A team of five worked full-time to implement the SOX process—documenting hundreds of controls through nearly 50 processes. They managed the process with Excel®, Word®, PowerPoint®, Visio®, email, and shared drives.
A single source of accurate and up-to-date information was lacking. The team worked to reconcile multiple versions of control documentation, status sheets, and issues logs. There were too many emails to manage and old versions of documents floating around.
Saved time and improved accuracy
With Wdesk, the risk control matrix, process narratives, and dashboards are all linked. There is no time wasted tracking down the status of testing. The information is always up to date and resides in a single location.
Status reports are updated in real time. The SOX team, internal audit, management teams, and steering and audit committees have easy access to current information.
The SOX team is able to be more focused on tasks core to its goals for the year, which include:
Ensuring the company was compliant with the new COSO Framework
Bolstering its internal documentation
Building more effective working relationships with internal audit, external audit, and risk and compliance groups involved in the SOX process
Increased collaboration and efficiency
Teams across the company can access and work in documents simultaneously. Once a change is shared, other users can make additional edits or add comments. There's no need to consolidate changes into a master version.
The transition to Wdesk provided a significant benefit—improved working relationships. Wdesk reduced back-and-forth communication by helping the team build a common language around the SOX process.
With all members of a working group being able to access up-to-date SOX information, they have meaningful conversations about the effectiveness of the SOX program and key business issues versus trying to clarify basic information.
Visibility and control
The reporting process with Wdesk is more efficient, visible, and accurate as the team spends less time on non-value added activities.
The SOX team has the ability to see an audit trail of all changes made to the risk control matrix, narratives, and any other Wdesk documents. And with track changes, the SOX team has the final say of what changes are accepted or rejected.
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