IBM inked definitive agreement to acquire OpenPages, a software provider that helps companies more easily identify and manage risk and compliance activities across the enterprise through a single management system.
Today, managing risk is a top priority for businesses in all industries including finance, insurance, retail, healthcare and energy and utilities. A recent IBM study of 1900 global CFOs and senior finance leaders revealed that risk management has risen in priority by 93 percent since 2005. The survey also noted that two out of three companies had encountered material risk events within the past three years.
The acquisition of OpenPages expands IBM’s business analytics capabilities to support compliance and risk management processes. OpenPages software allows businesses to develop a comprehensive compliance and risk management strategy across a variety of domains including operational risk, financial controls management, IT risk, compliance and internal audits. The result is an aggregated, enterprise-wide picture of all exposures, helping CFOs and CIOs understand how these risks can impact the organisation’s future performance.
“Unforeseen risk can hurt a company’s bottom line as well as its brand reputation,” said Rob Ashe, general manager, business analytics, IBM. “Integrating risk management systems across once-divided units and functions is essential to seeing the bigger picture”.
IBM’s approach to risk management will help organisations drive better business outcomes, lower the cost of risk management and compliance activities, better allocate resources as needed and reduce risk exposure. When coupled with IBM’s services capabilities, systems management, security, information governance and other IT governance capabilities, clients will have an accurate and actionable view of the risks that might otherwise undermine enterprise performance.
“Everyday we hear first hand about the risk and compliance management issues that businesses face, and its clear that a new information architecture is needed to delivery valuable risk intelligence that empowers risk-based decision making said Michael Duffy, president and CEO, OpenPages. “The combination of IBM and OpenPages software, business process insights and industry expertise will address this need, helping businesses tackle their complex risk challenges.
Following the close of the acquisition, IBM intends to integrate OpenPages within IBM’s Business Analytics software portfolio.
