What is the Sarbanes-Oxley Act?
It’s worth noting that an ERP solution alone may not ensure compliance with SOX. Since Every ERP system can be configured differently, your processes need to be designed in a way that meets regulatory compliance and trains users on how to properly execute on those compliant processes.
See Also: What Does ERP Stand For?
Key Compliance Tools & Features
Visual Process Flows - Enterprise Management uses visual process flows to ensure a logical, controlled sequencing of activities for each business process. These visual process flows serve as the required controls that help document the system’s behavior.
See also: How to Setup Visual Process Flows
Robust Security - robust system-wide security ensures database integrity and an audit trail of all system updates and occurrences from password-protecting user access to specific data to time and date-stamping every transaction with the user’s ID.
Electronic Signatures - electronic signatures (which cannot be modified or copied) in Enterprise Management improve security and control over internal automated workflows which are required for corporate governance audits and complying with various industry regulations.
Financial Reporting - The system pegs legal documents, such as invoices and purchase orders, from the line items listed to the corresponding transactions recorded in the general ledger, providing complete audit traceability from financial statement to legal source document.
Alerts & Notifications - automated alerts support control point notification to address exception-based transactions.