With regulatory reform a central tenet of the Obama administration, compliance emerges as a critical issue for government contractors. Meanwhile, the Defense Contract Audit Agency has expanded the scope of its audits beyond the financials tracked by Deltek Costpoint and other ERP systems to include the underlying databases and internal controls. AppGRC for Deltek Costpoint complements Deltek Costpoint with a solution that drives down the cost of compliance in the face of the new regulatory and audit realities.
Lumigent Executive Presentations at Deltek Insight 2009
In “GRC Starts with C,” John Capobianco, president and CEO of Lumigent, will discuss real-life examples of the “compliance tax” — the additional costs paid by companies that must demonstrate their compliance with regulatory mandates — and the need for business to automate compliance tasks to drive out excess costs and focus on real business benefits.
Capobianco will draw from his experience taking a company public and ultimately paying a compliance tax of $2.2 million per year as annual spending in the finance department soared from $300,000 to $2.5 million, mostly to cover manual compliance reporting. This presentation will be delivered on May 13 at 1:00 p.m. and 2:00 p.m.
In “Aligning Internal Compliance Controls with Deltek Costpoint,” Rob Mello, product marketing manager for Lumigent, will discuss how an automated monitoring strategy designed to ensure the effective operation of internal controls is critical to any compliance effort.
In addition to being linked to risk, monitoring frameworks should be closely associated with the primary business application, so that they are understood in a business context. Attendees will learn how continuous monitoring, aligned with Costpoint, helps ensure that proper internal controls are in place and are effective over time. This presentation will be delivered on May 13 at 4:30 p.m.
In “Reducing the Cost of Compliance,” Roger Hodskins, vice president, strategic alliances and business development for Lumigent, will address how Deltek and Lumigent have collaborated to create AppGRC for Deltek Costpoint to automate the audit process and reduce the cost of compliance.
Organizations charge their CFOs and business users with meeting governance, risk, and compliance (GRC) requirements for their business processes. However, these users have no readily-available, automated way to carry out their application-level GRC duties. Internal and regulatory audits are conducted manually, exacting a high price in time and money.
To drive down those costs, a new class of enterprise business application is emerging: Application GRC — business-focused compliance and control applications that complement primary business applications. With AppGRC, users get off-the-shelf applications that automate compliance efforts. This session will discuss specific examples of how automated business controls monitoring can save organizations hundreds of hours at each audit cycle — resulting in an average payback in less than 11 months. This presentation will be delivered on May 13 and May 14 at 2:00 p.m.
Recent News and Resources
Market Brief: Application GRC: The Rise of Automated Business Compliance; http://www.lumigent.com/Lumigent_Market%20Brief_081010_pre%20final.pdf
Executive Commentaries: http://lumigent.com/news_events/executive_commentaries.html
Lumigent helps CFOs, CIOs, controllers, and other business executives reduce the cost of meeting Governance, Risk and Compliance (GRC) requirements for their primary business applications. Organizations worldwide use Lumigent’s AppGRC™ software solutions to automate compliance reporting in some of the most heavily regulated industries, including financial services, healthcare, manufacturing, and government. Lumigent improves operational efficiencies and mitigates business and financial risk by providing complete visibility into application data activity and automating application-aware controls to maintain the integrity of critical business information. For more information, please visit www.lumigent.com.
Lumigent and the Lumigent logo are trademarks or registered trademarks of Lumigent Technologies, Inc. Other product and company names are property of their respective owners.
Susan D’Elia, 650-344-1260