Solutions - SOX / CSOX Compliance

The Sarbanes-Oxley Act of 2002 has changed the way companies are viewing compliance projects, as well as software installation initiatives. In the past, most companies dealt with governance, risk and compliance (GRC) at a departmental level and specific software tools were developed to assist with specific compliance requirements. Today that strategy is changing. Driven by the magnitude, visibility and costs associated with Sarbanes-Oxley (SOX) compliance, companies are taking an enterprise-wide approach to GRC and are looking for technology solutions that will best assist them in this endeavor. Companies are embracing Sarbanes-Oxley as a catalyst for enterprise-wide initiatives and the OnBase SOX Solution is poised to enable companies to meet these initiatives. Integrating these efforts with OnBase Enterprise Content Management helps provide organizations with the added advantage of a more strategic initiative across the enterprise.

Compliance at its basic level involves creating, reviewing and storing content to support adherence to applicable laws or requirements. Controlling content in the business world enables a company to control risk. The OnBase SOX Solution can help to streamline, automate and reduce the cost of an organization's Sarbanes-Oxley compliance initiatives.

Section 404 of the Sarbanes-Oxley Act is the most time-consuming and costly section. The section requires companies to document and test their internal controls (which in some cases number in the hundreds — or even thousands) over financial reporting and assert as to the effectiveness of those controls. Organizations can utilize the OnBase SOX Solution to:

• Facilitate the process of documenting and testing internal controls
• Automate compliance and audit processes
• Retain, retrieve and distribute control-related documents
• Automate and strengthen internal control processes
• Provide document retention, document retrieval and a solid audit trail
• Expand the usage of document management across the enterprise

To help companies comply with Section 404, the OnBase SOX Solution allows companies to document their internal control structures, as well as the audit steps to test the controls and the results of those audit steps. The OnBase SOX Solution has a flexible reporting capability and the ability to import and export data.

Once a company has documented its controls in the OnBase SOX Solution, the company will have identified processes that have weak internal controls or may be manually intensive. Utilizing Imagine eDoc Solutions and the OnBase SOX Solution enables a company to automate such processes in Workflow, which will strengthen the internal controls, reduce paper costs and streamline the process.

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