Transforming SOX compliance from a project to a sustainable process.
Today, companies spend $30bn on compliance and governance each year, with $6bn allotted to SOX 404 processes and procedures (AMR Research report, Feb. ‘07). One of the costliest elements is the process testing and documentation supporting management attestation.
A new SOX support delivery model is needed that not only powers high-quality and timely compliance but also aggressively drives down associated operational costs by exploiting the potential for industrialization of now established, repeatable and well-understood processes.
This new approach must also take advantage of the potential for simultaneous benefits of continuous process improvement by delivering SOX services through process experts. Such an approach can transform the annual SOX project into a sustainable cost-effective process.