IDS Scheer, Inc., a provider of business process excellence services and tools, announced that its ARIS Toolset offers a powerful solution to help organizations ensure corporate governance and Sarbanes-Oxley (SOX) compliance. The ARIS Toolset includes a complete suite of Web-based tools to document, analyze, implement and optimize organization-wide business processes, and enables organizations to identify any compliance vulnerabilities.
SOX compliance is driving the need for organizations to implement policies and procedures to ensure the integrity of financial reporting, as well as their internal control systems. To help executive management with accountability disclosure, the ARIS Toolset can document existing process and data flows and identify areas that need to be improved.
According to a September 15 research brief from AMR Research, Sarbanes- Oxley Act compliance does not stop with documentation of business processes and controls. Organizations must actively enforce these policies and procedures, and technology can make it happen. The ARIS Toolset provides the blueprint to identify the scope of the roles, business capabilities and the application infrastructure required to support them.
The ARIS Toolset offers a complete package to help organizations comply through the entire SOX process chain including evaluation, documentation, and monitoring the efficiency of the internal control systems. The first step includes a GAP analysis of the existing internal control systems as well as compiling the components for developing an internal control handbook. The second step is the creation and documentation of these systems, which leads to the last step that includes regular monitoring to ensure ongoing SOX compliance.
“Our approach to SOX compliance can prevent such financial improprieties that have unfortunately occurred at Enron and Worldcom,” said Dr. Mathias Kirchmer, president and CEO, IDS Scheer, Inc. based in Berwyn, PA. “If internal control standards are not implemented within an organization, then that company is at risk. The ARIS Toolset enables organizations to achieve SOX compliance and also provides the strategic benefits of continuously improving processes and achieving other operational efficiencies.”
According to Kirchmer, the ARIS Toolset documents and evaluates SOX- relevant processes to determine the efficiency of the internal control system using an adapted methodology for risk management. Then, a web-based process repository is created to track SOX-relevant risks. The final rung is establishing a web-based workflow system including a SOX database. The implementation of the workflow system guarantees regular monitoring of SOX- relevant risks using test activities conducted by individuals assigned to this task. In addition, testing and monitoring the efficiency of control activities on a regular basis fulfills one of the central SOX requirements.
“Our methodology and expertise in the field of risk and process management will help organizations in their quest for SOX compliance. We have extensive expertise supporting SOX implementations for various companies and have developed benchmarks and best practices,” added Kirchmer.
As added incentive to achieve compliance, IDS Scheer offers its customers a pilot project program to identify, document and monitor SOX relevant processes and data using the ARIS Toolset. This provides the customer with a snapshot of what is needed to become SOX compliant.
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