The new solution, which is “Powered by SAP NetWeaver”, complements and enhances the corporate governance and compliance management functionalities of mySAP ERP with a real-time, continuous compliance solution that delivers best practices for defining conflicting authorizations and powerful controls that help reduce risk of fraud while shortening time to compliance. Sold under the brand “SAP Compliance Calibrator by Virsa Systems” and available later this month, the solution will be offered as an add-on to mySAP ERP as well as other releases of SAP solutions. The announcement was made at SAP Financials 2005, the definitive event for SAP financials, accounting, controlling, planning, compliance and reporting, being held in Orlando, Florida, March 14 – 16.
Virsa and SAP’s strong partnership is supported by a large list of fortune 500 customers. “In addition to best-in-class security and controls, Xerox selected Virsa due to the real-time SAP solution integration and cross-systems analysis,” said Jan Powell, director, Xerox Europe Information Management. “Virsa’s Compliance Calibrator is a state-of-the-art product that sustains continuous compliance in accordance with Sarbanes-Oxley legislation.” To comply with the Sarbanes-Oxley Act and other regulatory mandates, companies need to be able to report and attest to the adequacy of their internal controls. By automating highly administrative tasks associated with Sarbanes-Oxley compliance, Compliance Calibrator offers a low-cost solution to accelerate testing cycles and increase the visibility of control risks, including identifying and mitigating segregation of duties between users. Compliance Calibrator also complements the comprehensive corporate governance and compliance management capabilities of mySAP ERP, which is designed to improve and streamline the auditing process; provide a mechanism to organize, test and document internal controls; and monitor business process control risks and failures.
“The Virsa solution surpasses regulatory mandates, while simplifying sustainable compliance and good governance at reduced cost,” said Ray Lane, general partner, Kleiner Perkins Caufield & Byers, which is an investor in Virsa Systems. “SAP and Virsa are delivering a solution that systemically corrects and prevents circumstances that put companies, their shareholders and consumers at risk of internal fraud and financial controls failures.”
“Regulatory compliance is a key priority for businesses today, and, when done right, compliance can lead to better business practices, improved performance and high stakeholder value,” said Léo Apotheker, member of the SAP Executive Board and president of Global Field Operations, SAP AG. “With mySAP ERP and Virsa System’s industry-leading Compliance Calibrator, we are able to deliver to our customers the most comprehensive set of tools on the market to meet Sarbanes-Oxley compliance needs of businesses around the world.”
Compliance Calibrator can be purchased and supported directly from SAP. The solution can be installed on existing hardware and works in conjunction with other SAP tools for compliance management, such as the management of internal controls and audit information system capabilities of mySAP ERP and other releases of SAP solutions. “We have worked with SAP for more than six years and take great pride in the seamless integration of our solutions and the strength of our partnership,” said Jasvir Gill, CEO and co-founder, Virsa Systems. “For the first time, customers will be able to license a fully integrated total compliance solution from a single source – SAP.”
Source: SAP AG