Centralized Compliance Framework Enabling Efficient Mapping of Relationships
MetricStream SOX Compliance Management software offers a centralized compliance framework that allows you to efficiently map relationships within your organization's SOX compliance program. This framework covers processes, risks, controls, financial accounts, financial statement assertions, evidence, questionnaires, and tests. By organizing this data into appropriate hierarchies and mapping the relationships between various elements, you can streamline your compliance efforts and ensure a comprehensive approach to regulatory requirements.
Comprehensive Approach to Risk Assessments
With MetricStream's SOX Compliance Management software, you can plan and schedule risk assessments, define scopes, and assign responsibilities to owners. Assess risks based on impact and likelihood, rate control effectiveness, and document inherent and residual risk ratings. The Risk and Control Matrix provides a holistic view of your compliance program, including risks, controls, control effectiveness, test results, assertions, and frequency of control testing. This comprehensive approach to risk assessments ensures that your organization is well-prepared to address potential compliance issues.
Streamlined Control Testing and Documentation Processes
MetricStream enables you to plan and design control tests, define test owners, schedules, scope, and frequency with ease. You can efficiently search and select controls for testing, assign them to control owners, and utilize standard templates for conducting control tests. By storing these documents centrally and providing secure access through role-based landing pages, you can streamline control testing and documentation processes, leading to more effective compliance management.
Efficient Management of SOX Certifications
MetricStream's SOX Compliance Management software facilitates the creation of plans, questionnaires, and schedules for certifications based on SOX Section 302 and 404. Additionally, it provides a SOX 302 sub-certification report that offers management teams assurance that internal control duties have been performed at subordinate levels. By efficiently managing SOX certifications, your organization can demonstrate compliance and instill confidence in stakeholders.
Swifter Remediation of Issues with Automated Workflows
Accelerate remediation action plans through automated workflows, notifications, and reporting processes with MetricStream's SOX Compliance Management software. Review issues marked for disclosure and route them to the disclosure committee for recommendations and inclusion in regulatory filings. Leveraging AI/ML capabilities, the software quickly identifies and recommends issues, classifies them, and suggests action plans based on relationships. This streamlined approach to issue remediation enhances your compliance efforts.
Effective Monitoring with Intuitive Dashboards and Reports
Monitor the status of control design, process ownership, evaluation plans, test results, and other key factors through intuitive dashboards and reports provided by MetricStream's SOX Compliance Management software. These graphical representations allow you to track and visualize data at finer levels of detail, providing a comprehensive view of your compliance program. By utilizing key control metric cards, you can effectively track the status of controls and ensure compliance with regulatory requirements.
Business Benefits of MetricStream's SOX Compliance Management Software
By leveraging MetricStream's SOX Compliance Management software, organizations can gain confidence in their compliance efforts through a unified approach to risk and control data management across financial processes. This approach helps reduce compliance efforts and costs by rationalizing controls using a risk-based methodology, ultimately increasing investor confidence by providing accurate, reliable data on control testing, certifications, and issue resolution. Strengthening trust and credibility with stakeholders, the software ensures assured compliance and timely reporting, positioning organizations for long-term success in the regulatory landscape.