IBM OpenPages is a governance, risk and compliance (GRC) platform that centralizes services and components associated with the challenges and management of regulatory initiatives. IBM promotes OpenPages as a solution for addressing enterprise risk management (ERM).
This video from IBM explains how the eighth version of the OpenPages GRC platform uses Watson AI to meets the needs of first line of defense (FLoD), second line of defense (SLoD) and third line of defense (TLoD) end users. Documentation for OpenPages on IBM's website address both cloud and on-premise deployments.
IBM OpenPages key services
OpenPages consists of services that will coordinate the way an organization meets its regulatory compliance burden in five important areas:
- Financial controls management - processes related to Sarbanes-Oxley (SOX) compliance.
- Operational risk management - processes related to risk control self-assessments, including the identification of key risk indicators (KRI), loss event data management, reporting and advanced risk business intelligence (BI).
- Internal audit management- processes related to internal audits.
- IT governance - processes related to risk-based management.
- Policy and compliance management - processes related to regulatory mandates.
Advantages of IBM OpenPages
According to IBM, OpenPages can bring organizations the following benefits:
- Requires a relatively small amount of training or technical knowledge to use.
- Lowers administration costs due to basic configurations.
- Provides users with interactive, real-time reports.
- Can be integrated with other applications through APIs.
- Reduces total cost of ownership (TCO).
- Maintains a complete audit trail with version history.
- Reassures executives of consistent regulatory compliance
OpenPages began as a company that developed electronic publishing systems for media companies. It then evolved into an enterprise content management system vendor before pivoting towards GRC software. In 2010, OpenPages was acquired by IBM to become a part of their business analytics software division.