Companies that look to embed automated controls throughout their cross-enterprise business processes should enjoy the largest long-term benefits.
Most companies are anxious for business unit managers to assume accountability for Sarbanes-Oxley compliance. Yet, they also realize that the biggest pain points in the compliance process — and the biggest opportunities for achieving savings and greater efficiency — lie not in the scramble for better documentation that they focused on in year one, but rather in fundamental areas of financial reporting such as testing, monitoring, and remediation or mitigation.
That's where automation comes in. At Transaction Systems Architects, which develops E-payment software for companies, vice president of financial planning analysis David Konz says responsibility for process documentation, testing, and any remediation or enhancement activities resides with the process owners. Business processes and controls, supporting functions such as accounts payable, accounts receivable, receipt and setup of contracts — TSA is seeking to automate and standardize all of these functions across the organization.
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