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Governance rules OK

Governance rules OK

by Rick Turoczy on February 21, 2005

I was somewhat surprised to hear from a client that one of the biggest issues for his organisation in 2005 is compliance with Sarbanes-Oxley (SOX) corporate governance regulations. I had assumed the issues were fairly well understood and were being addressed. But it seems firms are struggling with the day-to-day problems of implementing SOX as an integral part of their processes.

Affected firms recognise the need to comply with SOX, Basel II finance rules and other corporate governance regulations, and now software vendors are launching products to help them.

Competition and variety in the software market is a good thing, but suppliers and potential customers need to be a bit more cautious. I’m not sure everyone understands what compliance is, particularly as it differs for each business. Compliance is not just a case of ticking a box.

Whatever measures are introduced, they have to satisfy an objective externally mandated set of requirements. In particular, you cannot have a compliance product that has weak security.

Governance rules OK

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