 "IBM To Acquire OpenPages")
IBM has announced a definitive agreement to acquire OpenPages, which provides risk management and compliance solution across the enterprise through a single management system. Financial terms were not disclosed.
Today, managing risk is a top priority for businesses in all industries. 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 are essential to seeing the bigger picture. The combination of IBM and OpenPages will provide a holistic and consistent approach to risk management helping companies combine that insight with performance management to drive better decision making.”
“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.”