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MEGA Introduces New Compliance Solution
|By Business Wire
|June 16, 2014 10:00 AM EDT
has introduced HOPEX Regulatory Compliance to help companies meet the
increasing volume of compliance requirements. The solution will also aid
organizations in reducing risks and streamlining compliance activities
to meet governance challenges.
The new solution is built on MEGA’s HOPEX
platform, which powers the company’s broad range of integrated software
solutions, helping organizations meet complex, interconnected needs and
achieve effective enterprise governance. With HOPEX and the solutions
built upon it, MEGA has integrated the previously separate domains of governance,
risk and compliance (GRC), enterprise
architecture (EA) and IT
portfolio management. It is the only company with an integrated
solution for all three markets that eliminates information silos and
reduces the barriers to enterprise transformation.
HOPEX Regulatory Compliance interfaces with MEGA’s other GRC solutions
to form a complete corporate governance management framework. It
supports multiple roles, from compliance officers to legal advisors to
process managers to business teams. Multiple GRC functions – risk
management, internal control, internal audit and regulatory compliance –
can share a single repository containing all of the information relative
to the company’s risks, controls and compliance requirements. The
solution also makes it possible for different departments or divisions
to exchange information according to role, avoid duplicated efforts and
enrich each other’s work.
“The increasing volume and complexity of regulations, merged with the
expanding complexity of organizations, creates situations where some
compliance officers may have to manage thousands of risks and controls.
These growing demands are far beyond the scope of traditional office
tools and companies need a way to manage them in a more comprehensive
manner that incorporates enterprise-wide operations, resources, goals
and rapid changes in the business environment,” explained Michael
Rasmussen, founder of GRC 20/20 and a leading expert in GRC.
As regulatory pressures increase, HOPEX Regulatory Compliance can help
organizations map new requirements directly to departments or processes.
By sharing the responsibility of compliance enterprise-wide, every
employee becomes part of the success of meeting regulations efficiently.
The solution also minimizes the impact of compliance requirements on the
company by making it easy for business teams to meet their compliance
obligations, leaving them more time to spend on their primary work focus.
HOPEX Regulatory Compliance lets businesses:
focus on the biggest potential threats, where rapid resolution can
avoid costly problems
increase awareness and ownership of responsibilities by associating
compliance requirements with departments or processes
reduce time spent on compliance activities through streamlined
reporting that ranges from detailed analysis to executive summaries
The solution provides the capability to assess risks and test in-place
controls through a multi-level evaluation of an organization’s
compliance framework. Knowing the high risk areas precisely and
continuously can reduce the pressure placed on compliance departments,
which often have to operate with limited resources. MEGA’s solution also
helps resolve the transparency and accountability issues that compliance
“The pervasiveness of media and social networks for communications on
the global scale means that news of data breaches spreads
uncontrollably, damaging company reputations even before the problem can
be completely assessed, let alone repaired,” noted David Monahan,
research director, Security and Risk Management, Enterprise Management
Associates. “Post breach, people often choose not to associate with
these companies, impacting revenue for multiple quarters, and in some
cases driving them out of business. It is essential for companies to
leverage tools that help them best meet their compliance management
needs, driving security within their compliance programs.”
HOPEX Regulatory Compliance will help organizations:
create a legal inventory of all regulations and requirements in a
single repository that contains up-to-the-minute information
assign requirements to each department, risk or process through
easy-to-understand maps and tables
assess compliance risk by using campaigns to evaluate the probability
and impact of potential threats
test the design and effectiveness of compliance controls to identify
faulty ones that require improvement
generate action plans to lower a compliance risk level or enhance a
control based on identified deficiencies
MEGA has been helping organizations manage enterprise complexity and
business transformation for more than 20 years. Customers
include Aetna, Banque Accord, HCL, Johnson & Johnson, Nissan, Procter &
Gamble, Starwood Hotels, Swiss Federal Railways, UniCredit Group and
MEGA was cited in Gartner’s Magic Quadrant for Governance, Risk and
Compliance Platforms (September 2013). It was also named in The
Forrester Wave: Governance, Risk, and Compliance Platforms, Q1 2014. The
company won the 2013 GRC Technology Innovator Award from GRC
Gartner Inc. has named MEGA
as a leader in its EA Magic Quadrant reports for five consecutive
years. The company was also cited in The Forrester Wave: EA
Management Suites, Q2 2013.
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