OWINGS MILLS, Md.--(BUSINESS WIRE)-- Chesapeake System Solutions, Inc.® (www.chessys.com), a provider of integrated financial governance, risk management and compliance software solutions to the world’s foremost enterprises, today announced that Bellingham, Wash.–based Sterling Life Insurance Company, a nationally recognized provider of a family of insurance products, recently implemented hosted versions of its entire suite of software solutions as part of a comprehensive treasury management strategy.

Chesapeake’s T-Recs® Enterprise provides Sterling a total financial control framework. Currently, it is reconciling cash accounts plus related cash-clearing accounts. Sterling anticipates bringing on non-cash general ledger accounts as well. Relative to Chesapeake’s SmartTreasury®, Sterling is using the software to retrieve daily bank account activity, analyze daily cash positions, initiate electronic cash transfers and prepare a daily feed of all cash activity. SmartAnalysis® is enabling Sterling to better manage its banking relationships by confirming the appropriateness of banking charges and comparing its fees to banking averages. Finally, Chesapeake’s Unclaimed Property Compliance System (UPCS®) is managing claim payments made to health providers, returned policy premiums and accounts payable payments to vendors.

Marty Catron, Sterling’s Vice President of Finance, says, “We researched several treasury management vendors and concluded that Chesapeake’s comprehensive suite of solutions fully satisfied our treasury management needs.”

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Catron continues, “T-Recs Enterprise’s complete governance framework was a decisive factor. As a subsidiary of an international company, Sterling must comply with myriad operating and compliance requirements. In addition, Sterling will be required to comply with the Model Audit Rule effective January 2010. T-Recs Enterprise allows us to streamline our processes, replace manual controls with system controls and provide more accurate oversight and review over the reconciliation process.”

Peter Vogelberger, Chesapeake’s CEO, says, “Financial governance, compliance and risk management present formidable challenges to today’s corporations, whether national or global in operations. Integrating sound business processes with technology is the only way to meet these requirements in a comprehensive, economical way. In choosing T-Recs® Enterprise, Sterling has opted for a complete governance framework that will deliver not only visibility and control to account reconciliation, risk management and compliance functions, but also simplify financial data reporting, workflow management, financial oversight and close, ultimately saving the firm both time and money.”

Vogelberger adds, “Concurrently implementing our other software solutions—SmartTreasury, SmartAnalysis, and UPCS—demonstrates Sterling’s commitment to excellence in all of its financial processes and a strategic vision that places value on maximizing financial assets and increasing operational efficiency.”

Chesapeake System Solutions offers customers three implementation options for its T-Recs Enterprise, SmartTreasury, SmartAnalysis and UPCS products: licensed software, hosted solution and outsourced service.

About Sterling Life Insurance Company

Established in 1958, Sterling Life Insurance Company is rated A- (Excellent) by A.M. Best, and is dedicated to providing a variety of affordable healthcare solutions to Medicare beneficiaries. Sterling is licensed in all 50 states and the District of Columbia and has over 50 offices across the country. Sterling and its products are part of the Munich Re Group, one of the world’s largest reinsurers, dedicated to turning risk into value. For more information, visit www.sterlingplans.com.

About Chesapeake System Solutions, Inc.

Chesapeake System Solutions is an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations. Headquartered in Owings Mills, Maryland, Chesapeake provides integrated financial governance, risk and compliance solutions to the world’s foremost enterprises. Chesapeake’s integrated suite of software solutions brings visibility and control to the processes of balance sheet reconciliation, risk management and compliance, while intuitive design features simplify financial data reporting, workflow management, financial oversight and close. Since 1993, Chesapeake’s applications have helped national and international organizations of every size improve productivity, lower costs and document compliance with Sarbanes-Oxley, PCI Standards and other regulations. For more information about Chesapeake and its solutions, please visit www.chessys.com or call 410-356-6805.

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Press Contact:

DPR Group, Inc.

Jeanne Zepp, 240-686-1000

jzepp@dprgroup.com

or

Company Contact:

Chesapeake System Solutions

Jim Alsobrook, 410-356-6805, x141

jalsobrook@chessys.com

Source: Chesapeake System Solutions, Inc. Copyright Business Wire 2009 Chesapeake System Solutions, Inc.®, a provider of integrated financial governance, risk management and compliance software solutions to the world’s foremost enterprises, today announced that Bellingham, Wash. Chesapeake’s T-Recs® Enterprise provides Sterling a total financial control framework.

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