SOX/MAR Issues & Findings Management
Are you in compliance with SOX and MAR? One of the best ways to ensure this is through a robust issues and findings management program. Learn how LogicManager can help today.
LogicManager’s SOX/MAR Issues & Findings Management Solution
Here’s more of what you can expect with LogicManager’s SOX/MAR Issues & Findings Management solution package:
- Our Issue Tracking form is completely customizable, but it also comes with out-of-the-box best practice fields to help you track your case issue data. This way, you’re not starting from scratch.
- Visibility Rules can be set up on any form to collect more information on case issues when needed. This is just one way LogicManager adapts to your business’ unique needs.
- More on reports:
- Our Issue Table Report allows you to see all case issue information in an Excel-friendly export.
- The Incident Narrative Report shows drilled-in versions of the table report for each issue.
- Create an Incident Field History Report to see how issue responses have changed over time, ensuring a full audit trail history.
- The All Tasks Report allows you to filter tasks viewed based on their status.
- “Open Tasks Due in the Next 90 Days” is exactly what it sounds like: see which questionnaires are expected to be completed over the course of the next 90 days.
- Overdue Tasks lets you view anyone who has not yet submitted their questionnaires.
Why a Risk-Based SOX/MAR Issues & Findings is Important:
Automate your SOX/MAR Issues & Findings Management
Processes with LogicManager
Processes with LogicManager
LogicManager’s customizable incident form can be designed to meet your organization’s unique needs so that you can track the most relevant data points for your issues and findings.
All submitted issues and findings will be stored in one centralized repository, so that they may be accessed by all relevant stakeholders. Additional permissions can also be set so that only a subset of users can view sensitive pieces of information, and others can be given specific edit or view-only permissions to certain data points
The ambiguity of who is responsible to document, review and approve an issue or finding can be eliminated via the use of a LogicManager workflow. Roles can be clearly defined via email-integrated tasks and reminders, and you can easily define the process flow of which stakeholders should be engaged at which steps of the process.
Any data entered into the LogicManager system can be extracted via reports. This can include Excel-style aggregate reports or printable PDF one-pager reports. We can also track the metadata behind an issue (i.e. who created it, the date was it created, when was it closed and more).
Issues & Findings Management for SOX Compliance
Issues & Findings Management is a widely used functionality within the LogicManager platform. Through our tracking and reporting capabilities, automated workflows and customizable forms, LogicManager users leverage the Issues & Findings Management tools to complete a variety of processes across their organization.
One of the most popular use cases for Issues & Findings Management is to comply with SOX and MAR:
- SOX, an abbreviation for the Sarbanes-Oxley Act of 2002, is an act that ensures corporate responsibility, transparent reporting, honesty and integrity in businesses everywhere.
- MAR, or Model Audit Rule, was enacted to provide regulators with greater confidence that their insurance companies have effective controls in place. It also aims to increase efficiencies and strengthen corporate governance.
SOX and MAR are process-driven, heavily regulated requirements that must be undertaken by every public company. A strong framework that helps organize and automate this process is key to ensuring compliance and timely responsiveness to any issues that may arise during the testing process.
Through testing, risks associated with SOX and MAR may be more easily uncovered, like a lack of evidence to support your controls or gaps within your program. But tracking these tests manually is prone to human error.
There are important variables to consider:
- Who is responsible for documenting the issue or finding?
- When was this issue or finding realized?
- Who is responsible for remediating the finding?
- Who is responsible for reviewing and approving of the remediation steps?
- How do we ensure that we are responding to findings in an appropriate time frame?
- How do we know that all issues and findings are visible by relevant stakeholders and that appropriate progress is being made on remediation?
Without workflow management and automated delegation of responsibility, you may not have answers to critical questions and your organization can become vulnerable to falling out of compliance.
SOX/MAR Compliance Risks
Falling out of compliance with SOX or MAR can have significant financial consequences, in addition to a steep decline in your organization’s reputation. It may also lead to regulatory findings, which can snowball into additional audits and examinations, diverting resources from other internal initiatives.