Archive for the ‘Approva News’ Category
Posted on March 13th, 2008 by Priya Ramesh »Permalink
We’re happy to announce some exciting Approva news today — Protiviti has licensed Approva BizRights Software to Perform Control Assessments for Oracle E-Business Suite and PeopleSoft Applications. Protiviti, a leading risk and internal audit consulting company, will be standardizing Approva for Enterprise-wide Controls Monitoring.
Using BizRights, Protiviti will be able to expand the scope and services it provides its clients. With BizRights, Protiviti will be able to effectively analyze controls within Oracle and Peoplesoft applications — and, importantly, to distinguish true compliance issues from false positives and negatives.
The full press release is here with more details. As PV Boccasam points out in it, three of the five largest risk consulting and advisory firms have standardized on Approva products to enhance the services they offer their clients.
Tags: Approva, Protivit, BizRights
Posted on March 4th, 2008 by Steve Elliott »Permalink
We couldn’t be more excited about the new release of 4.0. Everyone is able to see the new features and to experience the significant performance improvements, but even more exciting to me is what customers may not see at first glance. The 4.0 release involved key changes to the core BizRights architecture that paved the way for a more extensible platform for all types of controls monitoring. The further development of a service oriented architecture and the expansion of our studios enable customers to reduce their time to value significantly.
Our goal is to make the automation of controls monitoring easier and easier with each release. Each iteration of BizRights adds depth to our ability to test across multiple applications, multiple controls and multiple regulations. Approva provided the ability to seamlessly extend to any system using wizard based studios (no coding required) in our 3.5 release, which is something our competitors are still unable to do. With 4.0, we have made the whole experience more intuitive, and our competitors have nothing even in the same area code.
BizRights 4.0 is also the first release to feature our newly embedded patent-pending PredictX™ technology, which enables companies to independently and intelligently validate and monitor the effectiveness of their controls.
PredictX technology advances Approva’s ability to detect fraud and to correlate events to a whole new level. Imagine a situation where the BizRights controls intelligence platform detects a change in application configuration settings such as a three-way match flag that ensures purchase orders, invoices and goods receipt records are consistent. PredictX technology alerts relevant business stakeholders while monitoring all of the impacted transactions to ensure that no control violations occur. The BizRights Platform correlates this chain of events and notifies the controller that this operational control has been compromised and that there is now a heightened risk of fraud. Finally true controls intelligence is tangible and real.
But don’t take my word for it. Borrowing from the press release on 4.0, here’s what some of our customers had to say about their experience as beta testers:
· “As a beta customer for BizRights version 4.0, we had first-hand experience with the huge improvements Approva has made in terms of scaling up the analysis engine. We have seen significant reductions in the time required to extract and analyze our controls information,” said Bob Delbango, commercial business analyst, Siemens Power Generation.
· “Approva BizRights version 4.0 has allowed us to extract and analyze our ERP controls in significantly less time,” said Brian Bosak, senior SAP security consultant with one of the world’s largest telecommunications solutions provider and a Global Fortune 500 company. “We should be able to easily implement the new version to monitor our enterprise-wide SAP deployment. Approva continues to deliver controls solutions that not only help us meet our compliance requirements but also enable us to better manage risk and optimize controls across the company.”
The roadmap for 2008 is quite aggressive and introduces not only multiple new insights but also will introduce a new user experience across all products. Think iPhone elegance and simplicity for compliance with the most robust algorithms in the space under the hood, and you will be well on your way to visualizing our 5.0 release. Not only will 5.0 introduce elements of web 3.0 but the level of personalization and information channeling for end users will reach new and exciting crescendos. In addition, we are increasing our development velocity in 2008 and we have several off road map surprises that we plan to keep secret until they are ready to release.
This year is truly shaping up to be a game changer on the product side of the house. I would hate to be the other guy.
Tags: BizRights, controls intelligence, PredictX
Posted on January 30th, 2008 by Priya Ramesh »Permalink
We’ve got some great news at Approva this week – Comcast has licensed BizRights to monitor general computing and user access controls in their deployment of Oracle’s E-Business Suite.
We’re excited to get the chance to work with Comcast, and at the rapid growth we’re seeing for our solutions within the Oracle E-Business Suite. We believe we have a great deal to offer customers through our work within and across Oracle, PeopleSoft, JD Edwards, SAP and other applications.
But don’t take our word for it. Here’s what Comcast’s Todd Irwin, Executive Director of Financial Systems, had to say about why they’re going to be working with us.
“We were looking for a platform that could help us strengthen our Oracle E-Business Suite controls environment while also providing us options for extensions into other business functions requiring controls monitoring and reporting,” said Todd Irwin, Executive Director Financial Systems at Comcast. “Approva’s solution was the best match for our business requirements. Approva’s non-intrusive approach and ability to
monitor controls both within and across multiple ERP environments, including Oracle, SAP, and legacy systems, were key differentiators. ”
Thanks, Todd. We’re looking forward to working with you and your team.
— Priya Ramesh
Tags: Approva, Comcast, Oracle
Posted on January 21st, 2008 by PV Boccasam »Permalink
I’m extremely pleased to report that Approva concluded another successful year. Over the past two quarters, the company has doubled its revenue, while increasing its market share and adding new customers – including marquee names like Comcast, First Advantage, Komatsu and AECOM among others.
We accomplished these goals while facing tremendous direct competitive pressure and fast changing market dynamics. I would like to thank my team for all of its hard work. They have enabled us to run a profitable, sustainable business – reinforcing our leadership position in the high-growth GRC market place. We’re proud of the success we had last year and our ability to demonstrate immense value to our customers, partners and shareholders.
This past year saw many important developments at Approva, from expanding our use among Big 4 audit firms to expanding into the federal compliance space to increased investment in new products and a good deal of flattering industry awards and recognitions. (Please read the detailed press release for more on Approva’s accomplishments in 2007).
Reflecting on what 2007 meant for our industry, one thing that of course stands out is the strong consolidation trend that we’ve witnessed. The industry’s larger players continue acquiring businesses with more specialized offerings. 2007 also witnessed tremendous innovation from the smaller, more agile players in the market, and I’m equally sure that that trend will continue as well. We have had – and will continue to have – a good bit to say about all of this, frequently via our award-winning blog, Audit Trail. For our take on it, I’ll refer you to our own Ian Glazer, along with Lori Rowland of the Burton Group.
I am struck by the energy and resources that so many companies spent in re-evaluating, re-thinking and re-prioritizing their compliance mandate in 2007. From the SEC’s revisions of SOX Section 404 to the PCAOB’s release of AS5 guidelines, 2007 saw important shifts in the way businesses approach compliance specifically and GRC more broadly. I feel confident that 2008 will be a continuation of this trend – and that companies without a clear GRC strategy are going to spend money without a tangible return on their investments.
As we look toward the future, my management team and I couldn’t be more excited about the year ahead and the opportunity to shape the industry.
Happy New Year.
— PV Boccasam, CEO, Approva
Tags: PV Boccasam, Approva, Governance, Risk and Compliance, GRC
Posted on December 19th, 2007 by Audit Trail »Permalink
We’re happy to announce today that Approva has partnered with CGI Federal, one of the largest IT and managed service providers to the U.S. Federal Government, to offer an integrated compliance solution to federal agencies. Our combined offering will help federal agencies to develop internal controls that prevent financial misstatements and provide a continuous controls monitoring framework that satisfies the agencies’ compliance mandates.
Check out the press release for the nitty-gritty details – we’re pretty excited about the opportunity to partner with CGI and to provide a robust compliance solution for federal agencies.
Tags: Approva, CGI Federal
Posted on November 26th, 2007 by Audit Trail »Permalink
Ladies and Gentlemen, the results are in. We’ve tallied the responses to our industry survey on GRC — Governance, Risk and Compliance — and you can click HERE for an analysis of what you and your peers have to say about GRC. We’ve also prepared a press release on the findings. Many thanks to all who responded!
Approva 2007 Survey Results
Tags: Approva, 2007 Governance, Risk and Compliance Survey
Posted on October 18th, 2007 by Audit Trail »Permalink
Recently, we held our first Midwest User Group Meeting at Kraft headquarters in Deerfield, IL. This was a real opportunity for us to come together with the people who use Approva day in – and day out.
The meeting began with a series of customer presentations, as each of the eight companies in attendance shared their Approva experiences, best practices and successes. Customers represented at the meeting included a balance of large and small companies, companies new to Approva products, and those who have been with Approva since it’s founding in 2001.
During the meeting, each customer gave an overview of how they are integrating Approva BizRights into their controls monitoring process, their IT systems, and their organization’s overall business processes. Plenty of interactive discussion ensued, as customers expressed interest in learning from the collective group’s experience—not just with BizRights, but with overall project and organizational management related to controls monitoring and compliance. Customers also discussed the newer versions of BizRights and shared best practices related to new features and reports.
In addition to all of the tips and information sharing between customers, Approva presented on two topics as requested by the group. The first was an open discussion with Judith Platz, VP of Customer Support, regarding the Approva Support model. Elisabet Hardy, Senior Director, Product Management, followed with a roadmap discussion with a look into the revised methodology and quality process enhancements for new releases.
Customer feedback from the event was overwhelmingly positive:
“Thanks for organizing this meeting. It was very informative. I look forward to working with the user group in the future. I am happy to hear that Approva is making some very positive changes in the support and software development areas.” - ConAgra Foods
“Thanks so much for helping to make our first meeting such a resounding success!” - Tellabs.
Since the first meeting was such a huge success, the user group has formalized a process for future meetings to be held quarterly, with the next meeting scheduled for January 9, 2008 in Columbus, Ohio. In addition, the group has taken proactive steps to create an information sharing venue to continue the dialogue and networking started during the meeting.
All Approva customers from the Midwest are encouraged to mark their calendars and register to attend the next user group meeting, as all customers in attendance found the topics and discussions to be extremely valuable. In the way of a sneak peek for those of you who need more convincing, at the next meeting customer presentations will focus on processes and best practices around UAI Rules, Access on Demand, and Access Review certification. In addition, Approva presentations requested by the group will include an update on support metrics, product prototyping demonstrations, and release and organizational updates. Special thanks to Lori Etelamaki, Kraft Foods who was the driving force behind Approva’s first user group meeting. We look forward to seeing everyone again in January.
- Priya Ramesh, Manager, Public Relations, Approva
Tags: Approva, Midwest+User+Group
Posted on October 16th, 2007 by Audit Trail »Permalink
Lots of big news to announce, as its been a big week for Approva. The SSPA awarded us with the Star Award for Emerging Business Support. And, if that wasn’t enough, our marketing team took home the IABC’s Silver Inkwell Award for Audit Trail. And we’ve got to admit, it feels great to win big.
Tags: Approva, SSPA, IABC
Posted on October 11th, 2007 by Audit Trail »Permalink
Take the Approva GRC Industy Survey.
The industry is abuzz with talk of GRC - Governance, Risk and Compliance - as the next strategic step beyond SOX compliance, and Approva is checking the collective pulse for opinions and insights on GRC. Take this survey and see how you compare with your peers. Don’t worry - all submissions are anonymous. Take the survey.
Tags: Approva, GRC Survey, Audit Trail
Posted on September 21st, 2007 by Audit Trail »Permalink
In the “About This Blog” section we promised to keep the horn tooting to a minimum, however, we never promised we wouldn’t do it. Recent industry coverage from SC Magazine includes a case study from Approva customer Jason Lish of Honeywell Aerospace. Be sure to check it out if you are interesting in learning why SC’s Dan Kaplan thinks its Not The Same Old SOX. And, we all know you are missing the whimsical days of July when Audit Trail celebrated the 5th anniversary of SOX (did you notice you can download a FREE ringtone of the SOX 5th Birthday song from the Singing CPA?), so be sure to read up on Risk Management’s “SOX Celebrates Its 5th Birthday” to bring back those happy memories.
Tags: Approva, Risk Management, SC Magazine
