SOURCE: Cartesis Inc.
March 13, 2007 08:00 ET
Cartesis Enters Financial Governance, Risk and Compliance Market
First Performance Management Vendor to Offer Complete Financial Reporting and Compliance Solution
NORWALK, CT, -- (MARKET WIRE) -- March 13, 2007 -- Cartesis, the world's leading specialist in
finance and performance management software, today announced plans to
release Cartesis Governance, a new product that distinguishes Cartesis as
the first performance management vendor to broaden the platform for
performance management to include integrated financial Governance, Risk and
Compliance (GRC) capabilities as part of its suite. By building on the
increasing synergy between the performance management, financial reporting
and compliance requirements, Cartesis will provide its global customer base
with a single framework for performance management, reporting and
sustainable compliance, which will improve financial reporting and close
processes and reduce the cost of compliance by integrating these activities
more tightly with periodic report preparation and analysis.
Organizations are looking to align financial compliance with reporting
processes, rationalize and reduce controls monitoring based upon risk,
improve accuracy, and simplify compliance processes which should yield a
cost advantage as well as increased integrity of financial results. Today,
traditional performance management solutions alone do not offer the optimal
solution to meet increasingly complex regulatory requirements for financial
governance, risk and compliance.
"Global regulatory requirements are a fundamental part of doing business
today, and companies are actively looking for ways to better manage the
costs and processes associated with financial compliance," said Didier
Benchimol, CEO of Cartesis. "As the leader in financial consolidation and
management reporting it makes perfect sense for us to extend our solution
to support Finance GRC. By doing so we can help customers manage all
aspects of their financial compliance processes and reduce the regulatory
burden. This expansion of our suite represents significant growth
opportunity for Cartesis and furthers our commitment to solving problems
for the CFO."
Due out in May 2007, Cartesis Governance will provide support for a range
of financial compliance legislation including Sarbanes-Oxley, Loi de
Sécurité Financière, J-SOX, Tabaksblat, and so called Euro-SOX requirements
which will be implemented under local member state law through 2008. A
combination of internal development and third party technology from BWise,
a leading provider of governance, risk and compliance software solutions,
Cartesis Governance will integrate with Cartesis Finance and Cartesis
Analytics applications.
"The Financial GRC and Performance Management solutions on the market are
not integrated," says Kathleen Wilhide, research director, Compliance and
Performance Management solutions at IDC. "Finance and compliance teams are
chartered with rationalizing key controls to reduce the burden of
compliance, and have begun to manually integrate compliance and financial
reporting processes. As tighter integration between compliance and
reporting solutions becomes available, this enables a more unified approach
to Finance GRC, Performance Management and reporting which will result in
substantial cost, reliability and efficiency benefits for companies.
Cartesis has made an early commitment to helping organizations achieve this
vision."
Cartesis Governance will deliver the framework for risk and control
including control testing, documentation, issue and task management,
compliance reporting and dashboards needed to address global compliance
requirements more easily.
About Cartesis
Cartesis is the world's leading specialist in finance and performance
management software with more than 1,300 corporate customers, 600 employees
and 200 consultants worldwide. Created in 1990, Cartesis provides insight,
control and confidence by unifying information, people and processes at
demanding multinationals like Air France KLM, Cargill, Danone, Diageo,
Nissan, Société Générale and Standard Life. One in four of Fortune Global
100 companies rely on Cartesis' deep financial expertise and standard-based
technology for compliance, financial consolidation, management reporting,
planning, budgeting, forecasting, intercompany reconciliation; all unified
in a single data-model that can be leveraged by internal and external
users. Cartesis' partners include Accenture, Bearing Point, Ernst & Young,
KPMG, Microsoft, and PricewaterhouseCoopers. Cartesis has customers in 44
different countries and offices in Brussels, Frankfurt, London, Norwalk
(CT), Paris, Tokyo, Toronto and Utrecht. For more information, go to
http://www.cartesis.com/en/
All cited names and/or trademarks are the property of their respective
owners.