Enterprise Risk & Compliance
Sarbanes Oxley Compliance
Generating Enterprise Risk and Compliance Impact
More than a decade since the enactment of Sarbanes-Oxley (SOX), mature organizations have processes in place to enable compliance.
Historically SOX programs required costly manpower to be redirected away from other strategic risk management activities. However, with changes in business priorities, increasing regulatory expectations and internal cost pressures, organizations are revisiting their internal governance, risk and compliance programs to adapt to these internal and external changes.
Genpact addresses these challenges by reimagining end-to-end operations to meet SOX standards through a combination of process, analytics, and digital capabilities.
Genpact’s end-to-end SOX solution integrates and optimizes SOX compliance with operational risk and other internal control frameworks like the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and Control Objectives of Information and Related Technology (COBIT).
In addition, our solutions are based on Genpact’s Lean DigitalSM methodology that harnesses design-thinking methods, Lean principles, digital technologies and analytics, and deep domain expertise. Through this unique approach we not only improve effectiveness and provide scalability; we also bring down the cost of SOX compliance by around 40%.
Our team includes leaders with in-depth experience working with the Securities and Exchange Commission and the Public Company Accounting Oversight Board while the SOX guidelines and standards were drafted. The team includes technology experts and leaders with significant first-hand experience from many SOX engagements.
Our services include:
- Top-down, risk-based SOX scoping and planning support
- Process documentation including risk-and-control matrices, flowchart , and narratives,
- Controls design and operational effectiveness assessment
- Entity-level controls documentation and evaluation
- Assisting with IT general controls and application controls
- Evaluation of spreadsheet controls
- Deficiency assessment, remediation, and retesting support
- Control rationalization and optimization
- SOX program management
Identified financial adjustment of $320 million due to alignment of books with IAS-16
A global mining company faced challenges with its fixed asset management, resulting in erroneous financial reporting, non-compliance with SOX requirements, and poor control over fixed assets.
Genpact ran an end-to-end review of the company’s fixed assets accounting process at one of its largest mines. The diagnosis revealed significant gaps, particularly in relation to compliance with the International Accounting Standard (IAS-16). Genpact redesigned the process, and developed an incremental control framework, which improved compliance, mitigated the risk of erroneous reporting, and strengthened fixed-asset management controls. Having aligned its books with IAS-16, the company identified a financial adjustment of $320 million.