Corporate scandals, such as the Enron debacle and the collapse of Barings Bank, have shown the need for stronger supervisory regulations for publicly listed companies. The best known regulation in this context is the Sarbanes-Oxley Act in the U.S., but basically every country has its own regulation; for example JSOX in Japan, Turnbull in the U.K., and MI 52-109 and Bill 198 in Canada. Each regulation ultimately defines significant, stricter personal responsibility of the corporation’s executive management and internal controls for the accuracy of reported financial statements.
Secure all financial processes
The core of financial governance regulations like SOX, is the requirement that all financial processes are managed according to a stringent set of rules and regulations, backed by accurate reporting capabilities. This management and recording of internal controls, to work toward compliance, can be set down in a concise and controlled manner with BWise and can save an enterprise significant time and money.
Regain trust stakeholders
Many corporations have a solution in place to embed financial governance into its organization. As a result of the credit crisis, companies are seeking ways to reduce costs, improve efficiency and regain trust from its stakeholders. BWise enables companies to serve both of these requirements. BWise will test controls, collect evidence and streamline corresponding workflows, setting a foundation for a better Control Statement from the enterprise. The testing of soft controls can be performed, consolidated and monitored by the issuing of compliance correspondence in the enterprise, such as assessments, surveys or questionnaires. In addition, BWise also provides a database that helps companies to record any incident, whether it is related to SOX compliance or another financial governance regulation.
Based on these functionalities, companies are able to not only embed financial governance in an efficient and controlled manner with BWise, but will also enable senior management to provide the transparency and insights demanded by stakeholders and a create a better ‘In Control Statement’.