Open Text Corporation, a provider of Enterprise Content Management (ECM) software, has announced the release of a new version of its internal controls software, with new features to manage the costs of complying with corporate governance laws such as the U.S.'s Sarbanes-Oxley Act and similar legislation worldwide.
Open Text Internal Controls 3.0 offers a centralized, enterprise-wide system to manage internal controls information, including the ability to automate processes and internal reporting. The solution is based on OpenText's Livelink ECM suite, which provides a broad platform for managing enterprise compliance, so customers can bring internal controls processes into a broader compliance strategy. Internal Controls 3.0 provides a defensible system for managing internal controls. The solution combines corporate governance tools, including a complete "controls library" to maintain all information on internal controls and risk mitigation; controls testing and self-assessments; issues remediation and task management; audit trails; employee certifications; and reporting. The solution offers configurable options, and can be applied to address corporate governance requirements, including the U.S.'s Sarbanes-Oxley Act; Canada's Bill 198; the U.K.'s Combined Code and Turnbull report and the Companies Bill; France's Loi de Securite Financiere; Germany's KonTraG--Law for Control &Transparency and the German Code of Corporate Governance; and the European Union's Proposed Directive on Statutory Audit.
Other features include workflow and email integration to manage key processes involved in the certification of internal controls. In Version 3.0,internal control tests, assessments, deficiencies, and remediation plans can be assigned, reviewed, and monitored throughout a company's financial reporting period. Executives can monitor and generate reports at any time regarding the progress of testing, the status of deficiencies and their remediation, and the state of their internal controls. An added benefit is that this information is locked to a financial reporting period, providing an archive of past activities.
Open Text has also announced that they have signed a global alliance with Atos Origin, an international IT services company, to jointly offer ECM solutions. The companies will collaborate on the implementation of joint market offerings, using Open Text's Livelink ECM software, in conjunction with consulting, systems integration, application management, and managed operation services from Atos Origin. Open Text's Livelink ECM software lets users share and archive large volumes of documents, emails and other online content, as well as manage and track information for compliance.