Enforce and document mandatory Compliance and ensure effective
Corporate Governance using Skelta BPM.NET
Inspired by the need to better protect investors and in response to the growing
number of corporate and accounting scandals in the recent past, companies are
required to strictly comply with legislations as laid down by acts such as the
Sarbanes-Oxley Act of 2002 and Clause 49 of the 1992 SEBI act.
These mandatory corporate governance laws require complete documentation and
evaluation of financial statements to be personally certified by CEOs and CFOs.
The law also calls for company top management to accept responsibility for
establishing and maintaining internal controls for financial reporting. These
controls are subject to internal evaluation and ultimate disclosure of any
deficiencies to Audit Committees.
An integrated compliance workflow includes:
Thus, Self-certification of internal controls and legal compliance requires an
organization-wide compliance initiative as the managers of each function need
to assess and certify the effectiveness of processes and controls that they are
responsible for.
Why automate compliance process and policies?
Creating an electronic system for a requirement as critical as compliance with
corporate governance acts, delivers options that are not possible with
paper-based processes.
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Integrated MIS through graphs and statistical reporting to enable managers to
view compliance status and results before certification and to identify
deficiencies.
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Use Business Rules to meet objectives of risk assessment and controls
effectiveness.
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Collaboration of documents for easy and controlled access and real time
activity on remedial procedures
Skelta Advantage
Skelta BPM.NET provides enterprises with a strong and collaborative platform to
develop a business application, using a seamless and efficient process model.
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SOA platform ensures enhanced security for workflows for better compliance with
SOX standards. The SOA platform caches user information from Active Directory
to drive permissions for use of forms.
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Manage versioning and security of forms using Skelta BPM.NET Native Forms
Designer
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Skelta BAM and Analytics provide powerful graphical dashboards and drill-down
reports that enable CEOs, CFOs and managers to view the current status of
assessment tasks and control effectiveness.
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Potential risks can be assigned to specific processes, where they are in turn
related to controls
Map existing internal controls to the digital domain for tighter compliance:
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Create a centralized repository for all documents and evidence of compliance
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Define workflows for reviews and self-assessment of processes, risks and
associated controls
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Workflow dashboards for easy review of adherence to processes.
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Define workflows for executing test plans and mitigation strategies
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Maintain audit trails for each compliance activity
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Extend benefits of automated workflows and process management to areas besides
compliance such as HR, Sales, Document Management etc.
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Strong BPM architecture to reduce bottlenecks in workflow leading to better
controls and pro-active risk management.
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BPM.NET's powerful integration capabilities allows for dynamic data update for
real time process views and immediate risks associated with each process.
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Graphical user interface for organizing risks and controls and doing away with
abstract data.
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Collaborative environment for quick remedial procedures through email
integration.
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As compliance with regulatory bodies become increasing concerns for
organizations today, using a scalable business process management platform such
as Skelta BPM.NET allows for internal controls to be architecturally built in;
hence increasing real time activity. Skelta's Business Rules approach, allows
organizations to control risks, manage liabilities and ensure transparency of
their processes through clear audit trails.
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