UnumProvident Wins "Process Innovation Award" for Stellent Sarbanes-Oxley Solution Implementation
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Stellent, Inc. (Nasdaq: STEL), a global provider of content management solutions, announced today its customer UnumProvident Corporation, which through its subsidiaries is a leading provider of group and individual income protection insurance in the United States and United Kingdom, won a "Process Innovation Award” from Kinetic Information LLC for its Stellent Sarbanes-Oxley Solution implementation. This award program, now in its 10th year and co-sponsored by IMERGE Consulting, honors superior technology applications for their business effectiveness.
UnumProvident’s accomplishment marks the third consecutive year a Stellent customer has won a Process Innovation Award. An independent panel of judges selects Process Innovation Award winners for demonstrating gains in productivity, profitability, ability to adapt to market conditions or competitive standing/market share.
"We are thrilled our efforts to streamline the company’s Sarbanes-Oxley compliance processes by using Stellent’s solution have been recognized as one of Kinetic Information’s four first-place ‘Innovative Solution Award’ winners,” said Danny Waxenberg, assistant vice president of Internal Controls for UnumProvident. "After using the Stellent platform for nearly one full fiscal year, it’s clear it will enable us to more easily and cost-effectively document compliance with Sarbanes-Oxley requirements. This achievement is quite significant considering our financial operations are spread across two continents and involve more than 300 people responsible for managing hundreds of financial processes and thousands of key controls.”
"Achieving Sarbanes-Oxley compliance continues to present challenges to public companies of all sizes and industries, especially when it comes to addressing documentation-intense Section 404 requirements,” said Steve Weissman, president of Kinetic Information LLC. "We are pleased to honor UnumProvident with a Process Innovation Award for its successful use of Stellent’s solution to significantly improve and automate its Sarbanes-Oxley-related processes.”
Specifically, UnumProvident benefits from the Stellent Sarbanes-Oxley Solution’s ease-of-use for both technical and non-technical users. This attribute is particularly key to UnumProvident as non-technical audiences — such as accounting and internal audit — frequently create and access Sarbanes-Oxley documentation. In addition, these same audiences can quickly access documentation through the Stellent solution’s easy-to-use, Web-based interface. This feature is especially beneficial during an external audit, as UnumProvident now spends less time making internal preparations since external auditors can view documentation via the company’s intranet.
Similarly, UnumProvident benefits from the Stellent solution’s reporting capabilities that automatically aggregate large quantities of information, allowing the organization to generate a number of reports with relative ease. Without these capabilities, generating reports — such as the number of process and control tests currently being performed, the status of those tests, gap analysis reporting, and process summary reports — is typically time- and/or cost-prohibitive.
In 2007, UnumProvident envisions the Stellent Sarbanes-Oxley Solution will help it identify and consolidate its significant number of processes and controls, allowing the company to gain efficiencies in documentation and testing activities. UnumProvident also will utilize the Stellent solution to enhance its Sarbanes-Oxley processes by distributing more compliance responsibilities to business users in the United States and United Kingdom. In the future, the company plans to use the Stellent platform to meet additional standards the insurance industry is adopting that will require "Sarbanes-Oxley-like” documentation and testing of financial processes and controls.
"UnumProvident’s award-winning implementation epitomizes the benefits Stellent’s content management-based compliance platform generates for our Sarbanes-Oxley Solution customers,” said Robert Olson, president and chief executive officer for Stellent. "As the governance, risk and compliance software market matures, we look forward to strengthening our leadership position by continuing to develop solutions and applications based on our unified content and records management platforms that support any number of regulatory and legislative mandates.”
Along with this year’s and the past two years’ Kinetic Information Process Innovation Award distinctions, Stellent has been honored by a number of leading publications and organizations for its product innovation, market leadership and successful customer implementations. Recent honors include: a 2006 "Best of FOSE” award from Government Computer News for Stellent Site Studio™; a 2006 WebAward for the Minnesota Department of Education’s Stellent Universal Content Management™ implementation; a 2006 "I3 Award” from Integrated Solutions for the Stellent Universal Content Management implementation at Land O’Lakes; a 2006 ECM Connection "Industry ACE Award” for Stellent’s compliance expertise; a 2006 "Company to Watch” recognition from Intelligent Enterprise magazine as part of the annual Editors’ Choice Awards; a KMWorld "Trend-Setting Product of 2006” award for the Stellent Universal Records Management™ application; and 2005 and 2004 "Best of Show - Enterprise Content Management” awards from AIIM E-DOC Magazine.
A complete list of 2006 Kinetic Information Process Innovation Award winners can be found online at www.kineticinfo.com.
14.12.2006, Stellent GmbH
