OpenPages®, a vendor of enterprise GRC management solutions that optimize business performance, today kicked off its fifth annual OpenPages User Symposium (OPUS), to be held until October 22, 2008 at the Renaissance Boston Waterfront Hotel, Boston, MA. While previous OPUS events have focused on a wide-range of GRC initiatives, this year's event includes a significant focus on risk management insight and best practices, which will be especially valuable to attendees, given the current economic climate and heightened need for better risk management.
Leading off OPUS 2008 is OpenPages president and CEO Michael J. Duffy, who will share with attendees his vision for the future. As part of his keynote address, Duffy will discuss the current economic crisis and how an even greater urgency for improved risk management practices has evolved as a result of the financial meltdown. Duffy will discuss how the explosion of risk premiums combined with steep borrowing costs will create a challenge for companies moving forward. The session will also focus on how the new economic climate will reward those organizations that embrace strategic risk management resulting in a lower cost of capital and reduced losses from realized risks.
OPUS 2008 will continue its theme of promoting a risk-aware culture among its attendees with keynote presentations from the following top risk experts:
-- David Holcombe, director of risk management for International Speedway Corporation (ISC) and NASCAR, Inc., will address attendees on "Safety andRisk Management in Motorsports," and will walk attendees through the evolution of race cars and safety management from the 1950's to the present. Holcombe will also look at the challenges facing large Motorsport facilities, and in particular, managing risk at these large public gatherings.
-- Mark Beasley, Deloitte ERM professor and ERM Initiative director at NC State University, will be presenting on "Aligning ERM and Strategy." As part of his presentation, Beasley will discuss how organizations are responding to evolving risk demands by leveraging traditional risk management processes into an enterprise risk management (ERM) view of their key risks. Beasley will also explore how ERM should be linked to strategy planning to ensure that ERM is positioned to add value.
Monday, 24 November 2008
Wednesday, 12 November 2008
OpenPages Survey Results
OpenPages, a provider of enterprise GRC management solutions that optimize business performance, today announced survey results that highlight current realities and future concerns regarding risk management and other GRC activities for 2009. The survey, which polled over 150 strategic risk, governance and finance professionals from such Fortune 1000 companies as AIG, Carnival Corporation, TD Ameritrade and Duke Energy, was conducted at OPUS 2008 -- the 5th Annual OpenPages User Symposium in Boston, Ma. The survey results revealed that organizations expect investment in risk management initiatives will increase in 2009 and that a software platform to help integrate and manage all of their efforts will be crucial to their success.
Survey Results
-- While industry experts predict that overall IT spending may be flat or down next year, over 90% reported that investments in GRC technology will increase or at least remain the same in 2009.
-- 90% of those polled expect new laws and regulations to be introduced next year in an effort "to improve corporate risk management oversight."
-- Over 50% said that the current crisis has increased the priority of enterprise-wide risk management, and nearly 60% said that the crisis has put the risk management function in the spotlight for the CEO and board.
-- Companies divulged that their biggest GRC challenge next year will be to "converge GRC initiatives across the enterprise," and 70% characterized their current state of GRC management efforts as siloed.
-- Companies also revealed that most are poised for improvement: less than 10% characterized their ERM efforts as excellent, as described by S&P's ERM ratings categorization.
Survey Results
-- While industry experts predict that overall IT spending may be flat or down next year, over 90% reported that investments in GRC technology will increase or at least remain the same in 2009.
-- 90% of those polled expect new laws and regulations to be introduced next year in an effort "to improve corporate risk management oversight."
-- Over 50% said that the current crisis has increased the priority of enterprise-wide risk management, and nearly 60% said that the crisis has put the risk management function in the spotlight for the CEO and board.
-- Companies divulged that their biggest GRC challenge next year will be to "converge GRC initiatives across the enterprise," and 70% characterized their current state of GRC management efforts as siloed.
-- Companies also revealed that most are poised for improvement: less than 10% characterized their ERM efforts as excellent, as described by S&P's ERM ratings categorization.
Friday, 7 November 2008
GRC Website
Do you understand the value of centralizing risk and compliance but are unsure of just how to get the executive sponsorship and budget needed to realize that value? Join Rob Zanella, Vice President of IT Compliance at CA, as he walks you through the process of building the business case he used to get approval for his own initiatives at the world's leading independent information technology (IT) management software company. CA operates in 45 countries and serves 99% of Fortune 1000 companies.
http://video.webcasts.com/events/comp001/28656/index.jsp?autoLogin=
Learn:
How to build a business case to establish a global and unified approach to risk and compliance
How you can champion GRC to free up resources, react faster to new legislation and reduce the number of controls within your organization
The best practices and metrics CA used to immediately cut IT compliance controls in half and how the company saved significantly on auditing costs
Date: Thursday, November 13, 2008
Time: 2 p.m. EST
Cost: Free
Length: One hour
Register: Click Here
Speaker: Rob Zanella, Vice President of IT Compliance, CA
SPONSORED BY
http://video.webcasts.com/events/comp001/28656/index.jsp?autoLogin=
Learn:
How to build a business case to establish a global and unified approach to risk and compliance
How you can champion GRC to free up resources, react faster to new legislation and reduce the number of controls within your organization
The best practices and metrics CA used to immediately cut IT compliance controls in half and how the company saved significantly on auditing costs
Date: Thursday, November 13, 2008
Time: 2 p.m. EST
Cost: Free
Length: One hour
Register: Click Here
Speaker: Rob Zanella, Vice President of IT Compliance, CA
SPONSORED BY
Monday, 3 November 2008
AXS-One 2008 Q3 Results
AXS-One Inc. (OTC:AXSO) (BULLETIN BOARD: AXSO) , provider of high performance Records Compliance Management (RCM) software, today announced its financial results for the third quarter and nine month periods ended September 30, 2008.
Total revenues for the third quarter of 2008 were $3.7 million, an increase of $1.2 million or 47% from the third quarter 2007 revenues of $2.5 million. License revenue for the third quarter was $1.6 million, an increase of 186% compared to $0.5 million in the third quarter of 2007. Service revenue for the third quarter was $2.1 million, an increase of $0.2 million or 9% from the third quarter of 2007. Total operating expenses for the third quarter were $5.0 million, a decrease of 27% percent compared to $6.8 million in the third quarter of 2007. The operating loss for the third quarter of 2008 was $1.3 million, a $3.0 million or 70% improvement from the third quarter 2007 operating loss of $4.3 million. The Company reported a net loss of $2.0 million for the third quarter of 2008, or $(0.05) per diluted share compared to a net loss of $4.6 million in the third quarter of last year, or $(0.13) per diluted share.
Additionally, the Company announced that on October 30, 2008, it completed a $1.1 million convertible note financing led by BlueLine Partners and William Jurika and including several AXS-One board and management team members. The notes, which are secured by substantially all the assets of the Company, mature on May 29, 2009, bear interest at the rate of 6 percent per year and are convertible into AXS-One common stock at a $1.00 conversion price. The Company also issued warrants to the investors to purchase an aggregate of 3,300,000 shares of common stock at an exercise price of $0.01. If all of the warrants are exercised and the entire principal amount of the notes is converted into shares of common stock, the average purchase price of such shares issued pursuant to this financing will be $0.26 per share. Proceeds of these notes will be used to strengthen the Company's balance sheet and working capital position.
Highlights for the third quarter include:
-- 15 deals worldwide, including contracts with eight new customers.
-- The Company's first contract for Dynamic Data Migrator, AXS-One's
patent-pending data migration product announced in June 2008. The
contract is with an existing AXS-One financial services customer who is
planning to migrate from Lotus Notes to Microsoft Exchange.
-- The Company's largest win to date for Sun JMS archiving at one of the
world's largest conglomerates. The initial order, closed through
AXS-One channel partner Sun Microsystems, is for 20,000 users in Asia.
-- A competitive replacement win with one of the largest banks in Europe.
The bank will implement AXS-One's Lotus Notes archiving, instant
messaging archiving, retention management and case management modules.
The AXS-One Compliance Platform has been selected to support the bank's
MiFID compliance requirements as well as their broad regulatory
compliance needs, mailbox management, retention management and
e-discovery.
-- A competitive replacement win with the world's largest post-trade
financial services company. The bank will implement AXS-One for Lotus
Notes mail archiving for broad regulatory compliance needs, mailbox
management, retention management and e-discovery.
-- A leader in the entertainment distribution industry selected AXS-One
after a recommendation from the customer's outside counsel to address
e-discovery requirements.
-- A number of existing customers worldwide expanded their use of the
AXS-One Compliance Platform, adding additional users, record types
and/or functionality.
Bill Lyons, Chairman & CEO of AXS-One, commented, "These results represent a continued positive trend of progress across all aspects of our business and convey accelerating demand for our solutions. In particular, our new Dynamic Data Migrator product continues to gain momentum in the industry while the ongoing series of competitive wins prove the appeal of our products, our platform and industry vision. We have made great progress in developing and enhancing our sales channel for this innovative solution and believe it will become an expanding contributor to our financial results in the coming quarters."
For the first nine months of 2008, total revenues were $11.0 million, an increase of 26% compared with total revenues of $8.7 million for the first nine months of 2007. License revenue was $4.1 million, up 44% from the $2.8 million in license revenue for the first nine months last year. Total operating expenses were $16.1 million for the first nine months of 2008, a decrease of 17% from $19.4 million in the prior year. The operating loss narrowed to $5.2 million for the first nine months of 2008, down from an operating loss of $10.7 million in the first nine months of last year. The net loss for the first nine months of 2008 was $6.7 million, or $(0.18) per diluted share compared to a net loss of $10.9 million, or $(0.31) per diluted share for the comparable prior-year period.
Total revenues for the third quarter of 2008 were $3.7 million, an increase of $1.2 million or 47% from the third quarter 2007 revenues of $2.5 million. License revenue for the third quarter was $1.6 million, an increase of 186% compared to $0.5 million in the third quarter of 2007. Service revenue for the third quarter was $2.1 million, an increase of $0.2 million or 9% from the third quarter of 2007. Total operating expenses for the third quarter were $5.0 million, a decrease of 27% percent compared to $6.8 million in the third quarter of 2007. The operating loss for the third quarter of 2008 was $1.3 million, a $3.0 million or 70% improvement from the third quarter 2007 operating loss of $4.3 million. The Company reported a net loss of $2.0 million for the third quarter of 2008, or $(0.05) per diluted share compared to a net loss of $4.6 million in the third quarter of last year, or $(0.13) per diluted share.
Additionally, the Company announced that on October 30, 2008, it completed a $1.1 million convertible note financing led by BlueLine Partners and William Jurika and including several AXS-One board and management team members. The notes, which are secured by substantially all the assets of the Company, mature on May 29, 2009, bear interest at the rate of 6 percent per year and are convertible into AXS-One common stock at a $1.00 conversion price. The Company also issued warrants to the investors to purchase an aggregate of 3,300,000 shares of common stock at an exercise price of $0.01. If all of the warrants are exercised and the entire principal amount of the notes is converted into shares of common stock, the average purchase price of such shares issued pursuant to this financing will be $0.26 per share. Proceeds of these notes will be used to strengthen the Company's balance sheet and working capital position.
Highlights for the third quarter include:
-- 15 deals worldwide, including contracts with eight new customers.
-- The Company's first contract for Dynamic Data Migrator, AXS-One's
patent-pending data migration product announced in June 2008. The
contract is with an existing AXS-One financial services customer who is
planning to migrate from Lotus Notes to Microsoft Exchange.
-- The Company's largest win to date for Sun JMS archiving at one of the
world's largest conglomerates. The initial order, closed through
AXS-One channel partner Sun Microsystems, is for 20,000 users in Asia.
-- A competitive replacement win with one of the largest banks in Europe.
The bank will implement AXS-One's Lotus Notes archiving, instant
messaging archiving, retention management and case management modules.
The AXS-One Compliance Platform has been selected to support the bank's
MiFID compliance requirements as well as their broad regulatory
compliance needs, mailbox management, retention management and
e-discovery.
-- A competitive replacement win with the world's largest post-trade
financial services company. The bank will implement AXS-One for Lotus
Notes mail archiving for broad regulatory compliance needs, mailbox
management, retention management and e-discovery.
-- A leader in the entertainment distribution industry selected AXS-One
after a recommendation from the customer's outside counsel to address
e-discovery requirements.
-- A number of existing customers worldwide expanded their use of the
AXS-One Compliance Platform, adding additional users, record types
and/or functionality.
Bill Lyons, Chairman & CEO of AXS-One, commented, "These results represent a continued positive trend of progress across all aspects of our business and convey accelerating demand for our solutions. In particular, our new Dynamic Data Migrator product continues to gain momentum in the industry while the ongoing series of competitive wins prove the appeal of our products, our platform and industry vision. We have made great progress in developing and enhancing our sales channel for this innovative solution and believe it will become an expanding contributor to our financial results in the coming quarters."
For the first nine months of 2008, total revenues were $11.0 million, an increase of 26% compared with total revenues of $8.7 million for the first nine months of 2007. License revenue was $4.1 million, up 44% from the $2.8 million in license revenue for the first nine months last year. Total operating expenses were $16.1 million for the first nine months of 2008, a decrease of 17% from $19.4 million in the prior year. The operating loss narrowed to $5.2 million for the first nine months of 2008, down from an operating loss of $10.7 million in the first nine months of last year. The net loss for the first nine months of 2008 was $6.7 million, or $(0.18) per diluted share compared to a net loss of $10.9 million, or $(0.31) per diluted share for the comparable prior-year period.
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