Instinet selects Movaris for Sarbanes-Oxley compliance

Source: Movaris

Movaris(r), a leading provider of financial control management software, today announced that Instinet Group Incorporated [NASDAQ: INGP] has selected Movaris Certainty to manage its internal financial controls and Sarbanes-Oxley compliance requirements.

As the largest global electronic agency securities broker through its affiliates, Instinet Group recognizes that their control environment will change, and will use the flexibility in Certainty to adjust and implement new control definitions while continually maintaining compliance.

Movaris Certainty not only documents the control definitions, but also records all changes and results of internal testing, creating a complete body of evidence about financial controls for both internal reports and the external auditors. The software also reminds participants to complete all required tasks correctly and on time, and it automatically escalates overdue tasks to management.

"Sarbanes-Oxley compliance touches many people in an organization, so initial definition and implementation of controls is critical to ease the initial workload and to create an effective, flexible control environment," said Eric Keller, chief executive officer for Movaris. "Movaris works closely with customers such as Instinet Group, to help them import and activate their financial controls, setting up an environment that allows control participants to complete controls promptly and accurately on an on-going basis."

Movaris Certainty spans all phases of Sarbanes-Oxley Section 404 and Section 302 compliance, and reduces the overall cost of compliance by continually maintaining a well-documented, methodically tested financial control environment. Certainty links financial controls directly to the COSO and COSO Enterprise Risk Management (ERM) framework, providing a strategic approach to compliance for the long-term. It automatically detects non-compliance or material weakness, notifies management of weaknesses in the financial control environment, and automatically manages the issue through to resolution.

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