Building and sustaining compliance controls has proven costly for most corporations. Without standardized business processes, or integration between business units or divisions, companies often rely on manual monitoring and spot-testing to verify compliance agreement, which provides limited predictability or certainty. Alternatively, webMethods for Compliance brings extended visibility into these high risk enterprise business processes, provides for continuous monitoring of process controls, and standardizes and automates resolution procedures. As such, enterprises can significantly reduce compliance costs and realize other benefits through the automation and real- time monitoring operations enabled by webMethods for Compliance.
"The monitoring, analysis and evaluation of internal controls is labor intensive, costly and often fails to flag issues in time to take corrective action," said Arnold Huffman, vice president, Global Strategic Business Solutions, webMethods Inc. "webMethods for Compliance leverages the proven capabilities of our business integration product suite to fully monitor critical business processes so that real-time alerts of potential and actual violations can be consistently enacted. Automation of this process is critical and can produce significant savings for the corporation."
Designed for rapid implementation, webMethods for Compliance encompasses the following components within an integrated platform: business process automation and management; continuous controls and monitoring; compliance dashboard; and document management.
One of the key benefits offered by webMethods for Compliance is greater predictability, by which enterprises can track key real-time operational and business metrics without the need for additional programming. Furthermore, these monitoring and alerting features also provide users with the ability to better anticipate and predict future patterns in business operations based on comparison with past activity for a given time of day, day of the week, and time of year. Alerts are automatically triggered when key performance indicators or control points move out of range relative to historical norms and the previously-seen anomalies detected with webMethods' patent-pending 'fingerprinting' technology.
Additionally, having faced the need to fully document and test their core business processes in compliance with Sarbanes-Oxley and other mandates, enterprises today have a far greater understanding of the numerous weaknesses, bottlenecks and manual execution inherent in many of these processes. Through the use of webMethods for Compliance, enterprises can take advantage of a single integrated platform to not only monitor these processes for ongoing compliance, but to also automate and optimize them for improved business performance and additional cost savings.
"In today's regulatory climate, there are many vendors offering compliance solutions. Many of these compliance solutions focus on the documenting and reporting aspects of regulatory compliance. These are important, but only part of the technology needs," said Lee Dittmar, principal, Deloitte Consulting. "Automated controls monitoring will be an important area of focus. Plus, many CFO's today are leveraging their compliance efforts as an opportunity for business improvements. Technology is key to supporting these broader efforts, addressing both compliance and performance."