Press Release Summary:
Enabling effective governance, risk, and compliance planning and operations, MEGA GRC Suite v3.0 includes MEGA GRC Audit that allows comprehensive view of annual audit planning, automation of follow-up recommendations, and centralized management of audit working papers. MEGA GRC Compliance and Control helps managers comply with multiple, complex regulations, while MEGA GRC Risk mitigates threat of managing operational risks by coordinating risk identification, evaluation, and control.
Original Press Release:
MEGA International Automates Audit, Control, and Risk Functions in Advanced GRC Solution
Three new solutions united by common technology platform and centralized data repository
RAYNHAM, Mass., May 19, 2008 - MEGA International today introduced the latest release of its MEGA GRC Suite, Version 3.0, software that automates audit, control, and risk initiatives in organizations. The new software is united by a common technology platform and user interface for easy, focused management of these key functions to achieve effective governance, risk, and compliance (GRC) planning and operations.
The latest MEGA GRC Suite is unique in its recognition of the overlap in audit, risk, and control activities; it offers a common platform through a global repository to centralize and coordinate all data relating to these areas in a single searchable environment that can be shared between departments, divisions, work groups, or committees.
The MEGA GRC Suite now includes three discrete solutions to meet the unique needs of various users, while ensuring integration into the common platform. The three solutions are:
o MEGA GRC Audit improves the productivity and information sharing capacities of the audit team by enabling a comprehensive view to be taken of annual audit planning, automation of follow-up recommendations, and centralized management of audit working papers.
o MEGA GRC Compliance and Control helps relevant managers across an enterprise comply with multiple, complex regulations at minimal cost and with maximum assurance that the company is maintaining effective controls and managing action plans for performance improvement.
o MEGA GRC Risk decreases the threat and cost of managing operational risks by coordinating the identification, evaluation, and control of risks, while integrating the different approaches of each organization. It provides a reliable, auditable record.
Each user has universal access to resources previously stored in silos, making it easier to avoid duplication of effort, eliminate inconsistent or outdated versions of data, and streamline overview reporting for senior management.
The software is a result of the growing demands of the still-maturing GRC market, which is estimated by AMR Research to be worth $32 billion in 2008.*
"While most companies claim to have GRC practices in place, most are not as protected as they should be and would not meet the most stringent audit requirements if tested," noted Michael Rasmussen, president, Corporate Integrity, a GRC strategy advisory firm. "Many corporate problems are caused by a lack of relevant controls and indicators, and a misunderstanding of how these relate to a company's business strategy and practices."
For 15 years, MEGA International has provided enterprise architecture (EA) and business process analysis(BPA) solutions to the very largest Fortune 500 companies and government agencies, enabling them to master large and complex operations for enterprise performance improvement. The company aims to offer a similar level of expertise in the MEGA GRC Suite to help organizations meet the multifaceted and complicated challenges of risk management, compliance, and control.
This software from MEGA International reflects the many changes in GRC organization and operations that have occurred since the emergence of new regulatory standards, such as Sarbanes-Oxley and Basel II. It recognizes the many diverse users (audit managers, compliance officers, internal control specialists, process owners, risk managers, and more) related to the broad corporate functions of internal audit, internal control, and risk management.
"GRC initiatives will only be fully effective if they are part of a strategic, consistent, and manageable solution," explained Lucio de Risi, CEO of MEGA International. "Managers in various functional areas have different perceptions of the same problem, and their responses vary. They will benefit from using a single, unified platform, which also gives them their 'own-world' views of their particular responsibilities."
Some companies still use word processing and spreadsheet packages, or a document management system for audit, control, and risk management. This is time-consuming and unmanageable with large volumes of information. The separate packages lack the necessary level of integration and synchronized data management to let users update information in a cost-effective and timely way, search for information, or provide security management. The MEGA GRC Suite automates these labor-intensive tasks and provides an improved and integrated means for collectively storing and accessing corporate data.
The new software is rich with expanded features to increase ease-of-use and does not require even occasional users to have training to operate the software. It is a highly ergonomic solution, with exceptional graphics and user interface. Based on an open architecture, it supports easy and scalable deployment within all types of organizations.
The MEGA GRC Suite 3.0 will be available beginning in June.
MEGA International (www.mega.com) also offers the MEGA Modeling Suite for business process analysis (BPA) and enterprise architecture (EA). It is a privately-held company, with more than 50,000 software licenses worldwide. Clients include AT&T, DirecTV, Enterprise Rent-a-Car, Morgan Stanley, NASA, Nissan, Wyeth, and the US Departments of Homeland Security and Transportation.
*The Governance, Risk Management, and Compliance Spending Report, 2008-2009: Inside the $32B GRC Market, AMR Research, March 25, 2008.
MEGA International is a privately-held company providing enterprise architecture, business process analysis, and governance, risk, and compliance solutions, with 50,000 software licenses worldwide. MEGA modeling products help businesses understand assets, control operations, and govern risks. The company is consistently ranked as an industry leader by Gartner and Forrester. Clients include AT&T, DirecTV, Enterprise Rent-a-Car, Morgan Stanley, NASA, Nissan, Wyeth, and the US Departments of Homeland Security and Transportation.