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Lumigent Debuts Application GRC to Offset the High Cost of Business Compliance

Company Defines New Market for GRC Controls of Business Applications

Making its debut in the emerging market for GRC controls for primary business applications, Lumigent Technologies, Inc. today defined a new market, supported by a new pre-configured product suite called AppGRC, for offsetting the high cost of business compliance. A market brief identifying the Application GRC market is available today at http://www.lumigent.com/Lumigent_Market%20 Brief_081010_pre%20final.pdf. See the related product announcement for AppGRC at http://www.lumigent.com/news_events/press_releases.html?newsid=205.

Lumigent will also be announcing its first two Fortune 2000 customers of AppGRC, as well as partners at IBM Information On Demand 2008 on October 26-31, 2008, at Mandalay Bay in Las Vegas. The company will be exhibiting in booth 29.

Governance, risk and compliance issues continue to cost significant dollars to manage, take valuable time to audit, and distract management. Amazingly, this is still not automated, said Michael Skok, partner at North Bridge Venture Partners, a key investor in Lumigent. People assume that their business applications have the necessary controls, and auditing and reporting functions built in. Or they build a GRC solution from scratcha costly proposition. Now, Lumigent is delivering the first packaged enterprise applications automating GRC to serve the business executives who have to answer to their auditors and stakeholders.

Collectively, the announcements reflect a new Lumigent led by a proven management team. With a heritage rooted in data monitoring at the tools level, the company is now dedicated to serving the application GRC market and to helping CFOs, controllers, and other business users seeking to drive down the costs of meeting governance, risk, and compliance (GRC) requirements for their primary business applications while improving governance-driven productivity and profitability.

People are spending a lot of time and money to satisfy auditors, said John H. Capobianco, chairman of Lumigent. At the same time, theyre missing out on revenue opportunities. Why? Because theyre manually auditing changes to business data when they could be focusing on business optimization. Lumigent is committed to automating those processes and giving CFOs and other business users applications that deliver the kind of irrefutable, source-level information that leads to decisive action and compliance with confidence.

The New Application GRC Market

Organizations charge their CFOs, controllers, and other business users with meeting GRC requirements for their business processes. However, while there are general computer control and IT security systems, these users have no readily available, automated way to carry out their application-level GRC duties. The result? Internal and regulatory audits are conducted manually, exacting a high price in time, money and aggravation.

To drive down those costs, a new class of enterprise business application is emerging: Application GRCbusiness-focused compliance and control applications that complement primary business applications. Application GRC solutions improve operational efficiencies and mitigate business and financial risk by providing complete visibility into application data activity at the source level and automating application-aware controls to maintain the integrity of critical business information. With application GRC, business users finally get off-the-shelf applications that automate compliance efforts.

The New AppGRC Suite

AppGRC applications are the governance, risk, and compliance controls for primary business applications, fortifying the integrity of critical business operations and reporting for applications. Using automated, continuous controls monitoring at the database layer, AppGRC enhances the integrity of financial reporting and decision making by providing persuasive, source-level informationthe who, what, when and before/after values of data changes that exceed policy parameters. In turn, AppGRC complements solutions from other vendors in the GRC ecosystem, like Paisley, MetricStream, Approva, AXENTIS, and, for that matter, Oracle and SAP.

Through its proven methodology, Lumigent:

  • discovers business processes and the supporting information that need monitoring,
  • creates an application baseline to quickly identify application changes, and
  • implements continuous controls to ensure data integrity and ongoing compliance.

Among other advantages, AppGRC applications help organizations develop sustainable compliance processes, create comprehensive audit trails, drive down audit and compliance costs, and optimize business operations.

Lumigent is initially offering AppGRC for Deltek Costpoint, which has already been deployed by SAIC and AMERICAN SYSTEMS. Lumigent is also offering AppGRC for PeopleSoft Financials. Going forward, the company will work in close collaboration with its customers and ISVs to develop AppGRC solutions for both packaged and custom-built applications that use IBM DB2, Microsoft SQL Server, Oracle, or Sybase databases.

The New Lumigent Team

The new Lumigent has evolved its core technology assetsincluding database logging, auditing, and baselining technologiesinto an application GRC control suite that includes deep subject matter, industry, and regulatory expertise. To take Lumigent into the application GRC market as a provider of finished, enterprise business applications, the companys executive team has grown to include industry veterans with proven skills at creating and dominating new markets, including:

  • John H. Capobianco, chairman
  • Ronald Nall, EVP products and services
  • Tom Stiling, EVP sales and partners

For more information on Lumigent, please visit www.lumigent.com.

About Lumigent

Lumigent helps CFOs, CIOs, controllers, and other business executives reduce the cost of meeting Governance, Risk and Compliance (GRC) requirements for their primary business applications. Organizations worldwide use Lumigents AppGRC software solutions in some of the most heavily regulated industries, including financial services, healthcare, manufacturing, and government. Lumigent improves operational efficiencies and mitigates business and financial risk by providing complete visibility into application data activity and automating application-aware controls to maintain the integrity of critical business information. For more information, please visit www.lumigent.com.

Lumigent and the Lumigent logo are trademarks or registered trademarks of Lumigent Technologies, Inc. Other product and company names are property of their respective owners.

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