More Active CEOs

Section 302, which deals with management certifications, has significantly increased CEO involvement in financial oversight. Because the quarterly and annual financial statements required by the section are not "stand-alone events," the work and supporting systems required to fulfill the legislative requirements are being integrated into routine business performance reporting and financial reporting processes.

CEOs are increasing their involvement in financial reporting processes, and they are sending a strong message about accountability and responsibility across the organization. Accountability is moving down into organizations, driving dialog and increased correspondence.

Compliance (Sarbanes-Oxley Compliance Solution)

The passage of the Sarbanes-Oxley Act of 2002 is the single most important piece of legislation affecting corporate governance, financial disclosure and accounting oversight. Public companies need to be in compliance with the various sections of the Act. This can time consuming and an expensive affair.

Red Rabbit Software's Compliance solution helps companies comply with the Sarbanes-Oxley Act. Compliance provides companies with a platform that is event and rule based, and continuously monitors the compliance status of the corporation.

Roadmap to SOX Compliance - Click to enlarge

Utilizing business rule, it can easily adapt to the continuously changing needs of a company. Providing dashboards and reports that assist in compliance, Compliance improves accountability and provides a second layer of defense for compliance, in addition to providing a deep view of the systems of the corporation, which can be used as a strategic weapon.

Aiding Compliance

Using a well-defined process, the Compliance solution aid corporations in the following sections:

• Section 302 – Chief Officers certification of financials
• Section 404 – Internal Controls for financial reporting
• Section 409 – Real Time Disclosure
• Section 802 – Criminal penalties for altering documents