Siemens Selects Approva as a Preferred Solution for Continuous Controls Monitoring and Compliance
March 16, 2007 - Reston, VA
Approva® Corporation (http://www.approva.net), the leader in continuous controls monitoring and audit software, announced today that it has been selected by Siemens as one of two preferred vendors for IT user and authorization management. Operating under a global framework contract, which has been signed between both companies, all of Siemens’ divisions and groups worldwide will be afforded easy access to Approva’s software.
After thoroughly evaluating software for IT user and authorization management across multiple ERP systems, Siemens Corporate Information Office (CIO) selected Approva BizRights as one of its recommended solutions. Approva is already being used by several Siemens divisions to meet regulatory requirements related to managing their IT user and authorization. The selection of Approva as one of Siemens’ enterprise-wide standard is part of the company’s efforts to streamline and automate compliance activities by implementing standard tools and processes across the organization. In addition, Siemens is using among others Approva’s out-of-the box controls to develop and publish a set of internal controls.
“We see an increasing need to implement automated testing and monitoring of controls across our multiple ERP systems”, said Olaf Naujoks, Head of Governance Department at Siemens CIO. “We expect to realize benefits by using Approva as one of our two standard solutions. Approva’s ability to monitor controls across heterogeneous ERP systems and legacy applications allows us to implement this solution across different financial systems currently in use at Siemens.”
“Global businesses like Siemens, which are comprised of multiple operating units, have inherently complex financial and IT landscapes,” said Approva chief operating officer, Rick Cobb. “Approva’s solutions were specifically developed to meet the unique requirements of companies like Siemens and enable their auditors to independently verify the effectiveness of their internal controls across multiple applications. We are pleased to be able to help Siemens cost-effectively achieve their strategic objectives of increasing operational efficiency by more effectively managing their internal controls.”
About Siemens
Siemens, headquartered in Berlin and Munich, is one of the world’s largest electrical engineering and electronics companies and holds leading market positions in all its business areas. The company has approximately 475,000 employees working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in over 190 countries. Founded 160 years ago, the company focuses on the areas of Automation and Control, Power, Transportation, Medical, Information and Communications and Lighting. In fiscal year 2006 (ended September 30), Siemens had sales from continuing operations of €87.325 billion and net income of €3.033 billion. Further information is available on the Internet at: www.siemens.com
About Approva
Approva® Corporation is the industry-leading provider of governance, risk and compliance (GRC) software and is the continuous controls monitoring standard for half of the Big-4 audit firms. We enable business, finance, IT and audit professionals to automate and strengthen business and IT controls across SAP, Oracle, JD Edwards, PeopleSoft and other legacy applications. Global companies such as Bayer, DirecTV, Discovery Communications, First Advantage, Honeywell, P&G, Pratt & Whitney, Siemens and T-Mobile rely on Approva to reduce compliance risk, increase operational efficiency and flag exceptions to their business controls. Approva has certified integrations with Microsoft, Sun Microsystems, IBM and SAP to provide a holistic GRC solution. For more information, visit http://www.approva.net.