COSO Internal Control Framework
Sarbanes-Oxley isn't about software, it's about process. It's about changing your process and then updating your technology tools to reflect that process. Real SOX will help you to organize your internal controls to find out what you lack and then, fix these deficiencies . It's not about buying a compliance tool that will magically fix your problems, it's about organizing information.
Internal Control
A management that establishes an internal control system that ensures proper accounting practices and safeguards, produces accurate financial statements, and annually verifies the system’s effectiveness control. That’s what you need! Check below some of the main features:
- Define, document and measure your internal controls effectiveness.
- Link internal control to best-practices from market standards.
- Provide one centralized location for required information readily accessible to all.
- Automated workflow for required reviews, approvals and documents notifications.
- Develop comprehensive textual and graphical reports of all user defined key internal control & risk metrics
- Automate data mining functionality with graphical trend charts of user defined key metrics
- Document all meetings and follow up action items related to monitoring the system
Document Management
Real SOX Best Practices knowledge-base can serve as a basis to better define the specific internal control facing various risks of a process.
- Electronic distribution of policies, regulations, procedures and other SOX documents: Chief Risk Officer will be able to distribute documents or document changes electronically, guaranteeing the tracking of the users that have already read it.
- Automatic revision, approving and publishing: Chief Risk Officer will be able to control documents under revision, approved documents and published documents, following the best market practices, guaranteeing the notification of changes and new documents.
- Versioning and Change History control: Real SOX deploys versioning and document change traceability, automatically numbering documents and offering changes history.
- Reports for managers, guaranteeing that the employees have read the Policies: through friendly reports, the business area managers, or even the risk manager, will be able to visualize which are the most and least accessed regulations, procedures, etc. They will also be able to verify documents that have not been reviewed for a long time, so that they can be in the automatic review schedule.
- Preformatted document template: with Real SOX, the user will be able to format document templates that he would like to be used by its employees towards the creation of new policies or procedures.
- Records' safeguarding: Real SOX allows you to list document instances, be them physical or digital.
- Compliant to ISO standards: compliance with ISO 10.013 - Guidelines for Quality Management System Documentation.