Advertisment

Newgen adds compliance tool to its BPM portfolio

author-image
CIOL Bureau
Updated On
New Update

Pragati Simlote

Advertisment

NEW DELHI: Newgen, a player in the Business Process Management (BPM), Document Management (DM) and Imaging space, recently added a compliance solution to its BPM portfolio.

Newgen Compliance Manager (NCM) is a comprehensive tool designed to help enterprises handle the implications arising out of the regulatory acts such as Sarbanes Oxley, Clause 49 from SEBI, etc.

According to Newgen MD Diwakar Nigam, “In India, companies will need to necessarily comply with Clause 49 guidelines by December 31, 2005. Section 4C of Clause 49 deals with putting in place elaborate risk management procedures while Section II D and Section 5 relates to certification, creation and evaluation of internal control mechanisms. Newgen Compliance Manager as a tool assists companies to comply with various requirements of Clause 49.”

Advertisment

He added, “In recent past, there have been a large number of cases of corporate fraud such as Enron. These frauds have eroded investors' wealth within days. To ensure that all financial reporting is done properly and businesses remain aware of the health of their processes, risks and associated controls, regulatory acts have been framed. Corporate Governance measures Risk Assessment / mitigation by applying controls and complying with the laws of the land including the guidelines laid down by these regulatory acts is referred to as Compliance - commonly known as Governance Risk Management and Compliance (GRC).”

Newgen Compliance Manager addresses issues like Risk Assessment, Process Design, Comprehensive Internal Controls, Elaborate Process Documentation, Periodic Monitoring, Process Deviation Tracking and Roles & Responsibilities Tracking with timelines to make the solution compliant.

Reflecting on the performance of Newgen in 2005, Nigam said, “2005 has been a good year for us. The awareness for our BPM product has grown and the market is maturing. Another good thing is that there is a lot of word of mouth publicity.”

Advertisment

Giving reasons as to why BPM is becoming popular in India, he said, “Fierce competition and pressure for growth are two factors that contribute to the rising demand for BPM products. Banks, insurance and telecom are three areas where the company sees tremendous growth in India. These industries are maturing at a fast rate in India and thus a lot of competition is there.”

Globally, the BPM market is estimated to be worth $ 2.54 billion, with the Asia Pacific Region representing over 10 percent of the worldwide market. Newgen has over 600 installations in EMEA, APAC and India. This Rs 50 crore company plans to keep growing at 40 percent per year and airlines and government are the next two sectors that the company is looking at for growth.

Newgen has seven offices and four development centers in India and the US and its partners extend its reach globally across UK, Japan, Germany, Middle East, South East Asia and other countries. It currently employs more than 600 people.

tech-news