Prepress
DS Scheer Boosts Support for Corporate Compliance Activities and Risk Management
Tuesday 02. December 2008 - New ARIS Risk & Compliance Manager 3.1 release: a tool to document, evaluate and manage risks. Customers benefit from enhanced functionalities around the topics issue management and operational risk management.
IDS Scheer, the leading provider for Business Process Management, has extended the functionality of its process-oriented ARIS Solution for Governance, Risk & Compliance Management. The latest version of the underlying core product, ARIS Risk & Compliance Manager, helps companies to quickly identify and manage problem situations and operational risks in order to achieve continuous performance improvement.
A rising tide of regulations and ever harsher sanctions (e.g., the Sarbanes-Oxley Act and the 8th EU Directive) are imposing new restrictions on corporate activity, making governance, risk, and compliance (GRC) management more important than ever. A key requirement for effective GRC management is the existence and correct functioning of an internal control system. In addition to compliance management, there is now an increasingly strong focus on risk management, with the global credit crunch forcing organizationsespecially banksto turn to professional risk management tools.
In mid-2008, IDS Scheer released version 3.1 of ARIS Risk & Compliance Manager as part of the ARIS Business Performance Edition. The Operational Risk Management module helps companies to identify and document operational risks (e.g., financial risks), evaluate them, and manage them using issue management functionality. The new module also enables improvements to be initiated and documented with regard to other identified problems and weaknesses, so that critical situations can be promptly communicated and resolved. A transparent, trackable record of the current status of the continuous improvement process relating to the internal control system itself is another benefit, which meets the needs of both management and auditors.
“We are delighted to be able to deliver powerful new functionality for managing operational risks. By combining trend analysis with qualitative and quantitative risk analysis, managers are kept fully in the picture regarding the risk situation in their enterprise. This means that corrective action can be taken with minimum delay to reduce both unavoidable damage and the frequency of damage events. With these additions to ARIS Risk & Compliance Manager, it is now possible to meet compliance and risk management requirements in a highly efficient manner,” says Dr. Wolfram Jost, Member of the Executive Board with responsibility for Product Strategy and Development of IDS Scheer.
ARIS Risk & Compliance Manager 3.1 is currently being implemented for internal control and monitoring purposes in Europe, the Americas, Asia, and the Middle East by Technip, a multinational engineering, technologies and project management company working in the oil and gas industry. The company chose ARIS Solution for GRC from IDS Scheer because it saw how ARIS Risk & Compliance Manager would support integration of internal control evaluation processes into workflows.
Benjamin Leistner, Internal Control Manager at Technip Group: “We plan to leverage the test functions in particular to ease and streamline the testing process and collection of results. The deficiency evaluation and issue management functions will enable the follow-up of action plans to track deficiencies and implement remediations more efficiently. As process and control owners and everyone else involved in the evaluation process will be using one integrated tool, we expect to achieve cost and time savings. This solution will also help us to cope with the increasingly tough internal control standards required by our management and audit committee.”