OnBase for Sarbanes-Oxley Compliance
The Sarbanes-Oxley Act of 2002 (SOX) 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 SOX compliance, are taking an enterprise-wide approach to governance and looking for technology solutions that will best assist them in this endeavor. Companies are embracing SOX as a catalyst for enterprise-wide initiatives and the OnBase SOX solution is poised to enable companies to meet these initiatives.
Complying with SOX becomes a rigid process that companies will need to go through on an annual basis. A company's legal counsel will typically oversee the process of complying with SOX, and because there are numerous sections of SOX touching a variety of departments and business units, companies will need to develop various methods to ensure compliance with all components. To reduce the time and expense of compliance, companies will need to utilise technology with enterprise content management (ECM) functionality to enable them to:
- Retain, retrieve and distribute control-related documents
- Automate and strengthen internal control processes that are deemed to be manually intensive and weak from a control perspective
- Facilitate the actual process of documenting and testing the internal controls, with a flexible, SOX specific solution
- Automate numerous compliance and audit processes
- Allow for ease of document retention, document retrievability and a solid audit trail
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. OnBase as an ECM solution helps provide companies with the technology needed to meet their compliance requirements and reduce the costs associated with compliance.
OnBase for Sarbanes-Oxley Compliance
The Sarbanes-Oxley Act of 2002 (SOX) 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 SOX compliance, are taking an enterprise-wide approach to governance and looking for technology solutions that will best assist them in this endeavor. Companies are embracing SOX as a catalyst for enterprise-wide initiatives and the OnBase SOX solution is poised to enable companies to meet these initiatives.
Complying with SOX becomes a rigid process that companies will need to go through on an annual basis. A company's legal counsel will typically oversee the process of complying with SOX, and because there are numerous sections of SOX touching a variety of departments and business units, companies will need to develop various methods to ensure compliance with all components. To reduce the time and expense of compliance, companies will need to utilise technology with enterprise content management (ECM) functionality to enable them to:
- Retain, retrieve and distribute control-related documents
- Automate and strengthen internal control processes that are deemed to be manually intensive and weak from a control perspective
- Facilitate the actual process of documenting and testing the internal controls, with a flexible, SOX specific solution
- Automate numerous compliance and audit processes
- Allow for ease of document retention, document retrievability and a solid audit trail
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. OnBase as an ECM solution helps provide companies with the technology needed to meet their compliance requirements and reduce the costs associated with compliance.