. – www.onbase.com
- Hyperion – www.hyperion.com
- Intuition – www.intuition.com
- Jefferson Wells International – www.jeffersonwells.com
- Navigant Consulting – www.navigantconsulting.com
- The Network – www.tnwinc.com
- PLI-Corpedia – www.pli-corpedia.com
- Staffware – www.staffware.com
Founded in 1999 with the mission to develop the first broad governance, risk and compliance technology framework, Axentis delivers managed service software addressing specific compliance problems including those associated with Sarbanes-Oxley and enterprise-wide GRC initiatives. With over 600,000 users in 100+ countries, more Fortune 1000 companies depend on Axentis as their GRC framework than any other source. Today, Axentis’ portfolio of compliance processes includes Sarbanes-Oxley, HIPAA, ethics/integrity, anti-trust, sample accountability and general risk and compliance incident management. For additional information about Axentis, call (800) 955-2706 or visit www.axentis.com.