Groundbreaking Study on State of Compliance Readiness in North America Underscores Gap Between Management Expectations and IT's
13 Settembre 2006 - 3:35PM
PR Newswire (US)
Corporations struggle to align compliance and control with business
processes in the face of mounting volumes of electronic content and
a challenging regulatory environment PALO ALTO, Calif. and
RUTHERFORD, N.J., Sept. 13 /PRNewswire/ -- While the majority of
chief executives confirm their attention on compliance issues has
measurably increased in the past six years, less than half of IT
executives consider compliance to be a "critical initiative with
full management support." Meanwhile, nearly 40% say their company's
IT execs don't understand current regulations well enough to
effectively implement compliance technologies and policies. Those
are just a few of the key findings in a comprehensive report issued
today by the Business Performance Management Forum (BPM Forum) and
AXS-One Inc. (AMEX:AXO), a leading provider of high performance
records compliance management software solutions. The report,
developed in partnership with Chief Executive Magazine and the IT
Compliance Institute, is titled "Compliance Enabled Enterprise
(CEE) the Future: Building the Compliance-Enabled Enterprise," and
it takes the closest look yet at an issue that has assumed
mission-critical status within corporate America: While compliance
issues around regulations such as Sarbanes-Oxley and related legal
complexities have become a top management priority, many companies
are still a long way from developing the IT infrastructure,
policies and processes needed to align with compliance objectives.
As a result, these companies remain seriously unprepared for a
lawsuit, audit or request from a regulator. The new report builds
on qualitative interviews with senior executives and subject matter
experts; a quantitative survey conducted in partnership with the IT
Compliance Institute; and a related survey conducted by Chief
Executive magazine, the only magazine written strictly for CEOs and
their peers. It paints a vivid picture of a business environment in
which compliance is definitely a management concern, policies and
procedures are yet to take hold, enforcement is a loose concept,
and management's familiarity with the realities of information
management is painfully lacking. "This issue clearly represents a
serious threat to corporate America: More than just a matter of
building appropriate IT infrastructures and managing information,
it represents the potential failure of top management to do the
heavy lifting needed to achieve true compliance: allocate
resources, implement the right technologies, develop viable
policies and procedures, ensure enforcement," said Donovan
Neale-May, executive director of the BPM Forum. "In recent years,
courts and regulatory agencies alike have been willing to impose
harsh penalties on enterprises that are not up to par. This study
indicates that the apparent corporate focus on compliance has not
translated into strategic and tactical initiatives that have an
impact on business operations, and this leaves many companies
vulnerable." In particular, the study reveals numerous potential
weaknesses within corporate technologies and processes: -- Close to
half, or 47.3%, of all senior executives are concerned that their
companies' failure to effectively archive and manage all of their
electronic content represents a critical liability for their
organization -- In a further sign of the ambiguity that still
surrounds compliance activities, 35% of the respondents remain in
the dark as to how much of their IT budget is tied to
compliance-related technologies -- Fully a third of the
respondents, 33%, say they have no corporate policy covering
electronic records management (nearly 20% don't know whether they
even have a policy) -- Barely 40% of the respondents feel their
companies are effectively enforcing the electronic records
management policies that actually are in place -- While lawsuits
supposedly represent a constant threat, more than a third of the
respondents, 36.4%, say their companies have no technologies or
policies whatsoever in place to manage a legal discovery order
involving electronic records -- Almost 41% of the respondents say
it would take several days to a week or more to retrieve e-mails
related to a particular transaction "Each year there's a
significant rise in government regulations and corporate
guidelines, together with a steep climb in the amount of content
generated, and it represents a collective migraine for compliance,
legal and IT executives," says Bill Lyons, Chairman and CEO of
AXS-One. "Ultimately, this is a top-line management issue. From the
CEO on down, the entire leadership team must take responsibility
for providing the resources needed to develop compliance
procedures, and ensure that the policies are not only enforced but
effectively integrated into routine operations. Only then will
companies be fully prepared for compliance investigations and legal
orders, as well as reap the benefits that come with a complete
overhaul of business procedures around content and compliance." The
full report -- "CEE the Future: Building the Compliance-Enabled
Enterprise" -- is available by visiting http://www.bpmforum.org/ or
http://www.axsone.com/. About the Business Performance Management
(BPM) Forum The BPM Forum was organized in 2003 and provides
support to thousands of senior executives and practitioners
representing global enterprises with more than $500 billion in
combined annual revenues. The forum's knowledgeable and influential
members excel in strategy, operations, finance, technology,
business innovation and boardroom roles. With leadership from
GlobalFluency (http://www.globalfluency.com/), the BPM Forum
actively researches, develops and communicates new and proven
methods to execute strategy, sharpen budgeting and planning
practices, improve business processes, strengthen financial
management disciplines, and drive performance accountability across
distributed organizations. Visit http://www.bpmforum.org/ for more
information about BPM Forum intellectual capital initiatives,
programs, membership, networking services and sponsorship. About
AXS-One AXS-One Inc. is a leading provider of high performance
Records Compliance Management solutions. The AXS-One Compliance
Platform enables organizations to implement secure, scalable and
enforceable policies that address records management for corporate
governance, legal discovery and industry regulations such as
SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot Act and
Gramm- Leach Bliley. AXS-One's award-winning technology has been
critically acclaimed as best of class and delivers digital
archiving, business process management, electronic document
delivery and integrated records disposition and discovery for
e-mail, instant messaging, images, SAP and other corporate records.
Founded in 1979, and headquartered in Rutherford, NJ, AXS-One has
offices worldwide including in the United States, Australia ,
Singapore, United Kingdom and South Africa. For further
information, visit the AXS-One web site at http://www.axsone.com/.
DATASOURCE: BPM Forum CONTACT: Matt Farrell of BPM Forum,
+1-212-213-5400, ext. 217, or Web site: http://www.bpmforum.org/
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