Companies Establish 'Compliance Consortium'

By CIO Update Staff

(Back to article)

Approva Corp. and Hyperion Solutions, along with eight other software, consulting and content companies, announced Thursday the founding of the Compliance Consortium.

Through the consortium, the founders -- Axentis, Hyland Software, Hyperion Solutions Corp., Jefferson Wells International, Intuition, Navigant Consulting, The Network, PLI- Corpedia, and Staffware -- will establish and promote governance, risk and compliance best practices.

While the goal of federal regulations such as Sarbanes-Oxley and Basel II is well intended -- increase corporate fairness, visibility and accountability -- interpreting and applying the complexities of federal regulations, poses a significant challenge.

Regulations, combined with market expectations around increased corporate governance, dictate a guiding body. The consortium plans to fill this space, presenting guidelines for compliance frameworks and standards for integration. To help boost knowledge and encourage the gathering of industry experts, the consortium also plans to develop and sponsor industry conferences and other professional events.

"Developing effective corporate governance practices -- and executing on them -- is absolutely essential for businesses today," said Rick Steinberg, founder and principal of Steinberg Governance Advisors. "As a member of Approva's advisory board, I am pleased to see the company contributing to a consortium dedicated to establishing technology-supported governance standards and best practices."

This article was compiled and edited by CIO Update staff. Please direct any questions regarding its content to Allen Bernard, Managing Editor.