BMO automates SOX compliance with LogicalApps
08 June 2006 | 2499 views | 0
LogicalApps, the leading provider of embedded governance software for enterprise applications, today announced that the BMO Financial Group (NYSE:BMO) has deployed LogicalApps governance software to automate enforcement of business controls for Segregation of Duties (SOD) and other regulatory requirements associated with the Sarbanes-Oxley Act (SOX). Using the solution, BMO can now prevent SOD violations and has slashed the time spent for its twice-a-year review process from two months to two days.
BMO elected to automate their Oracle E-Business suite compliance processes in order to better manage data changes in real time and eliminate manual reviews of paper-based reports. Using ACTIVE Governance software from LogicalApps, BMO can embed corporate controls into the ERP environment to automatically monitor and prevent control violations, and ensure that users have proper access rights and responsibilities. The software also allows BMO to implement more granular controls over application screens and fields without the time and expense usually required of customizations. With ACTIVE Governance in place, users can access only the information they need to perform their jobs.
"Our auditors love LogicalApps software because it gives us complete control over who can access our system, when and how they can access it, and the data changes they are allowed to make," said Darlene MacCormac, Vice President of Procurement and Strategic Sourcing of Harris Bank, a Chicago-based subsidiary of BMO. "In addition, the software dramatically cuts the time auditors spend reviewing paper-based reports. We've reduced the time it takes to complete routine audits from two months to two days. The software has already paid for itself."
"For large public companies like BMO, maintaining an efficient control environment is a complex problem that can interfere with business operations if not handled effectively," said Chris Capdevila, CEO of LogicalApps. "Using our extensive library of pre-packaged controls, BMO was able to identify and remediate their control violations quickly and easily. We're thrilled to have provided BMO with such a rapid return on investment from our software."