Integration of regulatory and business intelligence with leading compliance technology enables more efficient, complete and timely compliance management
JERSEY CITY, NJ - April 27, 2010 - QUMAS, a leading global provider of compliance solutions to highly regulated companies and LexisNexis, a leading global provider of content-enabled workflow solutions, today announced LexisNexis® Compliance Manager powered by QUMAS - a new co-branded, web-based application for managing compliance processes and policies.
The new solution delivers access to legal and regulatory content from LexisNexis® directly within the QUMAS compliance management solution - providing compliance professionals with a single location to easily manage each step in the compliance lifecycle.
"As compliance requirements have become increasingly dynamic and complex, and penalties for non-compliance have mushroomed, organizations can no longer rely on spreadsheets or other home-grown methods to manage their policies and processes," said Kevin O'Leary, CEO for QUMAS. "We have seen that organizations desperately need a solution to help them with change management - whether from regulatory changes, changing external environments, international expansion, or other impacts - and to be able to view and manage compliance more holistically across the enterprise."
Using LexisNexis Compliance Manager, compliance professionals can identify new or changed regulations by searching or receiving alerts from the LexisNexis services, quickly and easily analyze them, identify policies and procedures that may be impacted, edit and approve policy or procedure changes, get approvals and then, if needed, initiate a change cycle to communicate and confirm receipt of new policies and procedures to employees who need to comply. Additionally, the comprehensive enterprise view of compliance provided by the solution also allows organizations to report all their compliance policies and procedures in one place, with a full audit trail of the organization's activities.
"Our customers asked us to help them find ways to manage compliance as easily as we help them manage their other information needs," said Renee Citera, vice president and managing director, Research Solutions for LexisNexis. "By working with QUMAS to offer LexisNexis Compliance Manager, we are meeting those customer needs with an innovative new solution that delivers more efficient, timely and ultimately, more comprehensive compliance management."
How it Works
The QUMAS compliance management solution provides Advanced Lifecycle Management for all document types and lifecycle stages, including Create, Edit, Review, Approve, Distribute, and Retire.
- Workflow and configuration management lets the organization map its unique business processes without customization
- Advanced lifecycle management can address all document lifecycle stages-creation, editing, reviewing, approving, distributing, and retiring
- The read & understood function provides traceable accountability throughout the organization
- Point-in-time reporting allows you to assemble-on demand-historic information on the policies, procedures, and standard operating procedures in effect at the time of an adverse event-without the need to involve the IT department
- A comprehensive, independent audit trail captures 270 different auditable events and allows distributing and printing for third-party review (e.g. regulators, attorneys, auditors)
- Hardcopy management provides reports on sensitive documents that need to be returned or destroyed and confirmation by electronic signature
- Role-based electronic signatures ensure that the meaning of signatures match user intent
LexisNexis content provided through LexisNexis Compliance Manager includes access to : statutes and regulations, bill and regulatory tracking, Matthew Bender® guidelines and overviews authored by leading attorneys in their fields, case law and agency materials, news, federal register, U.S. and municipal codes, multi-state surveys, and more. The LexisNexis research interface includes a general research page for searching commonly used sources that the user can customize with favorites. The interface also includes tasked-based pages that surface key sources, such as regulations and other materials, and provides pre-configured searches to help those less familiar with legal researching to easily access the information they need to make smart decisions. For the first release, task pages are available for: privacy, government contracting, employment law, Sarbanes-Oxley, environment, and healthcare.
QUMAS is the leader in Enterprise Compliance Solutions with more than 250 global customer deployments and over 15 years of experience helping companies in highly regulated industries. The QUMAS solution facilitates an informed response to compliance challenges across the organization, and provides better overall governance and predictability of business performance as well as meaningful reporting to stakeholders.
LexisNexis® (www.lexisnexis.com) is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in more than 100 countries with 15,000 employees worldwide.