Enterprise content management specialist Open Text introduced a package of integrated applications aimed at helping companies tackle issues related to compliance with government regulations.
Labeled as Open Text Internal Controls 3.0, the software offers a centralized system for managing many types of corporate information, including many forms of so-called unstructured data, or materials stored in e-mail or instant messaging applications, company officials said.
The package is based on the companys Livelink ECM offering—its platform that is used as the basis for a range of compliance technologies.
Aimed at large enterprises specifically, the product seeks to combine information governance tools, a central controls library for indexing information, systems testing capabilities, an automated audit trail generator and reporting features.
Among the regulations the package claims to cover are the Sarbanes-Oxley Act; Canadas Bill 198; the United Kingdoms Combined Code and Turnbull report and the Companies Bill; Frances Loi de Securite Financiere; Germanys KonTraG—Law for Control & Transparency and the German Code of Corporate Governance; and the European Unions Proposed Directive on Statutory Audit.
Executives at Open Text said that the system moves beyond other products on the market by offering such a comprehensive list of applications and addressing so many regulations.
While many U.S.-based companies planned extensively for the arrival of SarbOx, most companies are struggling with intelligent ways to access specific types of information and deal with the huge repositories of information theyre required to maintain, said Mark Portu, vice president of compliance solutions at Open Text, in Waterloo, Ontario.
"There are a staggering number of regulations to comply [with] right now; people attacked [SarbOx] in terms of retention, but theres no way to create a process around that for the entire IT infrastructure," Portu said.
Open Texts software, for which pricing is dependent on the size of a companys IT operations, is already being tested by roughly a half-dozen large companies, he said.