Monday, October 31, 2005
Turning Sarbanes-Oxley into a strategic Advantage
The key to turning your company’s conformity with Sarbanes-Oxley into a strategic advantage is to sustain your compliance year-on-year. To do so, you must embrace the idea that Sarbanes-Oxley compliance is an ongoing journey not a final destination.
To increase your company’s competitive advantage and close the IT audit gap you must leverage a combination of the right people, processes and technology. This means making compliance a repetitive process via careful planning, effective communication, efficient processes and applied technology applications aligned with best practices, audit and internal control guidelines and corporate culture.
Sarbanes-Oxley compliance has forced and is continuing to force companies to reengineer their business processes, which can improve overall enterprise risk management and business performance and therefore create enormous productivity gains. Complying with Sarbanes-Oxley mandates can be costly and time-consuming. Global companies have estimated that it will cost between $10-$20 million to implement the appropriate control frameworks (COSO, CoBiT) and create the environment needed to fulfill Sarbanes-Oxley requirements on an annual basis. Yet, for those companies determined to turn the business knowledge gleaned from Sarbanes-Oxley into a competitive advantage, an important silver lining beckons. The information that companies gather while complying with Sarbanes-Oxley, in particular regarding internal controls and risk management processes, can open up new opportunities to streamline businesses and increase profit. Here are ten tips to getting the most out of your company’s Compliance Strategies and benefiting from the silver lining.
posted by Brian Moran @ 11:33 AM