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Open Text Adds Corporate Governance Software Tools, Ability to Upload Internal Controls Data from Deloitte’s RACK and Other Databases
Aids Compliance With Laws Such as the U.S.’s Sarbanes-Oxley
Chicago, IL. - 2004-02-03 - Open Text™ Corporation (Nasdaq: OTEX, TSX: OTC), provider of Livelink®, the leading collaboration and content management software for the global enterprise, said today it 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 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.
Software to improve the transparency and accountability of financial processes is becoming critical with the advent of corporate governance laws around the world. Laws such as Sarbanes-Oxley in the U.S. require companies to work with their auditors to identify risks and internal controls in their financial disclosure and operational processes. Solutions based on enterprise content management (ECM) platforms such as Livelink are becoming the choice for centrally managing all the critical content and project collaboration required for compliance management.
New Features Aid Compliance:
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.
“To meet the approaching Sarbanes-Oxley Section 404 deadlines, companies are doing rigorous assessments and collecting extensive data on company risks and internal controls,” said Doug Wilkinson, Enterprise Risk Services Partner at Deloitte. “The next challenge is to make sure the organization can effectively use that data to improve overall corporate governance. It makes sense to give those responsible for managing and improving controls a central place online to work together and access all the information they need.”
"Section 404 of the Sarbanes Oxley Act requires the documentation and control testing of all processes in an enterprise impacting published financial results,” said Alan Hoverd, Chief Financial Officer at Open Text. “Auditable documentation is essential to gaining year-end external audit certification. Livelink for Corporate Governance, with its ability to upload detailed controls data, is an invaluable tool in such a large, complex and mission-critical undertaking."
Other new features Open Text is introducing for Livelink for Corporate Governance include:
Open Text launched Livelink for Corporate Governance last year to give companies a single system to manage compliance with corporate governance laws. Livelink's open architecture and Web interface make it easy to deploy and integrate with existing financial systems. For more information and a guided tour of Livelink for Corporate Governance, go to:
http://www.opentext.com/corporate-governance/
Software to improve the transparency and accountability of financial processes is becoming critical with the advent of corporate governance laws around the world. Laws such as Sarbanes-Oxley in the U.S. require companies to work with their auditors to identify risks and internal controls in their financial disclosure and operational processes. Solutions based on enterprise content management (ECM) platforms such as Livelink are becoming the choice for centrally managing all the critical content and project collaboration required for compliance management.
New Features Aid Compliance:
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.
“To meet the approaching Sarbanes-Oxley Section 404 deadlines, companies are doing rigorous assessments and collecting extensive data on company risks and internal controls,” said Doug Wilkinson, Enterprise Risk Services Partner at Deloitte. “The next challenge is to make sure the organization can effectively use that data to improve overall corporate governance. It makes sense to give those responsible for managing and improving controls a central place online to work together and access all the information they need.”
"Section 404 of the Sarbanes Oxley Act requires the documentation and control testing of all processes in an enterprise impacting published financial results,” said Alan Hoverd, Chief Financial Officer at Open Text. “Auditable documentation is essential to gaining year-end external audit certification. Livelink for Corporate Governance, with its ability to upload detailed controls data, is an invaluable tool in such a large, complex and mission-critical undertaking."
Other new features Open Text is introducing for Livelink for Corporate Governance include:
- Risk Register: The 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. With the Risk Register, companies can set up their own risk parameters and establish matrices based on type, severity and probability of occurrence. The risk data can be used beyond corporate governance initiatives, so business unit executives, for example, can access the information to manage risks in day-to-day operations.
- Collaborative Document Review: New document review features, which 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, robust controls to guard against the misuse of documents.
Open Text launched Livelink for Corporate Governance last year to give companies a single system to manage compliance with corporate governance laws. Livelink's open architecture and Web interface make it easy to deploy and integrate with existing financial systems. For more information and a guided tour of Livelink for Corporate Governance, go to:
http://www.opentext.com/corporate-governance/
About Open Text and Livelink
Open Text™ is the market leader in providing Enterprise Content Management (ECM) solutions that bring together people, processes and information in global organizations. Since launching the world's first Internet search engine and the first Web-based enterprise collaboration and knowledge management software, Open Text has continued its leadership in providing global enterprises with innovative and effective solutions. Throughout its history, Open Text has matched its tradition of innovation with a track record of financial strength and growth. Today, the company supports fifteen million seats across 10,000 deployments in 31 countries and 12 languages worldwide. Open Text’s flagship product, Livelink® seamlessly combines collaboration with content management, helping organizations transform information into knowledge to provide the foundation for innovation, compliance and accelerated growth. For more information on Open Text and Livelink, go to: www.opentext.com and www.opentext.com/products/livelink/enterprise-server.
Trademark
Copyright © 2003 by Open Text Corporation. LIVELINK and OPEN TEXT are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.
Release Disclaimer
This news release may contain forward-looking statements relating to the success of any of the Company’s strategic initiatives, the Company’s growth and profitability prospects, the benefits of the Company’s products to be realized by customers, the Company’s position in the market and future opportunities therein, the deployment of Livelink and our other products by customers, and future performance of Open Text Corporation. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements in this release are not promises or guarantees and are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include, among others, risks involved in the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company's customers and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Form 10-K for the year ended June 30, 2002, and Form 10-Q for the quarters ended March 31, 2003, June 30, 2003 and September 30, 2003. You should not place undue reliance upon any such forward-looking statements, which are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.
For more information, please contact
Margaret E. Dobbin
Director, Industry Analyst Relations
Open Text Corporation
+1-519-888-7111 ext.2410
mdobbin@opentext.com
Director, Industry Analyst Relations
Open Text Corporation
+1-519-888-7111 ext.2410
mdobbin@opentext.com
