"Adding value to the business" was identified as a key challenge of SOX functions.
For the most part, organizations are still treating SOX compliance the same way most of them originally looked at it: as a compliance exercise. A small proportion of those interviewed, however, have evolved their thinking. They look at SOX the way they look at many of their operations: as an opportunity to innovate, to automate and to gain competitive advantage.
These companies see the correlation between certain SOX compliance practices and the ability of the SOX function to add value to the business — which 56% of the executives considered a key challenge for their SOX function.
What if you could...?
- Reduce your SOX compliance costs?
- Be capable of quicker, more on-point decision-making across your entire enterprise?
- Free up existing resources for strategic initiatives?
Make a bold move and change how you think about and execute your SOX function.
Four ways to empower your SOX function
- Automate your controls
Replacing manual detect controls with embedded automated controls will make a significant difference in the hours burned on SOX each year, resulting in an immediate impact on your cost-containment efforts.
- Offshore to lower-cost resources
The SOX function procedures are now well codified — it's time to realize cost efficiencies from globalizing your resources.
- Leverage IT investment
The benefits of going beyond simple automation and more comprehensively leveraging all of your IT resources also applies to your SOX function.
- Innovate strategically
Strategic innovation around SOX execution can enhance your competitive advantage.
About the survey
In April 2011, we conducted a face-to-face survey with 225 global executives about their SOX compliance functions.
The executives who took part in the survey were all in positions that gave them a close-up view of SOX activities at their companies — and they told us that the SOX function is definitely on the C-suite radar: 78% of the survey participants report to the CFO, CAE or the Controller.