Cork firm targets compliance

3 May 2005

A Cork-based software company is making serious inroads into the US financial services market, driven by the growing importance of financial compliance, has learned.

Qumas, which last week expanded its operations in New Jersey, is tipped for a Nasdaq flotation and recently revealed major software deals with the Johnson & Johnson conglomerate and financial services player Fidelity.

The company has announced the deployment of its QCompliance Suite for the financial services industry, covering banks, insurance companies and investment organisations with compliance and risk management IT solutions.

In an increasingly regulated corporate environment, regulatory compliance is a core business issue. At the same time, achieving complete, enterprise-wide regulatory compliance while maintaining corporate performance and adhering to strict budgets can be extremely complex. Qumas has built a portfolio of products for the financial services industry to achieve complete, enterprise-wide compliance with a broad range of regulations and legislation such as Sarbanes-Oxley Act 2002 among others.

The Qumas QCompliance Suite is a complete compliance framework that allows firms in highly regulated industries to initiate enterprise-wide compliance programs covering many regulations with a single solution. The QCompliance Suite eliminates the need for firms to deploy a growing number of regulation- specific point solutions.

“The financial services industry represents an essential growth market for Qumas, where we are well positioned to dominate,” said Paul Hands, CEO of Qumas.

“Qumas helps organisations to unshackle themselves from the weight of legislation. Our solution facilitates organisations to entrust their workforce with stated policies and procedures, and then to verify and maintain compliance through proactive controls and managed responses. Financial services companies recognise the need to adopt a single, enterprise-wide approach to compliance content and critical business processes. This concept of a single solution for all compliance will dramatically reduce ongoing costs and is integral to achieving technical scalability, while meeting the core compliance needs of the business,” Hands said.

Kathleen Wilhide, research director for compliance solutions at IDC, commenting on Qumas’ technology added: “Compliance at its core is about managing people, processes and information. Compliance management solutions, such as the Qumas QCompliance Suite, provide a system of record for automating processes, securely managing documentation and guiding employees to perform consistent and repeatable compliance activities that should result in lower costs and mitigated risk.”

By John Kennedy