Dorking, Surrey, UK (PRWEB) March 21, 2007
Leading Business Activity Monitoring (BAM) and Supply Chain Event Management (SCEM) vendor Categoric develop "Accord" -- a solution that allows businesses to reuse their Governance investment.
Governance, Risk and Compliance (GRC) spending can be reused to create a direct operational windfall using their BAM technology, according to Categoric Software.
The opportunity presented is to build a flexible Governance, Risk and Compliance (GRC) framework based around a pragmatic recognition that while the expenditure might be necessary (possibly even compulsory), it makes sense to reuse that investment to benefit as much of the business as possible.
"Accord" makes this possible by drawing data from a wide range of disparate data sources. It is easily scalable and can be used to achieve the Governance requirements of an individual business unit/function or to support and join together multiple enterprise wide initiatives when the timing or budget allows.
"Reducing the need for human monitoring and intervention could create cost savings in every area of the business" said Paul Humphries, VP of Marketing at Categoric.
"It is widely recognised that it is not realistic to keep using headcount to manually prove ongoing compliance initiatives. This means investing in technology -- so why not choose a solution that not only automates compliance monitoring but also can be used in other, non-specialist operational areas as well? That's why we developed "Accord."
This "virtuous circle" means SCEM and BAM design effort within Operations for Continuous Monitoring (i.e. the ongoing monitoring that keeps an eye on the everyday polices, processes and procedures that keep the business running) could also be tweaked and reused for Continuous Auditing of risk assessment, control assessment and audit planning for Governance and Compliance -- and vice versa.
In addition, "Accord" is ideally suited to address the ever increasing need for management around the effectiveness of KPIs and policies for non-financial regulations such as those involving environmental compliance, social and community issues, ethical oversight, HR, etc. The rapid growth in the significance of reporting in these areas means that there are a very broad set of potential metrics, and an expanding requirement to monitor and report on the organizations activities at many different organisational levels.
Categoric's solutions are already being used by world beating auditors to deliver Continuous Auditing solutions to their clients. Using this valuable feedback allowed Categoric to design and launch "Accord" as a coherent and Unified Management Framework for governance needs and sustainable reporting across the organisation.
"Specialist audit technology is great, but it only directly benefits auditors and then only with certain aspects of their job. In contrast, our technology actually does some elements of their work for them, thus freeing up their valuable time -- and it can do the same for many other areas in the business as well. This is particularly useful now that responsibility for compliance and governance activities is increasingly being delegated down to business unit level."
"Using Accord and adopting this joined-up approach will undoubtedly strengthen an organizations ability to react quickly and flexibly to new governance requirements" said Humphries.
Categoric Software is a world leader in Supply Chain Event Management and Business Activity Monitoring solutions. Our rock-solid technology and market leading solutions are used by some of the most exacting and demanding businesses across the globe.
These organizations rely on Categoric to give them the competitive edge, using our sophisticated and intuitive technology to improve visibility and automation of their data processes, achieving remarkable savings in both time and resources.
As well as maintaining the momentum in our traditional market places, we are using our superior, proven technology to provide a highly cost-attractive, scalable and flexible solution for Continuous Auditing and Monitoring in the Governance, Risk Management and Compliance (GRC) space.
+44 (0)870 446 0488
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