Protiviti Inc., a leading internal audit and risk consulting firm, announced today it has signed a strategic integration and joint marketing agreement with TIBCO Software Inc. (NASDAQ: TIBX), a leading enabler of real-time business and the world's largest independent business integration software company.
Under this agreement, the two companies have co-developed and delivered an integrated Sarbanes-Oxley solution combining Protiviti's SarbOx Portal application with TIBCO® Staffware Process Suite. The result is a comprehensive framework to assist companies with documenting, testing, assessing and monitoring their internal controls after they achieve initial compliance with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX).
"The risks associated with compliance mandates highlight the need for tighter systems integration across the client enterprise infrastructure," said Michael O'Donnell, managing director and head of Protiviti's technology risk services practice. "By leveraging the TIBCO Staffware Process Suite, Protiviti's governance experts can now offer clients a powerful process management solution and scalable software architecture, combined with a robust portal application for deep analysis and reporting necessary for ongoing SOX compliance."
"Efforts to meet corporate governance requirements are creating substantial costs for public companies," said Ram Menon, senior vice president of worldwide marketing for TIBCO. "This integrated solution helps our respective clients streamline budgets associated with compliance by leveraging and integrating their existing IT investments with the SarbOx Portal for more efficient information and process management."
Protiviti's web-enabled SarbOx Portal application serves as a repository for internal control documentation, evaluation and testing to help organisations improve compliance with corporate governance requirements, achieve and maintain Sarbanes-Oxley compliance and enhance business performance. TIBCO Staffware Process Suite is a proven and comprehensive business process management solution that can be introduced seamlessly into an existing IT infrastructure. The integration of these two technologies results in a compliance framework that can assist companies in demonstrating that internal controls and processes related to financial reporting are fully documented, evaluated, tested and maintained in accordance with SOX requirements.
For Protiviti clients, TIBCO Staffware Process Suite provides enhanced workflow and task automation, process management, activity monitoring, rules-based enforcement of policies, and ERP integration. In turn, the SarbOx Portal offers TIBCO's client base guidance in managing all phases of a SOX Section 404 compliance program. In addition, the Integrated Solution will help organisations:
- Reduce total cost of compliance and risk management
- Improve transparency
- Enhance business performance and drive process efficiencies
- Achieve active compliance
- Improve information for decision-making
- Achieve tighter integration across enterprise infrastructure