July 25, 2003—Open Text Corporation, provider of Livelink collaboration and knowledge management software for the global enterprise, is launching a corporate governance platform for Livelink, giving companies a single system to manage critical information and collaboration in the face of tough Sarbanes-Oxley regulations. The solution offers a Web-based regulatory compliance infrastructure that companies can deploy quickly to track, report, and manage the regulatory processes associated with corporate governance.
Open Text’s solution is designed to reduce the risks and uncertainty associated with a law that Open Text says is ushering in the most radical changes to corporate governance and accounting in 70 years. The solution integrates Livelink’s collaboration tools, auditable workflows and process controls, document and records management, e-mail management, and certification and training delivery. Livelink’s open architecture and Web interface make it easy to deploy and integrate with existing financial systems, as well as adapt the system to changing regulatory requirements, according to the company.
“When you consider the risks of non-compliance—jail, large fines, and a loss of investor confidence and shareholder value—there is no margin of error with Sarbanes-Oxley,” said Bill Forquer, Senior Vice President of Business Development at Open Text. Open Text’s solution provides an integrated enterprise platform designed to help companies with key requirements of Sarbanes-Oxley, including:
- Process control documentation and monitoring—the need to identify, test, and certify internal controls.
- Accelerated deadlines for 10K and 10Q disclosure filings, combined with more rigorous requirements for supporting documentation.
- Training and certification to ensure that board members, executives, and employees are fully aware of the latest policies and procedures. Also required is the ability to certify that all such training has occurred.
- Whistle-blower provisions, which require audit committees to have an
- Consistent records retention and disposition practices for both released documents and working papers.
For more information, visit Open Text.
