Achieving Financial Compliance
in a
Financial Risk Management Environment

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Financial risk management with regard to Sarbanes Oxley can be employed by the use of proper financial controls which are measured and monitored and corrections applied when non-conformities are uncovered.

The Sarbanes Oxley Act of 2002 is administered by the Securities and Exchange Commission (SEC). The SEC is charged with making certain that public companies are compliant with this Act.

SOX regulates corporate financial records and penalties are applied for their abuse. It defines the type of records that must be recorded and for how long. It also monitors the falsification of data.

To achieve SOX compliance in an organization, best practices must be implemented that crosses:

  • IT systems
  • Financial Controls
  • Financial Reporting, and
  • Financial Transparency

Additionally, an operational risk management environment must be established that observes the relationship between:
  • An Organization's IT Infrastructure
  • Financial Controls
  • Operational Processes and compliance
Other areas of financial compliance that can be addressed with AuditXL include:
  • FERC - Federal Energy Regulatory Commission - Financial Conduct
  • FINRA - Financial Industry Regulatory Authority
  • IFRS - International Financial Reporting Standards
  • PCI - Payment Card Industry
  • PCI DSS - Data Security Standard

With AuditXL's "Developer" component, users may easily build a customized module(s) to meet their organization's Sarbanes Oxley compliance, financial compliance and financial audit requirements, thereby rendering an automated technique to measure, report, and uncover non-conformities in a financial compliance management system.

Non-conformities are uncovered while the audit is taking place. Subsequently, for those non-conformities uncovered, corrective action plans would be developed, implemented and monitored by the person(s) performing the audit, by other(s) to whom the task is assigned, or by a collaborative effort from both.

Request for AuditXL Product:

 3 Minute Movie with Audio(*),  Information  or  Demonstration

(* Note: When viewing the AuditXL 3 minute movie, please keep in mind that the movie is based on an EH&S scenario.   AuditXL, however, can be applied to any business process.)

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