Open Text Corporation, provider of Livelink collaboration and content management software for the enterprise, is introducing new software tools for corporate governance compliance, including the ability to upload information from internal controls databases, such as Deloitte's Risk and Controls Knowledgebase or RACK. The new capabilities are intended to enhance Open Text's Livelink for Corporate Governance solution, which offers a central place to manage corporate risk and internal controls, organize project teams, and improve corporate governance compliance. Open Text launched Livelink for Corporate Governance last year to give companies a single system to manage compliance with corporate governance laws.
The new features for Livelink for Corporate Governance include an XML-based bulk import loader, which uploads internal controls information from Deloitte's RACK as well as other databases that produce Excel or XML representations of control structures. Once internal controls data is uploaded into Livelink, project teams can use the data in the workspace to create, manage, and monitor procedures for each area where internal controls are needed. The workspaces provide workflows and checklists for each control; process documentation; audit practices; risk mitigation and issue remediation plans; policy documents; and records of a company's assessments of its controls. The new capability was developed after Open Text engaged Deloitte for assistance with Sarbanes-Oxley compliance. Open Text used portions of Deloitte's RACK and developed the bulk loader to improve compliance preparation.
Other features Open Text is introducing for Livelink for Corporate Governance include: Risk Register--gives customers a place to identify, assess, and monitor mitigation efforts for company risks, whether financial or operational, which impact corporate governance. The Risk Register is integrated with internal control workspaces in Livelink for Corporate Governance, so companies can assess risks along side efforts to manage and track internal controls. Companies can set up their own risk parameters and establish matrices based on type, severity, and probability of occurrence. Collaborative Document Review--new document review features offer a secure framework for managing reviews of critical documents intended to be filed with a regulatory authority. The document review tools provide a flexible process for managing multiple, parallel reviews of documents in Adobe PDF. Users can securely and concurrently review and add comments to un-modifiable PDF versions of documents, and record their comments and changes. Authors or editors can then consolidate comments from reviewers and create a new version of the original document. The solution also provides additional controls to guard against the misuse of documents.