OpenPages, the leading provider of enterprise governance, risk and compliance management (GRCM) solutions, today announced that Barclays Capital has selected OpenPages for its governance, risk and compliance initiatives. OpenPages FCM will allow Barclay's Capital to automate the ongoing test and review of its internal controls documentation in order to reduce the time and resource costs associated with Sarbanes-Oxley compliance and similar international regulations. Using OpenPages ORM, Barclays Capital will automate its processes for identifying, measuring, monitoring and managing operational risk on an integrated, company-wide basis.
Barclays Capital is the investment banking division of Barclays Bank PLC which has an AA long-term credit rating and a balance sheet of over £986 billion (US$1.8 trillion*). With a distinctive business model, Barclays Capital provides large corporate, government and institutional clients with solutions to their financing and risk management needs. Barclays Capital has offices in 26 countries, employs over 10,500 people and has the global reach and distribution power to meet the needs of issuers and investors worldwide.
In November 2005, Financial News magazine awarded Barclays Capital "European Investment Bank of the Year" in its annual Awards for Excellence. In addition, Barclays Capital ranked No. 1 for Capital Raising in Euromoney's 2005 Capital Raising Survey. For further information about Barclays Capital, please visit www.barclayscapital.com. *US$ figure was derived using the US$/£ exchange rate at June 30, 2006 of US$1.85/£1.
OpenPages FCM is an enterprise financial controls management solution that reduces the time and resource costs associated with ongoing compliance with financial reporting regulations. Available in six languages, OpenPages FCM combines powerful document management, business process management and flexible reporting capabilities in an extremely easy-to-use environment that enables an organization to document financial controls and automate the ongoing test and review process. Completely web-based, OpenPages FCM maximizes end-user participation with little training. Its dashboards can be used by project managers, documentation team members, internal auditors and external auditors to plan, document and test the internal controls framework of the company, and to attest to the financial statements.
OpenPages ORM automates the process of identifying, measuring and monitoring operational risk, integrating all risk data -- risk and control self assessments, loss events and key risk indicators -- in a single solution. OpenPages ORM combines powerful document and process management with flexible monitoring capabilities in an extremely easy-to-use environment, enabling organizations to easily and efficiently analyze risk profiles, mitigate risks and remedy issues and action items. Risk self-assessment capabilities enable organizations to document and evaluate their risk frameworks, including processes, risks, events, key risk indicators and controls. Executive-level dashboard and reports provide visibility into key risk metrics and policy compliance, while business process automation capabilities provide for real-time event escalation; automated risk processes, such as loss event root-cause analysis; and, streamlined remediation of issues and action items.
With loss event tracking, risk managers can track loss incidents and near misses, recording amounts, root causes and ownership. OpenPages ORM provides statistical and trend analysis capabilities and enables end-users to track remedies and action plans. Key risk indicators provide capabilities for tracking risk metrics and thresholds, with automated notification when thresholds are breached. OpenPages ORM provides facilities for both manual and automatic data inputs from internal and external data sources.