RiskWatch partners with third-party data companies to give accurate risk scoring per facility, based not only on your security assessment but also on crime data for the surrounding area as well. Data registers and third-party data providers can be used to populate new assessments with standard sets of data and determine the likelihood of an incident objectively.
SOX Compliance Management Software
Streamline and Simplify SOX Compliance, Meet Regulatory Requirements
Streamline SOX Compliance with RiskWatch. Our Compliance assessment software offer a comprehensive approach to risk assessment and compliance management, helping organizations meet the stringent requirements of SOX . From identifying and evaluating risks to implementing robust security controls, RiskWatch provides a seamless path to achieving and maintaining SOX certification requirements.
Recognized For Top Rated SOX Compliance Management Software
Everything you need to achieve and maintain SOX Compliance
SOX Compliance Automation
Streamline your SOX journey with a tailored workflow, content, and reports designed specifically for the standard.
Centralized Repository
Captures responses, artifacts, and
evidence for SOX controls.
Identify Security Gaps
Identifies gaps and supports the
remediation function to ensure nothing slips through the cracks.
SOX Compliance Reporting
With RiskWatch, you’re not just compliant, you’re confidently compliant. Our automatic report generation educates your team and proves your compliance to stakeholders.
Assign And Track Tasks
Work together with your team seamlessly, share insights, and make collective decisions to manage risks effectively
Trend Analysis
Trending analysis capabilities reuse data gathered over time and visualize your company’s SOX compliance improvement each year.
Achieve your SOX Goals with RiskWatch
Automated Assessments
Streamlined SOX Risk Assessments
RiskWatch enables customers to complete SOX assessments on the go using any browser-enabled device, even when you do not have a reliable internet connection. This ensures that data stays within a centralized location, eliminating the need to copy data manually and therefore reducing human error.
- Simplify the data entry with easy input assessment questions.
- Take any supplemental photos directly on your device and attach to your responses.
- Gathered information will be uploaded once a stable internet connection is detected.
Risk Scoring
Accurate Security Risk Scoring
- Partners include Cap Index, Security Gauge, and World Aware.
- Increase visibility and transparency with facilities, enabling more insightful decisions.
- Communicate the status of facility security to business stakeholders using a unique security risk rating for each facility.
Automated Analysis
Automated SOX Analysis
RiskWatch software streamlines the SOX assessment automation, using our intelligent analysis methodology to collect all relevant security data and highlighting any security gaps. Automated analysis aims to improve security positioning without the need to manually compare site data and risk scoring prioritizes projects, allowing you to manage security without getting stuck in the weeds.
- Automatically rank sites by risk to prioritize mitigation.
- Understand security at a glance with real-time dashboard analytics.
- 80% time savings when assessments were conducted using previous assessments performed in SecureWatch and compared to a manual assessment process.
Risk Remediation
Suggested Remediation
The RiskWatch platform offers suggested remediation to instances of non-compliance to our content libraries like SOX . As assessment information is collected, the platform determines if action should be taken to meet compliance. These can be shown to administrators for review or directly to team members for action.
- Immediately gain a starting point for reaching compliance with your content library
- Reduce time needed to manage your teams remedial tasks.
- Automatically assign tasks within the platform, make adjustments, or leave additional instructions.
Advanced Reporting
Automated SOX Reporting
RiskWatch enables customers to standardize and automate reporting functions directly within the platform for SOX compliance. Several report templates are included by default, with the added option to create custom templates. Templates can be saved to meet data and visual preferences. With the correct templates saved, generate any report with a single click.
- Save an average of 16 hours per report
- View robust data from multiple sources within a single place.
- Increase transparency with any data available in any format, on demand.
Ready to get started and automate your compliance process?
RiskWatch platform is easy to use, free to try, and can be customized to fit your business needs.
Challenges of SOX Compliance
The Sarbanes-Oxley Act (SOX), enacted in 2002, aims to protect investors by ensuring the accuracy of financial reporting by publicly traded companies. While crucial, achieving SOX compliance presents significant challenges. Let’s explore these hurdles and the potential consequences of failing to meet SOX requirements.
Challenges of SOX Compliance:
People, Process, Technology: Effective SOX compliance hinges on three key areas:
- People: Ensuring employees at all levels understand their roles and responsibilities in maintaining strong internal controls.
- Process: Establishing clear and documented procedures for financial reporting and control activities.
- Technology: Implementing robust IT systems to support data integrity, access control, and audit trails.
Resource Constraints: Creating and maintaining a SOX compliance program requires dedicated personnel, training, and technology – resources that can be costly for many organizations.
Complexity of Regulations: SOX regulations can be intricate and subject to interpretation. Keeping up with evolving guidance and best practices can be a challenge.
Integration with Existing Systems: SOX compliance processes may need to be integrated with existing financial and operational systems, requiring customization and ongoing maintenance.
Impact of SOX Non-Compliance
Failing to comply with SOX can have severe consequences for a company:
Financial Penalties: The Securities and Exchange Commission (SEC) can impose hefty fines for SOX violations.
Reputational Damage: Public disclosure of SOX non-compliance can severely damage investor confidence and brand reputation.
Loss of Market Access: Companies may face delisting from stock exchanges in extreme cases of non-compliance.
Legal Action: Shareholders may file lawsuits against companies with material misstatements in their financial statements.
Can You Afford SOX Non-compliance?
In 2005, electronics giant HealthSouth Corporation was found to have engaged in a massive accounting fraud scheme. The company’s CEO and CFO were convicted, and the company faced hefty fines and penalties. This case serves as a stark reminder of the potential consequences of SOX non-compliance.
FAQs
Get answers to some of the most frequently asked questions on our SOX Compliance Risk Assessment Platform.
Or head over to the Contact Us page to have a compliance expert reach out to you.
OSHA compliance means adhering to the rules and regulations set by the Occupational Safety and Health Administration (OSHA) to maintain a safe working environment. These regulations cover a wide range of workplace hazards and are designed to protect workers from serious harm.
OSHA compliance is crucial for maintaining a safe and healthy workplace. It helps protect the well-being of employees, minimizes financial and legal risks for organizations, and promotes a safety culture.
OSHA compliance can reduce workers’ compensation costs by helping eliminate unsafe workplace conditions and making the company a safer place to work. It also ensures that companies are more likely to avoid inspections from an OSHA compliance officer.
RiskWatch offers over 40 prebuilt content libraries that contain industry standards and regulations, lending subject matter expertise and guidance for organizations. Achieving compliance with these libraries ensures risk is minimized.
The role of automated analysis in OSHA Compliance is to streamline the process of collecting information and producing quantifiable reports1. It minimizes human errors and handles large volumes of data.
RiskWatch prioritizes OSHA risk management by providing a centralized platform that simplifies compliance tracking, reduces risk, and ensures your organization is always audit-ready.
Non-compliance with OSHA standards can lead to workplace accidents and injuries, legal penalties, increased workers’ compensation costs, and damage to the company’s reputation.
RiskWatch can help in reducing unnecessary costs by streamlining the OSHA compliance process, reducing the time spent on assessments, and minimizing the risk of non-compliance penalties.
The time it takes to achieve OSHA compliance can vary greatly depending on the size and nature of the business, the current state of the workplace, and the specific OSHA standards that apply.
The main features of the RiskWatch platform for OSHA Compliance include Compliance automation,
Pre-built content libraries,
Document storage,
Accuracy and scalability, Collaboration,
Report generation
RiskWatch streamlines HIPAA Compliance assessments by automating workflows, streamlining compliance tasks, and assigning and tracking tasks.
Pre-built content libraries in RiskWatch are libraries that contain industry standards and regulations, lending subject matter expertise and guidance for organizations.
Additional content libraries can be added in RiskWatch by choosing from custom criteria using our Bulk upload option to perform custom assessments.
To generate detailed and customized reports, providing a comprehensive view of your risk profile and compliance status.
RiskWatch compares to manual processes by offering a more efficient and accurate way to manage risk and compliance. It reduces the time spent on assessments and minimizes human errors.
All employers in industries covered by OSHA need to comply with its standards to ensure a safe and healthy working environment for their employees.
Ready to get started and automate your compliance process?
RiskWatch platform is easy to use, free to try, and can be customized to fit your business needs.