SOX Compliance in User Management - Explained by SYDECON

Welcome to SYDECON. We care for your company's compliance with MDM Enterprise in the Cloud! You'll find the full explanation in text form here in the description below the links. #compliance #usermanagement #sydecon

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Explain your issue to us and together we will find the solution that best suits your company's interest! SYDECON offers more than just software. We implement MDM Enterprise Suite for you, but we do not leave you alone afterwards. Our trained consultants and expert software engineers are always available for you, with gumption and competence.

Let’s suppose your company owns branch offices or subsidiaries in different locations or even countries around the world. With more and more local departments business becomes increasingly complex. And accounting errors or fraudulent financial practices are more likely to happen unnoticed. In 2002 the United States took care of that issue with the Sarbanes-Oxley-Act, short SOX, for all companies that operate on the American trading market. In 2006 the European Union followed with a similar law. What exactly SOX means and how it works, we have already covered in our video on SOX compliance, which you can visit by clicking on the link in the right upper corner. Now let’s take a closer look at the different fields of implementation and application. Your best option for implementing these mandatory guidelines is to set up rules and methods for the verification of financially relevant transactions. It may soon enough get complicated for a big company to do that on paper. Therefore, it is necessary to incorporate workflows in an IT system that guarantee adhering to the four-eye-principle as well as transparency for third parties. Those workflows have to enable proper tracking of the state of all master data in your company. That means, making it possible for managers and auditors to see exactly, who changed what at which point. So, it is relevant to create certain “roles” for employees of the company that are part of the workflow-system. These roles can be assigned to all co-workers that take care of a financial transaction. Every role defines what a user of the workflow-system is allowed to do and what not. When a change is made in role assignment, the system saves this change too. To verify all users of the workflow-system a report on all changes is sent on a regular basis to the matching role holder – normally an auditor. It can then be reviewed and stamped. Reports are created for many different aspects of the working field. That is why the roles have to be grouped according to the different areas of action. For every one of these areas an auditor has to be instated in order to check not only content items but also proper progression of the workflow runs. Reports will be sent periodically and automatically to the auditor for formal review. When created they are available at any time, so that many reports can be checked simultaneously. It is possible to see which data was changed by which role holder at what time and which roles have been assigned to which employee. By finding and identifying mistakes and faults, fraudulent practices or accounting errors can be combated effectively. MDM Enterprise in the Cloud provides a precise solution with carefully calculated digital infrastructure as a clear surface for quick and easy auditing. Designed by experienced IT specialists from Munich we do it for customers all over the world.
Ultimately, the fulfilling of all the necessary compliance requirements in user management leads to effective work and economic growth. And to more trust between customers, employees and owners of your company.