No Magic and Inferware Team to Deliver Affordable Solution Mitigating Compliance Audit risks

June 5, 2009 - PRLog -- Plano, TX – May 19th 2009: No Magic, Inc. and Inferware Corporation today announced the general availability of Cameo eCompliance™ as a cost-effective complete compliance solution. A key element to the Cameo eCompliance™ solution is the Transparency Control Center™, originally developed by Inferware and is a proprietary Inferware technology identified and known in the marketplace as ‘Compliance Transparency Suite’™. This powerful software solution is comprised of a validated process reinforced by a set of tightly integrated components that work together to ensure a regulated entity is “audit ready”. As more and more companies are being scrutinized through federal and industry regulations, the need for a structured system is paramount to support not only measuring compliance to existing laws but also determine future compliance to new regulations as they are announced.
Most industries throughout the world are impacted by current and pending regulations. Our solution maintains the traceability links between the hardcopy documents, corporate goals, strategies, processes, policies, requirements, models, and business rules so an organization can sustain proper compliance activities. Primary deployment of the software solution can be either on or off client premises since the main Transparency Control Center™ requires only a web browser.
“With the advent of more policies, rules, and multiple regulations, it is clear that an organization of any size must look to proven technologies to help manage all of this chaos. With compliance assessment fees now reaching one million dollars per day, even for a single infraction, no corporate enterprise can ignore compliance issues without putting their entire business at risk”, said Gary Duncanson, President and CEO of No Magic, Inc. and Board of Director Member at the Object Management Group (OMG). “Our new 4th generation compliance solution has been fully tested and validated at existing sites, we now are pleased to be introducing our Cameo eCompliance™ solution as one of the most cost-effective offerings of its kind in the industry. It can help in both adding structure to an organization’s existing compliance process as well as suggesting improved methods to ensure full compliance to avoid paying costly regulatory fines.”
A key benefit of Cameo eCompliance™ is the transfer of knowledge regarding Business Policy Management. The Policy Management Process™ provides a proven methodology, a set of workflows, activities and artifacts that enable organizations to:
·   Discover the existence and characteristics of policies in legacy documents
·   Model the current state of policy compliance with management objectives and regulations
·   Assess the behavioral objectives stated in the policies and evaluate their ability to be enforced by manual or automated processes
·   Identify contradictions in policy collections
·   Determining a plan of action for maximizing compliance with policy objectives
“Over the years, we have been helping our customers incorporate standards and best practices to develop effective compliance programs, thereby reducing the recurring costs of demonstrating compliance -- preparing them for both internal and external audits” said Said Tabet, President of Inferware and Director at the Object Management Group (OMG) technology standards body. “We are excited to see this solution helping make a positive impact in major industries such as Energy, Financial Services and Healthcare. Cameo eCompliance™ differentiates itself from other products by using open standards and a flexible platform to fit within your organization’s budget dollars.”
The major components of the Cameo eCompliance™ solution include:
·   Policy Management Process™ – a methodology for extracting, interpreting, documenting and managing policies, processes and procedures
·   Transparency Control Center™ – an information rich repository for housing compliance goals, objectives and test plans providing linkage to appropriate policies, rules, business processes, workflows and assessments
·   Dashboard Alerts – a realtime monitoring component to aide in identifying and escalating issues
·   Reports & Charts – a capability to output tables, graphs, and charts for review by executive stakeholders
·   Modeling – a description of domain-specific information, company workflows and organizational responsibilities
·   Vocabulary and Rules – a component to manage vocabulary and rules that are both industry-specific and customizable by corporate policy makers

About No Magic, Inc.

One of the most respected providers of standards-compliant architecture and business modeling offerings in the industry celebrates its 11th year anniversary of its product line this year. The Cameo™ Suite supports the full enterprise application life-cycle from business requirements/planning through and including final testing with award-winning, OMG® standards -compliant products that efficiently model your organizational structure, business processes, applications, information and technology. MagicDraw® supports multiple domain-specific models based on UML including: BPMN, SysML, DoDAF/MODAF/UPDM, MDD, SOA, unit testing, data modeling and more. Professional services include training, consulting, custom applications and MagicDraw® product customizations such as custom modeling domain diagrams, requirements management, team collaboration, design and analysis. Founded in 1995, No Magic, Inc. is headquartered in Plano, Texas with operations worldwide. More information can be found by visiting http://www.nomagic.com.

About Inferware
   
Inferware Corporation provides methodologies and software tools to promote top down governance through Information Governance and Enterprise Policy Management. Our emphasis on Risk and Compliance is based on our expertise providing rule-based systems and Straight Through Processing (STP) solutions for financial services firms. Inferware has also collaborated with firms in the healthcare industry to reduce the complexity of managing rapidly changing regulatory requirements. In the energy industry, we helped large power utilities to develop policies for cyber security, physical access controls, and turning paper procedures into consistent policies and business rules using a central repository. For more information, please visit our website http://www.inferware.com

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Founded in 1995, No Magic Inc. is headquartered in Plano, Texas with operations worldwide.
No Magic, a long time industry leading vendor of architecture and business modeling software with its MagicDraw Product Line.