CFO Strategies today announced the launch of SOX Compliance Manager, a comprehensive Web-based toolkit that significantly reduces the cost and complexity associated with Sarbanes-Oxley compliance.
SOX Compliance Manager incorporates CFO Strategies' unique field-tested project management methodology to help companies accelerate Sarbanes-Oxley implementation, identify the areas of highest reporting risk and automate the compliance process. The solution deploys quickly, is user-friendly, and structured to fit the needs of any budget. The fees are subscription based - there are no separate license fees, upfront capital expenditures, or maintenance fees. The SOX Compliance Manager includes:
- A customizable archive of best-practice compliance documentation spanning all major business and IT processes.
- A broad foundation of policies, procedures, and controls, as well as, strategic and tactical guidelines for effective project management.
- Leading-edge workflow and document management tools that allow for the assignment of project tasks and the oversight of critical control documentation.
- Robust project reporting and database tracking system
"SOX Compliance Manager is a cost-effective solution designed to help companies work smarter when it comes to Sarbanes-Oxley compliance," said Jerry Hutter, Chief Executive Officer of CFO Strategies. "Sarbanes-Oxley Act was passed in 2002 in response to a great need to improve corporate governance and financial reporting - it's not going away. This Web-based toolkit helps companies effectively execute their compliance process while significantly reducing the often exorbitant cost and effort."
The Sarbanes-Oxley Act, also known as the Corporate Responsibility Act, was passed in response to major financial scandals including Enron, WorldCom and others. For small and medium-sized companies, the costs associated with Sarbanes-Oxley compliance are often disproportionately higher when compared to larger companies. Today, small companies are spending $250K to $1 million per year on their compliance efforts.