MetricStream SOX Compliance Management built on the MetricStream Platform, is highly configurable to meet specific SOX compliance requirements. The product provides a responsive and personalized interface designed for SOX compliance professionals and is mobile ready to support control testing anywhere, anytime. The product’s "multi-dimensional organization structure" functionality enables organizations to model SOX compliance programs based on complex organizational setups. The product provides the management with comprehensive compliance insights and intelligence, enabling better business decisions.
SOX Compliance Management
Measure Your Program Outcomes
reduction in the time taken for control testing and SOX certification
errors in SOX certification
reduction in issue resolution time
Ensure Compliance with SOX in an Efficient and Sustainable Manner
MetricStream SOX Compliance Management software, built on the MetricStream Platform, is highly configurable to achieve compliance with the Sarbanes Oxley (SOX) regulation. It provides a mobile-ready, responsive, and personalized interface designed for compliance professionals to support control testing anywhere, anytime. Multi-Dimensional Organization Structure (MDOS) functionality enables organizations to model compliance programs for SOX based on complex organizational setups. Arm your management with comprehensive compliance insights and intelligence to power better business decisions.
How Our SOX Compliance Management Software Helps You
Centralized Compliance Framework Enabling Efficient Mapping of Relationships
For each business unit, create a centralized compliance framework for SOX that includes processes, risks, controls, financial accounts, financial statement assertions, evidence, questionnaires, and tests, along with the associated owners, reviewers, and approvers. Organize this data into appropriate hierarchies and map the relationships between the various data elements.
Comprehensive Approach to Risk Assessments
Plan and schedule risk assessments, define their scope, and assign them to owners. Assess risks based on impact and likelihood, rate control effectiveness, and document the inherent and residual risk rating. Leverage the Risk and Control Matrix for a comprehensive view of the SOX compliance program, including risks, controls, control effectiveness, test results, assertions, and frequency of control testing.
Streamlined Control Testing and Documentation Processes
Plan and design control tests, while also defining test owners, schedules, scope, and frequency. Search and select controls for testing and assign them to control owners. Leverage built-in standard templates to conduct the control tests. Store these documents centrally and provide access to them through secure, role-based landing pages.
Efficient Management of SOX Certifications
Create plans, questionnaires, and schedules for certifications based on SOX Section 302 and 404. View a SOX 302 sub-certification report which provides management teams the assurance that subordinate levels have performed their internal control duties.
Swifter Remediation of Issues with Automated Workflows
Accelerate remediation action plans through automated workflows, notifications, and reporting processes. Review issues marked for disclosure and channel them to the disclosure committee for their recommendations and inclusion in regulatory filings. Leverage AI/ML to quickly identify and recommend issues, issue classification, and action plans based on relation.
Effective Monitoring with Intuitive Dashboards and Reports
Monitor the status of control design, process ownership, evaluation plans, test results, and other factors on graphical charts and reports. Drill down to view the data at finer levels of detail. Leverage key control metric cards to track the number and test status of controls.
How Our SOX Compliance Management Software Benefits Your Business
- Gain confidence in SOX compliance through a unified approach to risk and control data management across financial processes
- Reduce compliance efforts and costs by rationalizing controls using a risk-based approach
- Increase investor confidence by providing accurate, complete, and reliable data on control testing, certifications, and issue resolution
- Strengthen trust and credibility with stakeholders through assured compliance and timely reporting
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Frequently Asked Questions
Yes. The software supports controls to be defined and managed under various standards and frameworks including COSO, COBIT, ISO, etc. It supports common controls frameworks along with regulatory and other information such as coverage period, testing frequency, geography, products, etc.
Yes. The tool supports marking accounts as significant and links them to relevant accounting processes. It also supports recording risks related to these significant accounts and related controls. It provides detailed and flexible centralized libraries for risk, controls, processes, and other entities. The underlying relational data model facilitates one-to-one, one-to-many, many-to-one, many-to-many relationships among these entities. Also, it enables users to view these relationships in the listing screen and reports.
Yes, it supports the identification of the risks within the sub-processes/sub-cycles and the performing of risk assessments to assess the nature, timing, and extent of the testing that must be performed in each area. The tool supports determining the significant risk factors that need to be evaluated for each sub-process and sub-cycles.
Risk assessments can be performed based on configurable methodologies and aggregate algorithms. Comprehensive reports and dashboards provide insights on risk scores, top risks, assessment status, etc.
You can plan and design control tests, while also defining test owners, schedules, scope, and frequency. You can also search and select controls for testing based on various parameters and assign them to control owners or testers. Built-in standard templates can be leveraged to conduct control tests. Select control samples, and record the results of testing, including the operating and design effectiveness of controls. Attach supporting documents and evidence of compliance. Store these documents centrally, and provide access to them through secure, role-based landing pages.
With MetricStream, you can create plans, questionnaires, and schedules for certifications based on SOX Section 302 and 404. You can provide management teams the assurance that subordinate levels have performed their internal control duties with a SOX 302 sub-certification report.