SOX compliance costing companies big time

As of March, publicly held companies have spent an average of $4.4 million to meet mandates within the Sarbanes-Oxley Act. Large companies have devoted at least twice that amount, mainly to find and fix flaws in internal controls before annual reports are submitted to the Securities and Exchange Commission.

Meantime, organizations are creating new C-level titles such as chief risk officer and chief governance officer to oversee this surge in spending. And the ranks working under them are swelling with IT security professionals.

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