Sarbanes-Oxley Law and governance programs are not a future possibility any more, they are reality. If your company is in target of SOX Act or has already adopted a Corporate Governance model, you are probably aware of the implication of non compliance. The question is how to set your company in compliance with the new rules of financial and management reports? And what is more important: how to implement these new capacities in time?
It is current knowledge that good practices of corporate governance must provide an important reference point for prompt responses of management and board of directors to situations they may cause impact directly in stockholders’ investments. Actually one may state that the absence of good corporate governance – even with excellent financial results – represents vulnerability to stockholders since the company is not accordingly prepared to face possible administrative and financial challenges.
QPR Collaborative Management is the perfect set of tools to support the requirements of any model of Corporate Governance. With it companies become capable of documenting and communicating in a more effective way their processes and performance measures.
With this set of abilities, besides fulfilling the requirements of corporate governance are able to map and represent all their strategic courses, providing support to the future of the organization, transparency of its actions highlighting the effectiveness of strategy now and in the future
QPR Collaborative Management and compliance to Sarbanes Oxley Law
Section 302 – Financial Reports
With its process module QPR ProcessGuide, organizations can create process maps of many levels that contain even the more complex financial processes, making them understandable to all inside and outside the company. It allows the attachment of documents to process steps, online collaboration and dynamic simulation of processes. The versatility of QPR Process Guide makes it a powerful tool in the search for compliance with SOX.
Section 404 – Evaluation of Management and Internal Control Reports
QPR Collaborative Management easily supports this requirement integrating in a transparent way business processes and performance indicators. QPR ScoreCard module automates any strategic performance management system. Through the integration of these two powerful tools in a portal it is possible to manage controls using COSO structure.
Section 409 – Disclosures of Sender in Real Time
QPR Collaboration Portal employs a web interface to communicate in real time financial and strategic critical pieces of information. Indicators allow measures that help determining targets and performance measurement in critical areas to financial performance in compliance to SOX. The support to many “scorecards” allow the monitoring of the metrics of section 409 and communication in real time.
Online reports optimize the capacity of the company to monitor its metrics and critical processes. Since they are published in real time they are ideal to visualization and internal analyses of external disclosure.
It is also possible the setting of e-mail alerts to immediate notification of events such as: changes in some metrics, insertion of parameters or not informed values. This idea of “Push Technology” assures that the initiatives and needs of SOX are completely satisfied.
