ControlPath Signs Three Fortune 100 Firms for Its Compliance Automation SuiteControlPath Signs Three Fortune 100 Firms for Its Compliance Automation Suite
Healthcare, Financial Services, and Retailing Companies Seek Dramatic Savings From Operational Efficiency
ENGLEWOOD, Colo.--(BUSINESS WIRE)--ControlPath Inc., a leading developer of automated compliance management solutions, announced today that three Fortune 100 companies have selected the ControlPath Compliance Suite to streamline management of regulatory compliance at the firms, which in 2005 combined to have more than $90 billion in revenue.
The three new ControlPath clients include a Fortune 50 healthcare provider with more than 50,000 employees and international operations; a Fortune 50 financial services conglomerate with more than $150 billion in assets, more than 50,000 employees, and global operations in more than 50 countries; and a retailer and entertainment company with operations in more than 20 countries, in excess of 6,000 retail outlets, and a major online presence.
ControlPath’s automated compliance tools will manage the efforts of all three firms as they comply with all applicable governmental regulations and laws including the Sarbanes-Oxley Act (SOX), Gramm-Leach-Bliley Act (GLBA), Fair Credit Reporting Act (FCRA), Payment Card Industry Data Security Standard (PCIDSS), Health Insurance Portability and Accountability Act (HIPAA), and state privacy laws.
The ControlPath Compliance Suite, with its extensive security controls knowledgebase, coupled with robust workflow and enterprise risk reporting capabilities, enables an efficient compliance self-assessment and automated management of corrective actions and controls testing. With a library of more than 4,000 controls, ControlPath simplifies the creation of policies and the mapping of compliance regulations.
ControlPath continues to see dramatic growth in key areas of our business. In Q4, 2006, ControlPath experienced:
Client win increase by 42 percent;
Significant growth in the size and scope of the software’s Controls Library. The number of regulations supported grew by 60 percent, and the number of specific controls grew by 45 percent;
ControlPath deployment footprint grew to include India, Singapore, and China (in addition to the US); and
Channel sales force growth by 200 percent, through the addition of several new channel partners.
“Managing the IT risks and controls, as well as, the ongoing cost of compliance represent significant challenges for companies,” said Vivian Tero, Senior Research Analyst, IDC. “Solutions like ControlPath's Compliance Suite provide critical capabilities that enable these businesses to automate the policy definition, risk and impact assessment, reporting, and auditing of IT controls and processes. These features resonate well with customers who are managing multiple and overlapping regulatory requirements.”
The ControlPath software has delivered on that promise. Existing clients have reported they have cut the cost of managing regulatory compliance by as much as 90 percent, trimming the number of people necessary to manage compliance from 12 to 1.5.
“This endorsement from Fortune 100 health care and retail firms, in addition to our continued strength in banking and financial services, is tremendous validation of the value our clients are receiving across industry groups,” said Chris Poelma, CEO, ControlPath. “The robust feature set of the ControlPath suite gives large organizations the power to cut compliance costs at the same time they increase confidence in their compliance capabilities and documentation.”
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.
Steven Webster, 617-512-8635