Approva Corporation announced today the availability of the the industry’s first and only comprehensive controls intelligence solution for the enterprise, Approva Controls Intelligence Suite. With this release, companies will now be able to assess and optimize both their financial and IT-related controls regardless of the underlying business process and supporting applications.

    Being powered by Approva’s BizRights® Platform and its newly embedded patent-pending PredictX™ technology, the new suite of products, enables companies to independently and intelligently validate and monitor the effectiveness of their controls. The suite of products identifies, remediates, monitors, reports and publishes timely risk information to control owners in IT, finance, internal audit and line management roles who are responsible for managing and acting on controls information.

    Steve Elliott, CTO of Approva said: “PredictX technology advances Approva’s ability to detect fraud and to correlate events to a whole new level”.

    “Imagine a situation where the BizRights controls intelligence platform detects a change in application configuration settings such as a three-way match flag that ensures purchase orders, invoices and goods receipt records are consistent. PredictX technology alerts relevant business stakeholders while monitoring all of the impacted transactions to ensure that no control violations occur. The BizRights Platform correlates this chain of events and notifies the controller that this operational control has been compromised and that there is now a heightened risk of fraud. That is true controls intelligence enabled with by PredictX technology.”

    Prior to the availability of this software suite, companies faced one of three difficult choices:
1. Knitting together a costly patchwork of disparate solutions and manual processes to address individual applications and controls.
2. Tolerating unnecessary risk because they were unable to cost-effectively monitor their critical controls on a regular basis.
3. Spending unnecessary time and effort to manually test controls and escalating costs of mandatory compliance and financial audits.

    Companies will now be able to get an accurate and unified view into their enterprise-wide controls environment so they can reduce risk, accelerate the pace of their operations and eliminate the burden of ongoing compliance obligations, with the Approva Controls Intelligence Suite. Some of the specific next-generation capabilities provided by Approva’s Controls Intelligence suite include:

    * A top-down, risk-based, key-controls approach for managing IT, financial and operational controls
    * Role-based access to controls information with relevant rules and reports
    * The ability for end users to configure, monitor and manage the controls they own
    * Support for internal and external auditors to automate control assessments
    * Third-party validation and certification of controls effectiveness