UK bank Lloyds TSB is deploying technology from Massachusetts-based OpenPages to manage its compliance with Section 404 of the Sarbanes-Oxley Act.
The bank has purchased OpenPages' Sarbanes-Oxley Express (SOX Express) product which it will use to manage and report on compliance with the Section 404 filing requirements.
Section 404 requires that corporate management teams assess the effectiveness of internal controls.
OpenPages says its SOX Express product helps firms automate significant aspects of the internal controls framework to significantly reduce the overall cost of compliance.
The application can be used by project managers, documentation team members and internal and external auditors to plan, document and test the internal controls of the company.