OpenPages to Give Accurate View of Risks
With OpenPages, IBM's approach to risk management will help organizations drive better business outcomes, lower the cost of risk management and compliance activities, better allocate resources, and reduce risk of loss. When coupled with IBM's services capabilities, systems management, security, information governance and other IT governance capabilities, clients will have an accurate and actionable view of the risks that might otherwise undermine enterprise performance, the company said. OpenPages further expands the IBM business analytics portfolio with new capabilities supporting integrated risk management solutions and helps businesses establish and maintain a comprehensive compliance and risk management program across a variety of risk domains, including operational risk, financial controls management, IT risk, compliance and internal audits.Now IBM is building on its existing success with OpenPages by introducing new templates for banking and insurance based on joint work with clients around the world. These templates extend the capabilities of IBM's Industry Frameworks for Banking and Insurance by providing OpenPages and IBM Cognos software users with proven approaches to improve risk visibility and control, reduce unexpected loss, and improve operating performance. The Operational Risk template provides guidelines to help companies identify, manage and report on operational risk. The Regulatory Compliance template consolidates regulatory requirements to help clients create a single governance, risk and compliance system that can adapt as rules change. The templates are available immediately to OpenPages and IBM Cognos clients. More than 200 clients across a variety of industries are using OpenPages software to help them tackle their information-related challenges and manage risk and compliance issues. These include Allianz, Barclays, Carnival, Duke Energy, TIAA CREF and Williams. Commenting on the acquisitions, Alan Krans, an analyst with technology Business Research, said:
Moreover, since 2006, OpenPages and IBM have successfully partnered to meet clients' compliance and integrated risk management needs, IBM said. OpenPages incorporates IBM Cognos Business Intelligence for enhanced risk intelligence and analytics and IBM hosting services into its offerings to help clients more easily deploy OpenPages software in a secure manner.
"IBM will manufacture rewards by managing clients' risk. The acquisition of Clarity Systems announced today is the third IBM acquisition focusing on risk management in the last two months. The acquisition of OpenPages, announced in September, enables users to identify and manage activities subject to regulations and compliance. The acquisition of PSS announced earlier in October brings technology that enable customers to manage and meet legal e-discovery and compliance requirements. Finally, the acquisition of Clarity acquisitions is quite similar to the purchase of PSS, but delivers solutions addressing financial reporting requirements versus the compliance requirements addressed by PSS solutions. "The common theme across all of these acquisitions is that IBM will play a larger role in addressing the risk customers face meeting compliance, financial and regulatory requirements. The combination of OpenPages, PSS and Clarity provide a 1-2-3 punch for clients to identify, manage and document compliance with regulations, whether compliance or financial related."