Reliance Industries Selects Approva to Automate and Continuously Monitor Controls
India’s largest private sector company to implement independent solution to reduce costs and enhance effectiveness of ERP controls
September 11, 2006 - Reston, VA
Approva® Corporation, the leader in enterprise controls management software, today announced that Reliance Industries Limited, India’s largest private sector enterprise, has licensed Approva’s BizRight® Platform and Enterprise Controls Suite to manage controls across its enterprise-wide IT environment.
“We see significant opportunities to improve our overall operational effectiveness by strengthening and automating the way we design, test and monitor our key controls,” said Sundara Raman, Head of Audit - Reliance Group “We chose Approva so that we could quickly implement ‘best practice’ controls across our multiple enterprise applications catering to our many business lines. Approva will allow us to ensure that we have a unified platform that can manage the full scope of controls, which we expect will ultimately reduce costs.”
Reliance Industries will deploy the Approva solution across all of its business lines including exploration and production, petroleum refining and marketing, petrochemicals, textiles and its retail operations. The Approva solution will be used to manage access controls, system settings, master data controls and process controls across its key financial and operational applications.
“By adding a global customer of the size and caliber of Reliance Industries, we have demonstrated that controls management is a challenge faced by companies around the world,” said Prashanth (PV) Boccasam, Approva’s CEO. “Reliance’s strategic approach to controls is indicative of how many of the world’s largest companies are looking beyond compliance and identifying operational benefits that can be realized by strengthening the scope and effectiveness of their controls management programs.”
In addition to independently ensuring the effectiveness of its controls, Reliance will use the Approva solution to rationalize the number of controls they manage and to identify and implement improvements to key business processes including procurement, sales order management and their financial close process. The Approva solution will also serve as a preventive control to ensure that incorrect transactions are identified as they occur.
About Reliance
Reliance Industries Limited (RIL) is India’s largest private sector company with turnover of over US$ 19.97 billion. RIL’s activities span across Exploration and Production of oil and gas, Petroleum refining and marketing, Petrochemicals (polyester, polymers, and intermediates), and textiles. RIL exports its products to more than 100 countries worldwide. For additional information about RIL, please visit www.ril.com.
About Approva
Approva® Corporation is the industry-leading provider of Enterprise Controls Management software. We enable business, finance, IT and audit professionals to automate the on-demand testing, closed-loop remediation and continuous, exception-based monitoring of controls within and across their business systems. Using our solutions, customers are able to significantly increase visibility into their controls, streamline the audit process, cost-effectively sustain their compliance initiatives and reduce exposure to mistakes, fraud and inefficiencies for business processes such as procurement, sales and delivery, payroll and financial close. In addition, our automated solutions act as key preventative and detective controls, further strengthening our customers’ financial and operational control environments. Global companies such as Campbell Soup Company, Colgate-Palmolive, the Commonwealth of Pennsylvania, DirecTV, Discovery Communications, McCormick & Company, P&G, Pratt & Whitney, Reliance Industries Ltd., Siemens and Wyndham Hotels & Resorts rely on Approva BizRights® Platform and Enterprise Controls Suite to reduce compliance risk, increase operational efficiency and flag exceptions to their business controls. For more information, visit www.approva.net.