What you’re doing is probably good. How you’re doing it may merit improvement.
It’s been more than a decade since Sarbanes-Oxley became the law of the land—and the bane of compliance officers almost everywhere. According to a 2015 Sarbanes-Oxley Compliance Survey sponsored by Protiviti1, 58% of large companies spent more than $1
million dollars in 2014 on SOX compliance, support and audit fees.
Most companies have a firm grip on what they need to do in order to comply. But the way compliance has been managed has not kept pace with the way technology has evolved. Years after SOX has become mandatory, compliance for many organizations remains largely a manual process. For those that turned to software tools to streamline the process, many are still using (and overpaying for) technologies designed in 2002. As regulatory complexity and the cost of compliance continue to increase, it’s time for a fresh look at managing SOX.
In Mismatched SOX: How to Add Efficiency to Compliance, we examine the reasons why the compliance status quo is no longer tenable, and show you a practical, readily adaptable way you can leap forward to make compliance easier and more cost efficient.