A new version of IBM Workplace for Business Controls and Reporting (WBCR), software that assist companies with their compliance efforts through management of internal controls and financial reporting, includes increased analytic and reporting capabilities and significant new business process integration capabilities.
The latest version, 2.5.1, also includes a dedicated deployment option to help federal agencies address new government compliance standards that take effect later this year.
The regulatory compliance regulations that have been issued in the private sector, such as Sarbanes-Oxley, Basel II and HIPAA, are now being applied to federal agencies. The U.S. Government's Office of Management and Budget (OMB) Circular No. A-123, which takes effect on October 1, will define internal control and compliance responsibilities for government bodies.
New features and functions in the latest version of WBCR can help reduce the cost of compliance process management while addressing compliance needs. Version 2.5.1 will help customers leverage current investments incompliance regulations and compliance-related software as an opportunity to transform key business processes, enabling organizations to improve overall efficiency, streamline business processes and lower costs.
One of the new features in WBCR 2.5.1 is integrated analytics, which enables organizations to embed analytic reports into existing business processes and makes information available to a wide spectrum of users and applications. According to Rebecca Buisan, marketing manager on Workplace Solution team, previous releases of WBCR worked with a wide range of reporting tools, such as those from BusinessObjects and Cognos. "But for customers who don't have ad hoc reporting, we are providing IBM Alphablox out of the box. Because Workplace is built on open standards, Alphablox can plug into that."
IBM has also started a Test Drive Program as a way to offer companies a fast, easy way to test WBCR 2.5.1. ". "This allows an organization's audit and IT team to evaluate the software on a hosted server for five users for five days, using their actual data, without the traditional overhead of up-front customer capital and administrative investment," said Buisan
Other features in WBCR 2.5.1 include:
- Business Process Choreography – Enables automation of business processes steps and simplifies task management across compliance applications.
- Composite Application generation- Construction of role-based, virtual applications from multiple "stovepipe" regulatory systems distributed across a company.
- enhanced control features – Improved audit and control management support with additional control reporting attributes and enhanced flexibility and controls for account documentation.
WBCR Version 2.5.1 is available now for SRP of $28,750 per 25 users, with maintenance available for SRP $5,750 per 25 users. WBCR is also available as a hosted service for $65 to $100 per user per month (based on total number of users), with an initial set-up fee starting at $5,000.