HERNDON, VA--(Marketwire - December 16, 2010) - Approva Corporation, the leader in continuous controls monitoring (CCM) and audit automation software, today announced several enhancements to its next-generation CCM product suite, Approva One, that provide improved capabilities for managing risk and reducing fraud in international business. The new upgrades, which consist of pre-packaged rules, investigative tools, dashboards and reports linked to important federal regulations, bring immediate benefits for customers monitoring for specific risks such as bribery and corruption.
Approva One now enables customers to import information directly from the Office of Foreign Assets Control's (OFAC) Specially Designated Nationals (SDN) -- and other government sanction watch lists -- and provides pre-packaged rules that facilitate comparisons against a company's master records (e.g. customer data, vendor data, employee data, product data). This comparison enables organizations to highlight potentially illegal business dealings with a person, country or product on a sanction list to enable timely self-reporting, along with implementation of automated controls to prevent future occurrences.
"This enhanced content improves the way our customers manage risk and reduce fraud when doing business internationally," said Steve Elliott, Chief Technology Officer at Approva. "Approva One's new features enable a systematic approach to assessing and addressing high-risk activities, to prevent redundancies in efforts to achieve compliance with complex regulations from Sarbanes-Oxley to the Patriot Act to the Foreign Corrupt Practices Act (FCPA). These new out-of-the-box tools help businesses to identify problematic transactions and relationships so problems can be addressed immediately when regulatory penalties can still be avoided."
By employing "fuzzy match" logic, Approva One analyzes international transactions and master data to uncover potential illegalities or other problems. Internal process improvements and early self-reporting to authorities reduce the risk of future losses as well as fines and other penalties.
"At a time when FCPA prosecutions have risen dramatically and regulatory burdens on companies doing business internationally are increasing, Approva One's new features help businesses ensure that their business dealings with people and companies in foreign countries are legal," continued Elliott. "This enables CCM efforts to move beyond traditional financial controls monitoring to focus more specifically on areas of high-risk in international transactions, including fraud, corruption and bribery."
About Approva
Approva® Corporation is the industry-leading provider of continuous controls monitoring software and is the industry standard at Big-4 audit firms. We enable business, finance, IT and audit professionals to identify, manage and prevent business exceptions in order to reduce risk, increase operational efficiency and prevent inappropriate payments. Global companies such as Bayer, DirecTV, Discovery Communications, Honeywell, Pratt & Whitney and T-Mobile rely on Approva to deliver actionable and auditable intelligence of control breakdowns across their business systems, processes and transactions. Approva has certified integrations with Microsoft, IBM and SAP to provide a holistic Governance, Risk & Compliance (GRC) solution.
For more information, visit http://www.approva.net, follow us on Twitter, subscribe to our blog, Control Freak, or call +1-703-956-8300.
Contact Information:
For More Information Contact:
Marisa Hagerman
DBC PR+New Media for Approva
+1.202.292.4570
approva@dbcpr.com