Since 2005 foreign companies quoted on US stock exchanges, and publicly quoted US companies, are required to demonstrate compliance with the Sarbanes Oxley Act. Similar legislation is now rampant throughout the international corporate scene. From ASX 10 in Australia to the many EU directives. In addition to these, there is Basel II, IFRS, COSO and COBIT to comply with.
All this means that an organisation is required by statute to document and have a consolidated view of its proper processes and controls. The angel of compliance-controls lies in the automation aspect.
Several organisations have discovered that 40% of the effort to comply with controls, and 80% of the non-audit effort to maintain it, derives from implementing internal controls the above mentioned legislation demands. Hard work has resulted in implementing the required processes and controls; however organisations now discover that auditing, maintaining and demonstrating their value, requires different and significant effort because:
- Multiple control points must be managed across serviceable silos
- Maintenance of controls employs resources that can be utilized for more productive purposes
- Several key processes and controls are involved in more than one regulated activity. These processes and controls, when tested manually are associated with high risks
- Other systems can only provide evidence of problems after the event. Why run the risk of repetition, high costs for remediation when DocumentController can solve these and many other problems for your organisation.
DocumentController
Compliance is embedded rather than added. DocumentController will become an all-encompassing part of your daily operation. The DocumentController is:
- Designed for best practice and compliance. Processes are automated and mapped with their activities, resource requirements, Key Performance Indicators (KPIs) and control points.
- Organized for consistency and certainty. Control Point owners and supervisors are presented their actions, documents and resources needed to carry out their responsibilities.
- Audited in real-time. Capture the source of the data, provide a clear audit trails, and reduce costs of external auditing. DocumentController enables processes to be measured in real-time.
- Adapted with assurance. Documented processes and tests once captured can be used again. DocumentController reduces the risks that key processes are not regularly updated.
- Evaluate and report accurately. DocumentController has a built in measurement for reporting all deviances based on their performance and risk evaluation.
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