QUMAS Announces Further Success in the Financial Services Industry

Boston, MA - May 2, 2005 - QUMAS, the leading developer of enterprise risk and compliance management solutions, today announced the deployment of its QUMAS Compliance Suite for the financial services industry. With more than a decade of experience, QUMAS is uniquely qualified to assist banks, insurance companies and investment management organizations with comprehensive compliance and risk management IT solutions. QUMAS also announced that Fidelity Investments has successfully deployed the QUMAS web-based QUMAS Compliance Suite.

The QUMAS Compliance 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 QUMAS Compliance 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. QUMAS helps organizations to unshackle themselves from the weight of legislation. Our solution facilitates organizations 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 recognize 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," said Paul Hands, CEO of QUMAS.
"Companies will choose QUMAS because we are uniquely able to offer a complete suite of compliance software, along with 10 years of expertise gained within highly regulated environments," said Kevin O'Leary, president of QUMAS.

"Compliance at its core is about managing people, processes, and information. Compliance management solutions, such as the QUMAS QUMAS Compliance 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," said Kathleen Wilhide, Research Director for Compliance Solutions, IDC.

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 is the only vendor that offers 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
  • USA PATRIOT Act
  • Anti-Money Laundering (AML)
  • SEC 17a-3 and 17a-4
  • COSO
  • Investment Company Act 38a-1
  • And many others

About QUMAS

With over a decade of experience, QUMAS is the only global compliance software company offering a complete solution to regulated industries. Recognized as the world leader in Enterprise Risk and Compliance Management, the company is a regular winner of industry awards for innovation and excellence.

QUMAS's comprehensive suite of compliance management applications has been developed specifically for regulated industries and ensures corporate compliance with the full spectrum of global regulations, including Investment Company Act 38a-1, the USA PATRIOT Act, Sarbanes Oxley, 21 CFR Part 11 and cGxP.

QUMAS provides highly configurable applications, ready for validation and deployment within regulated environments. Based on open systems platforms, QUMAS technology integrates seamlessly with existing corporate databases, applications, operating systems and hardware from all major vendors.

The QUMAS worldwide headquarters are located in Cork, Ireland, with U.S. headquarters in Florham Park, NJ, and satellite offices throughout the United States and Europe.

For more information visit our Web sites at www.qumas.com.

QUMAS and QUMAS Compliance Suite are either registered trademarks or trademarks of QUMAS. All other trade names, trademarks, and service marks are the rightful property of their respective owners.

Contacts:
Michael Kane
Director of Marketing
QUMAS
(978) 257-2179