BWise and webMethods Partner to Bring Together the Three Pillars of Sustainable Compliance
October 26 2005 - 9:30AM
PR Newswire (US)
Joint Offering Simultaneously Addresses Corporate Governance,
Controls Monitoring, and Risk Management Requirements Associated
with Sarbanes-Oxley, Basel II, MiFID and Other Regulatory Mandates
FAIRFAX, Va., Oct. 26 /PRNewswire/ -- webMethods Inc.
(NASDAQ:WEBM), a leading provider of business integration and
optimization software, and BWise, a leading provider of compliance
and enterprise risk management software, today announced a global
alliance. Under the terms of the agreement, the two companies will
jointly offer their respective solutions for sustainable corporate
compliance. As a result, the partnership will allow enterprises to
take advantage of a more comprehensive approach for meeting
regulatory requirements through the delivery of best-in-class
corporate governance, continuous controls monitoring, and risk
management capabilities within a single offering. The significant
demands associated with maintaining compliance initiatives over the
long-term means that existing enterprise compliance frameworks must
often be bolstered with two fundamental enhancements: * Internal
Controls Monitoring -- By automating the real-time monitoring of
the internal controls used within these frameworks, enterprises can
create a more scalable and cost-effective compliance model while
significantly enhancing the certitude in which they can attest to
specific results. * Risk Management Framework -- Through the use of
a systematic and documented approach for assessing risk, decisions
regarding competing claims for enterprise resources can be more
confidently addressed on the basis of potential exposure. In
accordance with the latest guidance of May 16, 2005 from the Public
Company Accounting Oversight Board (PCAOB), which urged auditors to
take a "top-down" approach to compliance based upon assessed risk
factors, the BWise product suite combines an underlying compliance
framework with an integrated risk management component to help
enterprises more effectively assess, manage and minimize corporate
risk and compliance exposure. Specific components of the BWise
product suite for Enterprise Risk Management include dedicated
applications for financial reporting and internal controls;
regulatory compliance; operational risk management; strategic risk
management; IT governance; and process management for corporate
process control. Based on the flexibility of the BWise product
suite, dedicated solutions encompassing best practices for
Sarbanes-Oxley, Basel II, MiFID and a host of other regulatory
requirements can be readily implemented. webMethods' continuous
controls monitoring solution, webMethods for Compliance, replaces
random, costly and often ineffective manual spot-testing of
internal controls with automated, continuous monitoring and
enforcement of documented compliance policies. Through this
approach, enterprises can more readily and confidently verify the
completeness, accuracy and validity of all transactions impacted by
a variety of regulatory mandates. Leveraging the proven technology
platform offered by webMethods Fabric(TM), other components of
webMethods for Compliance can be used to model, document and
automate exception management, to remediate controls deficiencies,
and to meet electronic certification and other eSignoff
requirements. Working together, these solutions help businesses
reduce the cost and complexity associated with meeting the specific
requirements mandated by Sarbanes-Oxley, Basel II, MiFID and other
regulations. By taking a more comprehensive approach encompassing
the three main components of long-term compliance, enterprises can
implement a more effective, holistic and sustainable compliance
program. At the same time, the operational insight secured from
these initiatives can also be used to drive continuous process
improvements throughout their businesses as well. "Customers of
both BWise and webMethods will benefit greatly from this alliance,"
stated Luc Brandts, Chief Technology Officer of BWise. "Using the
unparalleled continuous control monitoring capabilities of
webMethods, BWise can further strengthen its proven approach to
compliance for both SOX and Basel II. Concurrently, by integrating
with the BWise product suite, webMethods can now offer a more
complete solution addressing broader corporate governance and risk
management requirements." "Our partnership with BWise allows us to
provide businesses with greater control over their governance
efforts while further minimizing enterprise risk. Their strong
focus on Basel II is of particular importance to our European
customer base in the financial services sector," stated Richard
Chiarello, executive vice president, Worldwide Operations,
webMethods Inc. "Current BWise customers will benefit from the
added availability of webMethods for Compliance, which will provide
them with a proven means for sustaining compliance initiatives
through continuous monitoring of their internal controls." About
webMethods, Inc. webMethods (NASDAQ:WEBM) provides business
integration software to integrate, assemble and optimize available
IT assets to drive business process productivity. webMethods
delivers an innovative, enterprise-class business integration
platform that incorporates proven integration technology with next
generation capabilities into one interoperable set of tools that
delivers a unique combination of efficiency, agility and control.
webMethods combines industry leadership with a zealous commitment
to customers to deliver tangible business value to more than 1,300
global customers. webMethods is headquartered in Fairfax, Va., with
offices throughout the U.S., Europe, Asia Pacific and Japan. More
information about the company can be found at
http://www.webmethods.com/. About BWise BWise is a global leader in
compliance and enterprise risk management software, with a strong
heritage in business process management. Established in 1994, BWise
delivers proven solutions to help organizations become "in control"
by increasing corporate accountability; strengthening financial,
strategic and operational efficiencies; and maximizing performance
and ROI. With more than 1,200 customers in more then 80 countries
worldwide and 125,000 users in virtually all markets, BWise has
developed a sustainable presence in the compliance sector. For more
information, visit http://www.bwise.com/. The webMethods name and
logo are registered trademarks, and webMethods Fabric is a
trademark, of webMethods, Inc. All other marks mentioned are
trademarks or service marks of their respective companies.
DATASOURCE: webMethods, Inc. CONTACT: John Conley of webMethods,
Inc., +1-703-460-5996, ; or Kim Larkin of D. Larkin &
Associates, +1-703-250-3406, , for BWise Web site:
http://www.webmethods.com/ http://www.bwise.com/
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