Control Path Saves Companies 90% Over Manual Regulatory ComplianceControl Path Saves Companies 90% Over Manual Regulatory Compliance
New Software Company Delivers Groundbreaking Automation Software to Manage Complicated Compliance Process
Englewood, CO – June 7, 2006 – Accuvant, an elite provider of information security and regulatory compliance solutions, announced today that it has spun off ControlPath Inc., a developer of automated compliance management software, as an independent company. The spin-off coincides with the release of ControlPath Compliance Suite 3.0 – the latest version of ControlPath’s software offering that can save enterprises as much as 90 percent over the cost of manual compliance processes.
By automating the laborious tasks of complying with regulations such as the Sarbanes-Oxley Act (SOX), Gramm-Leach-Bliley Act (GLBA), Federal Information Systems Management Act (FISMA), and Health Insurance Portability and Accountability Act (HIPAA), and standards such as Payment Card Industry Data Security Standard (PCI DSS), ISO 17799, NIST 800-53, and COBIT, the ControlPath Compliance Suite provides enterprises the peace of mind of a comprehensive compliance program at a fraction of the cost and effort required by traditional manual approaches. Successful deployments of ControlPath include companies in financial services, retail, and manufacturing.
An automated compliance management solution, ControlPath Compliance Suite 3.0 combines an extensive knowledge base of regulations, security standards, and associated controls with a highly customizable workflow manager to support the most complex compliance requirements. By automating the workflow and capturing a complete view of enterprise risk, ControlPath cost effectively ensures that nothing falls through the cracks while enabling real time insight into an organization’s compliance status.
“ControlPath and its automated management of the compliance process has taken the pain out of regulatory compliance while saving us 90 percent over maintaining spreadsheets and paper files,” said Matthew Speare, Group Vice President, M & T Bank, a 145-year-old Buffalo-based regional bank. “The peace of mind we get with ControlPath is incomparable. Documented regulatory compliance is a key component to an effective risk management strategy and ControlPath helps us minimize the resources we need to devote to the process.”
With five compliance and risk management modules – Risk Management, Impact Management, Vendor Management, Policy Management, and Controls Library – version 3.0 of the ControlPath Compliance Suite provides new compliance and risk views to quickly and clearly show in real time such key factors as percentage to completion for compliance by regulation, business unit compliance status, corrective action completion status, and controls testing status.
According to Scott Crawford, senior analyst, Enterprise Management Associates, a Boulder, CO-based IT industry analyst firm, today’s enterprise focus on compliance is on reducing expenditures and increasing governance effectiveness. “The first wave focused on getting compliance processes and documentation in place,” said Crawford. “Today, however, auditors are increasingly intolerant of an immature approach, instead pressing businesses for truly effective compliance that reflects continuous monitoring and enforcement.” A vendor that can solve these demanding challenges will have an advantage in the compliance solutions market, he added.
“The market demand for a better approach to compliance is significant. The best way to continue to provide world-class compliance automation solutions to the broadest customer base is to establish ControlPath as an independent entity focused on expanding our lead in this industry,” said Scott Walker, CEO, Accuvant, “Accuvant will continue to market the ControlPath Compliance Suite to our large enterprise customers, and to position the software as an integral part of our compliance consulting services.”
As an independent entity, ControlPath Inc. will focus on solutions that allow companies to dramatically reduce the estimated $7.4 billion presently being spent on labor and services associated with SOX, security and privacy regulations. Previous versions of the ControlPath Compliance Suite were known as AccuCERTT and were available only to Accuvant customers.
Pricing for ControlPath Compliance Suite 3.0 starts at $35,000 for a single module software license, or as a hosted solution from $2,040 per month. The software is now available.
ControlPath Inc., a leading developer of automated compliance management solutions, helps organizations transform their compliance programs across multiple regulations and standards through automation. The ControlPath Compliance Suite offers the most robust compliance workflow, most powerful organizational modeling capabilities, and most comprehensive solution scope of any product in the market. Corporations in financial, manufacturing, retail, and other industries rely on ControlPath to help develop more effective and less costly compliance programs and processes. Privately held ControlPath is headquartered in Englewood, CO. For more information, call 303-414-3635 or visit www.controlpath.com.