Lumigent Drives Down Compliance Costs for ISVs’ Customers

ACTON, Mass.-(Business Wire)-February 17, 2009 - Lumigent Technologies, Inc., the first to market with GRC business control systems, today announced its partner program to help Independent Software Vendors (ISVs) drive down the costs of compliance for their customers. Responding to the business opportunities driven by impending U.S. regulatory reform and established compliance requirements, the partner program lets ISVs enhance their financial applications with continuous monitoring of application source data and controls.

“Application vendors are the trusted partners that help companies conduct their day-to-day business operations,” said John H. Capobianco, president and CEO of Lumigent. “Now, those ISVs have access to the GRC control systems that can help their customers reduce the costs of conducting compliance activities. This program lets ISVs differentiate from their competitors, and it helps us expand the reach of continuous monitoring as well as the associated cost benefits.”

Lumigent’s recent partnership with Deltek exemplifies the kind of relationships Lumigent supports. Deltek has fully integrated Lumigent’s AppGRC solution and is now reselling AppGRC for Costpoint, which automates and supports over 600 business processes specific to government contractors. The automated compliance solution relieves Deltek users of manually testing the 600+ controls that the Lumigent technology continuously monitors.

ISVs Cut Customers’ Compliance Costs with Lumigent

The Lumigent ISV partner program is designed to support application providers whose customers are routinely subjected to regulatory or internal audits. By continuously monitoring the source data and key business controls of all financial applications, Lumigent automates compliance processes so an application user can:

Provide persuasive evidence of regulatory compliance to auditors,
Create sustainable compliance policies that flag suspicious behavior and prevent fraud,
Detect data anomalies and protect application data, and
Receive alerts of compliance vulnerabilities posed by system or configuration changes.

The costs associated with manual compliance reporting and other tasks can greatly inflate a finance department’s budget. Financial Executives International, for example, reveals the average company pays an estimated $4.36 million in yearly SOX compliance costs.

“Companies that must demonstrate compliance with SOX and other regulations can expect those compliance costs to increase until they automate the manual processes they are using today,” added Capobianco. “The only viable alternatives to today’s manual efforts are application aware audit solutions like AppGRC, and these will continue to be increasingly important given the calls for regulatory reform by the Obama administration and 111th Congress.”

For more information on AppGRC, see http://www.lumigent.com/solutions/appgrc.html, or for general information on Lumigent, visit www.lumigent.com.

Recent News and Resources

News Releases:

Deltek Partners with Lumigent to Deliver Governance, Risk, and Compliance Solution for Government Contractors; http://lumigent.com/news_events/press_releases.html?newsid=249
Lumigent Bucks Economic Downturn, Attracts $6M in New Funding; http://lumigent.com/news_events/press_releases.html?newsid=246
Lumigent Offers Regulatory Relief with AppGRC for PeopleSoft Financial Management; http://www.lumigent.com/news_events/press_releases.html?newsid=243
Lumigent Boosts Speed, Performance of Audit DB; http://lumigent.com/news_events/press_releases.html?newsid=239
Lumigent Launches AppGRC Suite; http://www.lumigent.com/news_events/press_releases.html?newsid=205

Market Brief: Application GRC: The Rise of Automated Business Compliance; http://www.lumigent.com/Lumigent_Market%20Brief_081010_pre%20final.pdf

Executive Commentaries: http://lumigent.com/news_events/executive_commentaries.html

Artwork: AppGRC screenshots; http://www.lumigent.com/files/appgrc_screenshots.zip

About Lumigent

Lumigent helps CFOs, CIOs, controllers, and other business executives reduce the cost of meeting Governance, Risk and Compliance (GRC) requirements for their primary business applications. Organizations worldwide use Lumigent’s AppGRC™ software solutions to automate compliance reporting in some of the most heavily regulated industries, including financial services, healthcare, manufacturing, and government. Lumigent improves operational efficiencies and mitigates business and financial risk by providing complete visibility into application data activity and automating application-aware controls to maintain the integrity of critical business information. For more information, please visit www.lumigent.com.

Lumigent and the Lumigent logo are trademarks or registered trademarks of Lumigent Technologies, Inc. Other product and company names are property of their respective owners.

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