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Use Technology to manage SOX

Many organizations understand the advantages of incorporating technology into their internal controls framework. Utilizing technology can reduce the effort in tracking control effectiveness and remediation activities, allow real-time collaboration, and provide access to a shared control repository. Although leading-edge technology is not necessary for a successful internal controls framework, early consideration of technology can set up an organization for success. There are different approaches to technology adoption with some using enterprise-wide ERP or GRC tools, while others have different point solutions and varying levels of technology adoption.

5 Key Considerations:

  1. Consider the IT landscape supporting your finance processes. Gather an inventory of applications used in financial processes and understand the IT controls you currently have in place. Identify any gaps and aim for a central, coordinated approach towards IT governance.

  2. Increase reliance on IT systems in business processes. Set a target for controls automation and look for an efficient blend of automated and manual controls.

  3. Include third-party supported applications in your inventory and identify those where Service Organisation Controls (SOC) reports exist already.

  4. Consider the use of new technologies such as Robotic Process Automation, Agile and migration of services to the cloud. Gather information about their use in finance processes, identify those responsible for their operation, and consider the risks and appropriate controls.

  5. Think early about GRC technology. Consider your requirements for a GRC tool and how it would support your organization in mapping out your route to a UK controls attestation.

SLINEP can be a valuable partner in your SOX automation and transformation journey. Our team of experienced professionals can provide high-quality resources to support your organization's specific needs, whether it's conducting an inventory of applications, identifying gaps in IT controls, or implementing new technologies. We can work as an extended team, helping you streamline your internal controls framework, reduce compliance costs, and achieve your controls attestation with confidence. Contact us to learn more about how we can support your organization's SOX journey.

Disclaimer: The above recommendations are general best practices for SOX compliance and may not be applicable to every company's specific situation. It is important to consult with legal and IT professionals to determine the best course of action for your business. Additionally, implementing these recommendations does not guarantee compliance with SOX regulations or protection against security breaches.


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