Sarbanes-Oxley Ongoing Compliance Guide: Key Processes and Summary Checklists

Risk Management Software

A lack of standardized, automated, and integrated processes can lead to inefficiency and increased cost. In addition, it can hinder an organization’s ability to make informed and accurate decisions about enterprise risk management.

Every organization can benefit from taking a holistic view of risk in relation to its long- and short-term strategic goals. Risk management software facilitates this process by helping executives, risk managers, and process owners effectively analyze all relevant risks impacting their organizations. These platforms integrate SOX compliance, general compliance, internal audit, and risk management through a central data repository that produces more accurate information and promotes the consistency of internal controls.

Several standard reports and reporting features exist within this type of solution (e.g., dashboards and scorecards) that outline and categorize the risks that can impact the business. Extensive ad hoc reporting capabilities are also available that can produce customized reports without relying on IT support. Such a solution can later be expanded into a comprehensive risk management module that provides a detailed view of all identified material and relevant risks in order to reduce deficiencies in internal controls, streamline business processes, and implement a proactive approach to risk management.

Utilizing technology to build and monitor an ERM program can help an organization:

• Continuously monitor risks and ...