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Monday, June 05, 2006

Real-Life Challenges and Recommendations

Editor's note: This is from a May 31, 2006 RFG Research Brief entitled "Sustainable Compliance 101: Continuous Controls Monitoring" by lead analysts John Van Decker and Sara Braunstein

Client Challenge: As firms move into the third year of the Sarbanes-Oxley (SOX) compliance era, senior executives in finance, IT and other lines of business (LOBs) are focusing on sustainable and affordable effectiveness in internal controls surrounding critical business processes. RFG received an inquiry from a client that is challenged with making processes compliant, for fewer dollars and more quickly. The company is trying to determine what to prioritize in terms of making business processes and applications compliance-proof, and wonders if there are any low-hanging fruit that can provide significant business value without major investment. RFG recommended continuous controls monitoring (CCM) solutions to this client, to aid it in meeting The Committee of Sponsoring Organizations of the Treadway Commission (COSO) requirements for financial transactions.

A recent applications space referred to as continuous controls monitoring (CCM) provides a means of ensuring effective 404-related controls. In addition, CCM supports management in mitigating operational inefficiencies, pinpointing fraud, and reducing financial errors. Although CCM is similar to audit software, it addresses the compliance problem as an enterprise solution, rather than software specifically for the audit department.

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