- S 302 requires executives to personally certify the validity of financial statements
- S 404 requires complete documentation of financial controls and evaluation
Self-certification of internal controls and legal compliance requires an organization-wide compliance initiative as the managers of each function need to assess and certify the effectiveness of processes and controls that they are responsible for.
BPM enables organizations to address these requirements through document management features for creating a Compliance Framework, Compliance Workflows and Reporting and Monitoring.
Compliance Framework
BPM helps organizations to create a robust, scalable compliance framework consisting of:
- Owners and participants in the compliance initiative
- Risk Assessment procedures with Processes, risks and controls that are to be used for self-assessment
- Test Plans that are to be used to verify the operating effectiveness of controls
- Issues and Recommendations that are detected and defined during self-assessment
- Legal Compliance through management of tasks that require fulfillment of legal provisions under various acts
Compliance workflows
BPM facilitates collaboration by enabling execution of workflows for the following compliance activities:
- Self-assessment of design effectiveness and operational effectiveness of controls
- Workflows that enable tracking of issues and remediation plans to address flaws in controls
- Legal Compliance workflows to enable fulfillment of legal requirements
Reporting and Monitoring:
Before CEO/CFOs can certify the existence and effectiveness of controls, they need to view the results and status of the compliance initiative. BAM and Analytics provide powerful graphical dashboards and drill-down reports that enable CEO, CFO and managers to view the current status of assessment tasks and control effectiveness.
No comments:
Post a Comment