Overview
No longer satisfied with being in compliance, today's executives are demanding business value from their Sarbanes-Oxley (SOX) compliance investments. Together, Bluespring Software, Handshake Software, and Microsoft are helping companies decrease/recover the cost of SOX compliance while at the same time improving the effectiveness of internal controls.
Situational Analysis
Most companies have well-documented their compliance-impacting processes, but documentation only shows how the process is supposed to occur. Auditing what has actually occurred is too often post-mortem and in the form of expensive annual audits that add little, to no, business value.
- Top challenges facing finance executives
- 85% of companies do not believe the benefits of compliance have exceeded the costs
- 67% of companies want to reduce the degree of documentation
- 66% of companies want to permit greater reliance on internal audit data and resources
- 58% of companies want to permit roll-forward procedures
- 55% of companies want to clarify the definition of "key controls"
- 53% of companies want to allow cumulative reliance on internal audit data and resources
Companies spend on average 4,888 external people hours on annual compliance efforts.
Solution
This best-of-breed SOX and Internal Audit Software solution is built on a fully web services-enabled composite solutions architecture comprised of Bluespring Software, Handshake Software, and Microsoft Office SharePoint Server (MOSS) 2007. It comes pre-configured with best-practice portals and workflows that enforce internal controls while driving sustainable business value.
Business Value
- 100% real-time visibility into controls and enforcement using internal audit data that makes sure people are doing what they are supposed to be doing
- Up to 80% reduction in documentation and process remediation efforts because Bluespring does not separate process design and documentation from process implementation (little to no reliance on IT)
- Up to 50% annual audit cost savings from reduced time spent in discovery, assessment and remediation
- Highly scalable and flexible framework that is both rapid to deploy and agile enough to facilitate easy changes
- Enterprise document management and repository
