REDWOOD SHORES CA -- 08/09/07 --
MetricStream, Inc., the market leader in
enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management
solutions, today announced the availability of a comprehensive solution for
J-SOX. With this announcement, MetricStream continues to extend its
leadership with the broadest solution in the market for corporate
governance, risk management, regulatory compliance and quality management.
J-SOX is the new legislative framework of internal financial controls that
all public companies listed on stock exchanges in Japan are required to
comply with under the Financial Instruments and Exchange Law. Considered as
the Japanese equivalent of the US Sarbanes-Oxley Act, Sections 302 and 404
(SOX), J-SOX, will impact over 3,800 Japanese publicly listed companies
that will be required to conduct ongoing management assessment and
reporting of internal controls over financial reporting (ICFR). The law is
officially scheduled to go into effect in April 2008.
Organizations that are relying on paper and spreadsheet-based processes to
implement their control framework and document and test internal controls
to comply with J-SOX are realizing that such an approach is excessively
resource intensive and increases the cost of compliance. MetricStream's
solution enables companies to achieve and sustain J-SOX compliance at
significantly lower costs and reduces the risk of non-compliance by
seamlessly integrating the design and testing of internal controls over
financial and IT processes, enabling the automation of testing of certain
financial and IT controls, tracking and managing activities to correct
deficiencies and weaknesses, streamlining change control to ensure
processes and their documentation always stays in sync, and providing
complete visibility and control over the compliance process through
dashboards and risk heat maps.
In addition, MetricStream provides a library containing over 1500 tests for
automating the testing of application level controls within standard ERP
systems in key financial processes. The solution also supports procedures
for surveys and certifications for affirming the strength of the internal
controls and adherence to policies. This information rolls up to the
executive management who can review and certify overall risk and control
assessment for the enterprise as per the J-SOX requirements.
The J-SOX solution is built on MetricStream's Enterprise Compliance
Platform, a robust infrastructure for web-based applications that drive
enterprise process management for governance, risk, compliance and quality.
It also leverages best practices and domain knowledge from
ComplianceOnline.com, MetricStream's community and content portal dedicated
to US and international regulatory information and issues.
Through its broad suite of applications, MetricStream provides a common
framework and an integrated approach to meet cross-industry mandates and
regulations such as SOX, OSHA, EH&S, FCPA, and ISO standard as well as the
industry focused regulatory guidelines from FDA, FERC, FAA, HACCP, OMB
A-123, AML, Basel II and Data Retention laws.
"With this offering, we have extended our market leading solution suite to
include J-SOX compliance," said Shellye Archambeau, CEO of MetricStream.
"By enabling our customers to adopt a single platform for managing the
multiple GRC initiatives, we significantly improve the effectiveness of
their compliance programs while lowering the associated costs."
About MetricStream
MetricStream is a market leader in Enterprise-wide Governance, Risk,
Compliance (GRC) and Quality Solutions for global corporations.
MetricStream solutions are used by leading corporations such as Pfizer,
Philips, American Airlines, NASDAQ, Sandisk, BP, Entergy, Subway, Fairchild
Semiconductor, Hitachi and TaylorMade-Adidas Golf in diverse industries
such as Pharmaceuticals, Medical Devices, Automotive, Food, High Tech
Manufacturing, Energy and Financial Services to manage their quality
processes, regulatory and industry-mandated compliance and corporate
governance initiatives, as well as by over a million compliance
professionals worldwide via the ComplianceOnline.com portal. MetricStream
is headquartered in Redwood Shores, California and can be reached at
www.metricstream.com
Media contact:
MetricStream, Inc.
pr@metricstream.com
