Every U.S. business must comply with thousands of federal business regulations. According to a report from Gartner, process management technologies can help companies meet the stringent rules enforcement and reporting requirements of regulations such as Sarbanes-Oxley, HIPAA, and others.
The report, "Process Management Technology Makes Compliance Easier," mentions that Gartner has seen "a huge increase in interest" in the use of IT solutions for compliance and corporate transparency in the past two years. While conceding that IT systems aren't always involved in compliance, the report states, "Compliance should be an enterprise discipline and should be managed and supported by an owner, with well-designed processes and appropriate technology."
The report also mentions several categories of IT solutions being investigated or adopted by U.S. businesses for this purpose, saying that such solutions need to offer three categories of features:
- Process control or business process management capability
- Document or record management repository
- Document or process template libraries
Among the solutions Gartner mentions are business process management technologies, which are advantageous because they can help enforce compliance policies in real time, with tracking and escalation capabilities that can bring problems to the attention of higher levels of authority.
PRO.FILE DMS (Epicor PLM), provides the capabilities public companies need to establish the internal controls and reporting procedures that Sarbanes-Oxley requires. The unique combination of PRO.FILE's capabilities for process design, automation, report distribution, monitoring, collaboration, content management, search and personalization, make this the ideal solution for complying with stringent regulations. The solution:
- Provides the project and task management for defining Significant Accounts, Processes, Risks and Internal Controls that conform to standards such as the COSO framework
- Gives each member of the extended accounting team with a personalized view of the compliance process and his or her assigned tasks
- Design and Automate the gathering and centralization of documentation and evidence needed for compliance
- Allows secure collaboration between internal finance groups and external accounting agencies on documentation and processes
- Utilizes workflows for automating issue management and document sign-off
- Helps identify issues and improvement opportunities in your auditing and internal control processes
- Ensures the integrity of records with audit trails, document management, version control, and security measures that ensure the protection of data and documentation
- Provides real-time report distribution that deliver insights into the status and performance of controls
Discover the power that PRO.FILE can give you in taking control of your auditing and reporting processes for Sarbanes-Oxley compliance.
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