In 2002, the United States Congress passed the Sarbanes-Oxley Act (SOX) to protect shareholders and the general public from accounting errors and fraudulent practices in enterprises, and to improve the accuracy of corporate disclosures. Organizations globally must comply with SOX in terms of both financial and IT aspects. To comply with SOX, Corporations must save all Business records, including electronic records and electronic messages. Consequences for non-compliance include fines or imprisonment, or both. A lot has changed after the early adoption of SOX compliance. Chief Risk Officers (CROs), Compliance officers and Boards have a better grasp on how to meet the SOX requirements. They have a better oversight of the fast-changing Business and Regulatory landscape for effective and efficient integration of Risk management into their operations by digging deeper into Controls and Processes.
Linking internal Controls to an overall Enterprise Risk Management (ERM) program may help Organizations prioritize and improve upon how they manage Risk. Since SOX Compliance was enacted, Organizations have made their journey from baseline SOX compliance to integrated Governance, Risk and Compliance (GRC) model.
When executed appropriately with the right tools, Companies can achieve greater SOX Compliance while delivering cost effectiveness and time efficiencies to the Businesses. Today, best in class Companies are proactively approaching cost efficient strategies like control rationalization, leveraging automation tools, using cost-effective document management and creation processes to lay the foundation of a smooth SOX Compliance program . Here are some of the best practices for an efficient SOX Compliance program.
Being aware and relevant: Staying up to date with the SOX Regulations has been challenging for many Companies. Changes in the Regulations can be excruciating and so staying informed with the latest Regulations, best practices, interpretations and Audit frameworks will be critical moving forward. your internal audit tool must provide ways for ensuring that you stay current with the latest industry level SOX developments. At Confident Governance, we have created one of the most centralized platform for Compliance, to assist our clients stay up to date with the latest in industry.
Being Agile and Nimble: Most conventional Enterprise applications have very high degrees of complexity, which makes it hard for professionals to cope up with the software. A software program must be intuitive to use, deploy and manage. For instance, at Confident Governance, we have designed our Compliance Management Application to be user friendly so that even non-technical people can use it with minimal training.
Real time Reporting/Monitoring instead of Emails/Spreadsheets: Emails and spreadsheets are too tedious to manage when it comes to SOX. Keeping track of certifications, documents through emails becomes a challenge. To address this , our unique patented technology called Governance as a Service, offers the capabilities of Real time Reporting / Dashboarding and Secure Collaboration, which are all based on latest technologies like Artificial Intelligence driven Analytics.
As many Organizations have become more comfortable with SOX requirements, they have taken a deeper look at their internal control structures to reevaluate and leverage controls to improve their governance framework. Companies are now discovering that SOX requirements can help them take a more critical look at their operations prompted by more insightful questions relating to business operations and effective ERM program.
Using the latest in Emerging Technologies like Artificial Intelligence, Big Data Analytics and Cloud Computing, our Cyber Governance platform offers Transparency and Real time reporting to the Board and the C-Suite into the critical Business Processes. All of this into an Agile, Mobile, Secure and Scalable platform to assist Risk, Governance and Compliance officers to govern their Processes Anytime, Anywhere and on Any device with intuitiveness, which has been our mission to propel Companies towards Growth, Sustainability and increasing Revenues.