Waltham, Mass. - July 5, 2005 - OpenPages, the leading provider of enterprise governance, risk and compliance management (GRCM) solutions, today announced that Commerce Bancshares, Inc. (NASDAQ: CBSH) has selected OpenPages Sarbanes-Oxley Express (SOX Express) for its Sarbanes-Oxley compliance initiatives. Commerce Bancshares will deploy SOX Express to automate the company’s ongoing test and review of its internal controls documentation in order to reduce the time and resource costs associated with Section 404 and 302 compliance.
Commerce Bancshares is a registered bank holding company offering a full line of banking services, including investment management and securities brokerage. The Company currently operates in approximately 330 locations in Missouri, Illinois, and Kansas. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital, and real estate activities.
"We chose SOX Express due to its extreme flexibility - the software is easily configured to match our unique entity structure and our approach to SOX attestations and certifications," said Wayne McGaugh, SOX audit director at Commerce Bancshares. "By providing interoperability with our current work paper tool, SOX Express will help use to realize additional cost savings and inefficiencies around Section 404 audits."
OpenPages SOX Express is an enterprise compliance management solution that reduces the time and resource costs associated with ongoing compliance for Sections 302 and 404 of the Sarbanes-Oxley Act. SOX Express combines powerful document management, business process management and flexible reporting capabilities in an extremely easy-to-use environment that enables an organization to document financial controls and automate the ongoing test and review process. Completely web-based, SOX Express maximizes end-user participation with little training. Its dashboards can be used by project managers, documentation team members, internal auditors and external auditors to plan, document and test the internal controls framework of the company, and to attest to the financial statements.
OpenPages is the leading provider of integrated risk management solutions for global companies. The OpenPages Governance, Risk and Compliance (GRC) Platform empowers a risk-based approach to identify and manage key business risks across the enterprise. This approach enables companies to focus on what’s important and to avoid unexpected outcomes while improving performance. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in the United Kingdom, distribution partners in Japan and South Africa and regional offices throughout North America.
For more information on OpenPages' governance, risk and compliance solutions, please click here or call us at 781.693.5999.
