Risk Management Software and Sarbanes-Oxley Act

Sarbanes-Oxley Act - A brief overview

The Sarbanes-Oxley Act concentrates on improving the accuracy and reliability of corporate disclosures. Its legislation requires companies to develop a system for continuous evaluation of both internal and external influences on business performance.

The Sarbanes-Oxley Act contains three main requirements:

The effectiveness of the internal control structure and procedures can be demonstrated by employing risk management with the purpose of minimising the risk of financial reporting errors.

Internal controls target at:

effectiveness and efficiency of operations
reliability of financial reporting
compliance with applicable laws and regulations

Risk management is an essential part of internal control over these objectives.

Sarbanes-Oxley Act and Enterprise Risk Register®

Enterprise Risk Register® is a valuable tools to improve the risk management in a cost efficient way. It assists you in mitigating risks related to internal controls.

Enterprise Risk Register® assists you to collect all risks identified in its risk log or risk register. It helps you to provide consistency across a project and even the entire organisation.

Enterprise Risk Register® supports qualitative risk assessments and provides the ability to record, sort and filter data by all its characteristics.

And Enterprise Risk Register® allows you to collect treatments against the risks and analyse the effect of implementing the treatments. This way it demonstrates successful risk management leading to cost reduction.