Archipelago rolls out Movaris for Sarbanes-Oxley compliance
15 December 2004 | 1082 views | 0
Movaris, a leading provider of financial control management (FCM) software, today announced that Archipelago Holdings, Inc. [PCX: AX], the owner and operator of the Archipelago Exchange (ArcaEx), the first totally open all-electronic stock exchange in the US, has selected Movaris' Certainty software to help manage its compliance with Section 404 of the Sarbanes-Oxley Act.
Archipelago selected Movaris Certainty for its efficient hierarchical mapping of risk and control activities, built-in control self-assessment capabilities, and straightforward architectural fit within the company's infrastructure.
"Movaris Certainty provides us with a single line-of-sight into enterprise-wide controls over financial reporting," said Sunil Seshadri, head of information security for Archipelago.
"With Certainty, our managers gain a sense of ownership for managing risk and control activities, and our executives have visibility into our entire financial control environment."
"Further, Certainty streamlines the audit of our risk and control activities; our external auditors may use Certainty to freely examine risk and control matrices, as well as the results of our self-assessments over the design effectiveness of our controls," said Stephane Biehler, Archipelago corporate controller.
"Innovative companies such as Archipelago must continually examine their financial control environment and adapt readily to change," said Eric Keller, chief executive officer of Movaris. "We welcome Archipelago to our growing roster of clients, and look forward to providing them with a solid approach to financial control management."
Certainty allows company managers to collaborate on Sarbanes-Oxley 404 compliance issues on a firm-wide level. This collaborative use of control self-assessments extends ownership for compliance throughout the organization and creates a firm-wide environment conducive to continual financial control and improvement.
Certainty's self-assessment automatically reminds control participants to evaluate the design effectiveness of a group of financial controls along company-defined dimensions, such as business unit, accounting process or sub-process, geographical location, or risk. Certainty presents users with a series of questions, and records the responses for each control, risk, and company objective. Should issues or exceptions result from the self-assessment, Certainty automatically detects them, and instantly alerts management to the problem and the reason for the problem, pinpointing areas that need remediation or resolution.
Movaris Certainty's broad range of functionality drives all phases of financial control management, including the documentation, review, improvement, and assertion phases of Sarbanes-Oxley 404 compliance. Certainty initiates pre-built action plans to improve the control environment, and produces necessary compliance reports on demand.