• 60%*
    Reduction in the time taken for control testing and SOX certifications
  • 0%*
    Errors in SOX Certifications
* Based on GRC 20/20 research on MetricStream customers and the GRC Journey ROI Calculator

SOX Compliance Management App

The MetricStream SOX Compliance Management App enables enterprises to effectively address SOX compliance challenges, and reduce the time and costs involved in managing compliance. The app supports the process of setting up a SOX framework, planning and scheduling risk assessments, and performing control tests and assessments. It also helps in managing evidence collection and other documentation, performing certifications and sign-offs, and remediating issues.

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Enabling High Performers

Responsive and personalized interface designed for SOX compliance professionals

Highly configurable to meet your specific SOX compliance requirements

Mobile ready, enabling control testing anywhere, anytime

Compliance insights and intelligence for better decisions

Fast, lean, ready for the future

Features

Setup of the SOX Compliance Framework

For each business unit, create a centralized SOX compliance framework that includes processes, risks, controls, financial accounts, financial statement assertions, evidence, questionnaires, and tests, along with the associated owners, reviewers, and approvers. Organize this data into appropriate hierarchies, and map the relationships between the various data elements.

Risk Assessments

Plan and schedule risk assessments, define their scope, and assign them to owners. Assess risks based on impact and likelihood, rate control effectiveness, and document the inherent and residual risk rating. Determine the nature, timing, and extent of testing that must be carried out in each area along with the sample size required to pass the tests.

 

Leverage the Risk and Control Matrix for a comprehensive view of the SOX compliance program, including risks, controls, control effectiveness, test results, assertions, and frequency of control testing.

Control Testing and Documentation

Plan and design control tests, while also defining test owners, schedules, scope, and frequency. Search for and select controls for testing based on various parameters, and assign them to control owners or testers.

 

Leverage built-in standard templates to conduct the control tests. Select control samples, and record the results of testing, including the operating and design effectiveness of controls. Attach supporting documents and evidence of compliance. Store these documents centrally, and provide access to them through secure, role-based landing pages.

Certifications

Create plans, questionnaires, and schedules for certifications based on SOX Section 302 and 404. View a SOX 302 sub-certification report which provides management teams with the assurance that sub-ordinate levels have performed their internal control duties.

Remediation and Disclosures

Document control deficiencies and issues, mark them for remediation, and assign them to the respective owners. Create remediation action plans, and route them to reviewers for approval. Accelerate the process through automated workflows, notifications, and reporting processes.

 

Review issues marked for disclosure, and channel them to the disclosure committee for their recommendations and inclusion in regulatory filings.

SOX Compliance Monitoring and Reporting

Track the key departments involved in SOX compliance, as well as the processes, associated controls, attributes of controls, tests, and self-assessment plans. Monitor the status of control design, process ownership, control evaluation plans, test results, and other factors on graphical charts. Drill down to view the data at finer levels of detail. Leverage key control metrics cards to track the number and test status of controls.

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Delivering Business Value

  • Gain confidence in SOX compliance through a unified approach to risk and control data management across financial processes
  • Reduce compliance efforts and costs by rationalizing controls using a risk-based approach
  • Simplify control testing, documentation, and issue remediation through consistent, streamlined processes
  • Increase investor confidence by providing accurate, complete, and reliable data on control testing, certifications, and issue resolution
  • Strengthen trust and credibility with stakeholders through assured compliance and timely reporting






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