Redwood Software and Approva Corporation Partner to Develop Sarbanes-Oxley Compliance Tools to Integrate with SAP Management of Internal Controls (MIC)
Reston, VA – September 26, 2005 – Redwood Software, a leading provider of process automation and information management solutions, and Approva Corporation, the leader in continuous controls intelligence software for global enterprises, today announced that they will co-develop a pre-packaged solution that directly integrates with SAP MIC technology.
The Management of Internal Controls (MIC) tool within mySAP® ERP Financials helps SAP customers to certify the accuracy of quarterly and annual financial statements by controlling, evaluating and reporting on internal procedures. By working together, Approva and Redwood will simplify SAP MIC implementations by installing pre-defined content allowing companies to minimize implementation cycles, lower related costs and further reduce time-to-compliance.
This partnership is particularly timely considering the unprecedented costs organizations are currently incurring when striving to achieve sustained compliance to the Sarbanes-Oxley Act of 2002 (SOX).
Redwood’s Cronacle synchronizes Approva’s BizRights solution with SAP MIC, automating processes as events are triggered at pre-scheduled times and extending SAP NetWeaver® availability and performance due to its load balancing capabilities. By coupling Approva’s BizRights solution with SAP MIC, processes can be managed more effectively, while newly generated controls can be automatically escalated to the partner application for further processing and control.
Anjo de Heus, Senior Vice President of Business Development at Redwood Software confirms, “Utilizing Cronacle across the BizRights platform maximizes workload automation across the extended SAP environment. This supports SAP customers in reaching sustained compliance quickly by removing error-prone manual processes, without negatively affecting the overall performance and availability of their ERP environment.”
“Aligning Approva and Redwood solutions with SAP MIC technology was an obvious decision. BizRights is the only cross-application controls monitoring solution, and Cronacle technology is already embedded within the control infrastructure of SAP NetWeaver,” said Neil Selvin, Executive Vice President of Products and Marketing at Approva. “We are confident that together we can take SAP customers a long way towards sustained compliance through extended control management and process automation capabilities. Delivering these capabilities via an out-of-the-box solution generates extensive cost savings that are passed directly to SAP MIC users.”
About Approva Corporation
Approva Corporation enables large organizations to transform compliance efforts into competitive advantage. The Approva BizRights® platform, an extensible, scalable and comprehensive controls management system designed for the world’s largest business environments, automates the testing and monitoring of internal controls and business processes across the enterprise. It is the only platform that provides continuous controls intelligence across leading business software systems, including SAP, Oracle, PeopleSoft and Hyperion, as well as other systems such as legacy applications, and interfaces directly with document management and identity management applications.
BizRights provides continuous, independent visibility into ERP activity, producing business-friendly reports that both business and IT managers can act upon. The software correlates user, transaction and system setting data against pre-defined and configurable rules to proactively pinpoint control violations and business exceptions. Valuable risk analysis ranks the impact of potential violations for improved prioritization. With BizRights, companies can resolve issues faster, prevent new control conflicts and create complete audit trails for change management. Global brands such as Colgate-Palmolive, Wrigley, Pratt & Whitney and others are reducing the cost of compliance, minimizing business risk and increasing operational efficiency with Approva solutions. For more information visit us at www.approva.net.
About Redwood Software
Founded in 1993, Redwood Software enables organizations to maximize the value of their IT infrastructure and business information through effective, event-driven business process automation, job scheduling and enterprise report management solutions. Redwood products such as Cronacle and Report2Web produce proven return-on-investment (ROI) by optimizing IT resource utilization and improving the global availability and timeliness of information delivery. Redwood customers number more than 800 organizations worldwide and range from retail, manufacturing and financial giants listed on Fortune’s global list of the worlds 50 largest companies to community hospitals, universities and other regionally run businesses. Redwood is a global organization with offices in the U.S., the U.K., the Netherlands, Switzerland, and Germany.
Redwood Software’s Cronacleâ„? is an event-driven, state-of-the-art process automation and scheduling solution that manages all of the enterprise’s processes from one central point of control, regardless of the underlying platform or applications. It executes and monitors the application and platform jobs and allows for centrally managing the dependencies and pre-requisites for these jobs. The Cronacle technology is also used in SAP NetWeaver® to centrally manage the technical processes across the enterprise. For more information visit us at www.redwood.com
SAP, SAP NetWeaver and all other SAP product and service names mentioned herein are trademarks or registered trademarks of SAP AG in Germany and several other countries around the world. Other product or service names mentioned herein are the trademarks of their respective owners.
*Management of internal controls (MIC) — mySAP ERP Financials helps you certify the accuracy of quarterly and annual financial statements and disclosures; design, establish, and maintain disclosure controls and procedures; evaluate and report on the effectiveness of those controls and procedures; and indicate any significant changes, including any deficiencies and material weaknesses that have occurred since the most recent evaluation.