The Sarbanes-Oxley (SOX) Act defines higher levels of corporate responsibility and accountability and severe penalties for corporate wrong doing. CFOs estimate that costs of complying with the Act can range anywhere between $500,000 to upward of $5mm.

Fiorano’s solutions for Sarbanes-Oxley address three main statutes of SOX, dealing with Real Time Issuer Disclosures, internal controls, and CEO/CFO certification of quarterly financial statements.

These areas have become key drivers for implementing changes within an organization. Compliance challenges for the CEO and CFO of public companies include the ability to:

• confidently verify the effectiveness of underlying controls;
• confidently report on the completeness and accuracy of information submitted;
• ensure that information flows allow reporting to be in time.

Reporting time frames defined in Sarbanes-Oxley are such that moving toward a real-time event-driven model is the key to containing the ongoing costs of compliance to this act. The organization now has to achieve greater accuracy, better visibility and faster reporting cycles for financial transactions. At the same time error reporting and exception handling needs to be achieved in almost real-time to assure that the internal controls established are indeed working.

Fiorano SOA Platform^® is a powerful solution that provides a lasting and reliable solution to Sarbanes-Oxley requirements, while substantially cutting down the cost of compliance. Fiorano’s solutions work seamlessly with existing enterprise hardware and software assets, giving managers visibility into transactions that was either to not possible and CEOs/CFOs the requisite assurances to certify statements.

Key advantages of the Fiorano solution are:

• Real-time visibility and transparency into transactions;
• Event-driven management, allowing timely manual intervention;
• Effective monitoring of underlying internal control processes;
• Easy changes to control processes by Business Managers, without IT intervention;
• Increased CEO/CFO confidence in externally reported results;
• Cost effectiveness via reuse of existing hardware and software;
• A flexible platform approach, laying the foundation for a cohesive enterprise-wide architecture, optimizing incremental returns on investment.

To learn more about how Fiorano’s SOX solution can simplify compliance for your company contact us.