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Redwood Software and Approva Corporation Partner to Develop Sarbanes-Oxley Compliance Tools
Redwood Software and Approva Corporation Partner to Develop Sarbanes-Oxley Compliance Tools to Integrate with SAP® Management of Internal Controls (MIC)
Partnership Provides Solutions that Reduce Time-to-Compliance and Generate Extensive Cost Savings
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.” 26.09.2005, Redwood Software
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