Speaking at OpenText’s LiveLinkUp event in Orlando this month, Sasol’s Eric Slaghuis described deployment of Open Text’s Internal Controls Solution (ICS) to ensure compliance with Section 404 of the U.S.’s Sarbanes-Oxley Act (SOX). SOX compliance is mandatory for non-U.S. firms trading on the New York Stock Exchange. South African Sasol deployed OpenText ICS as an extension of its existing Livelink ECM solution, Sasol’s collaboration and content management platform (OITJ Vol. 9 N° 4).
Slaghuis said, ‘We established an early timeline for Sarbanes-Oxley requirements to ensure we would be ready well in advance of our compliance deadline. Much depended on getting the right software in place. We evaluated several corporate governance offerings, but chose ICS to fit into our existing IT environment to speed deployment. We’re pleased to say that we were successful in documenting all financial reporting controls well in time. This enabled us to initiate a robust self-assessment business process in order to prepare for our first filing in 2006.’
ICS integrates with Livelink ECM’s notifications and assignments to inform compliance officers of questionable findings, and launch the required processes to address and resolve potential risks, issues and control tests.
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