IBM announced Wednesday a new version of its financial controls compliance software designed for U.S. government agencies facing their own financial reporting regulations. The new version of IBM"s Workplace for Business Controls and Reporting (WBCR) software is aimed at federal agencies that have to comply with financial controls regulations, similar to the Sarbanes-Oxley regulations for private companies passed by the U.S. Congress in 2002. White House Office of Management and Budget (OMB) regulations defining financial control responsibilities for government agencies take effect Oct. 1.
IBM sees demand for a government-focused financial controls compliance package, said Rebecca Buisan, market manager for IBM Workplace Solutions. IBM modified a new version of its Sarbanes-Oxley focused WBCR software to focus on the government market, she said. A June meeting on OMB financial controls compliance drew a standing-room only crowd of about 60 people from about 12 government agencies, Buisan said. "Federal agencies are going through a lot of effort to figure out how to handle this," she said.