04/25/2003
By Continuity Central

April 25, 2003 / -- Sterling Management Solutions Corp., a US-based company providing advanced business intelligence and performance measurement analytics, has announced the filing of a patent for ‘PerformBI for Corporate Governance’, a Sarbanes-Oxley solution and methodology.

Sterling says that it has designed this new solution for the prevention of damage to business reputations from corporate governance and financial fraud scandals. Extremely complex processes are simplified with its streamlined and integrated technology approach.

PerformBI for Corporate Governance provides public companies' executives, investment companies, investment advisers and broker-dealers with pre-built industry-specific detect and alert fraud and compliance analytics. It will also provide business process automation for corporate governance and compliance business processes, including certifications, and disclosure and financial controls required under the Sarbanes-Oxley Act.

Robert Sobol, Sterling's chief operating officer, said, "A company's reputation is its armour in the battle for shareholder loyalty. Scandals are a threat to the very existence of a business. PerformBI for Corporate Governance is a 'must-have' business intelligence shield that proactively monitors financial and compliance data and processes.

"We believe this integrated risk management approach will help personally- liable CEOs and CFOs manage the corporate governance process much more efficiently. A company that uses such a solution should significantly reduce the risks of serious damage to company trust and shareholder value from these unanticipated events."

PerformBI for Corporate Governance provides a company with a ‘digital dashboard’ for the prevention, detection and correction of potentially fraudulent and non-compliant activities. The solution and methodology will maintain and manage Sarbanes-Oxley certification and control documents, procedures and processes.

Using threshold and pattern-recognition detection technology, the system monitors financial, operational, and compliance system data for potential violations of business rules and performance measurements.

The dashboard and methodology will also include built-in business process automation and workflow tools relating to corporate governance and Sarbanes- Oxley, including: communications; scheduling; approval; certification support; code of ethics and control document management; corporate governance participant education and awareness campaigns; a business continuity planning Virtual Command Center option; and audit trails.