{"id":23,"date":"2006-05-12T12:35:08","date_gmt":"2006-05-12T20:35:08","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=23"},"modified":"2006-05-12T12:35:08","modified_gmt":"2006-05-12T20:35:08","slug":"global-effects-of-sox-and-compliance","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/global-effects-of-sox-and-compliance\/","title":{"rendered":"Global Effects of SOX and Compliance"},"content":{"rendered":"

We’re currently working\u00a0on a project\u00a0with\u00a0a customer who\u00a0is a long-time user of\u00a0Formtek<\/a> | Orion RepositoryLink<\/a>,\u00a0Formtek’s certified\u00a0integration\u00a0of SAP R\/3<\/a> and the Formtek content repository.\u00a0 This customer has been using SAP’s ALViewer to view unstructured content stored in the repository.\u00a0 The archived\u00a0documents provide supplementary data that can be viewed alongside the more structured data that’s managed within SAP<\/a>.\u00a0<\/p>\n

Moving forward this company\u00a0determined that\u00a0it would be\u00a0more cost-effective to convert the TIFF<\/a> images and SAP proprietary file formats that are being archived, like OTF and EDI<\/a>, into PDF<\/a>\u00a0file format.\u00a0 ALViewer will be replaced with Formtek’s Product Interface and Connector for SAP, a plug-in for Adobe Reader.<\/p>\n

While working with our customer on this viewer migration project we determined that it would be necessary to make some changes in the SAP configuration.\u00a0 We wanted to create a new SAP document class for the PDF file data.\u00a0 But we learned to do that wasn’t a good idea because to get\u00a0that kind of change\u00a0approved internally by their SOX<\/a> compliance group would take a long time.\u00a0 I was a little surprised since this is a company that’s based in Europe.<\/p>\n

We’ve since come up with an alternative approach for configuring their system that wouldn’t require a review by their SOX (Sarbanes-Oxley)\u00a0team, but it got me thinking about the effects that SOX and compliance\u00a0in general are having on companies.\u00a0 The effects are global and they’re reaching beyond just public companies.<\/p>\n

Solutions for compliance regulations like SOX and\u00a0HIPPA<\/a> typically\u00a0center around the\u00a0combination of\u00a0an audit tool with a document management repository that can securely manage the review, revision and approval of documents.\u00a0 Beyond basic document library services<\/a>, the repository can be further enhanced with capabilities like collaboration<\/a>, records management<\/a>, and workflow<\/a>.<\/p>\n

SOX regulations\u00a0were enacted in 2002 and since then the impact that it’s had on businesses probably exceeds what anyone had thought at the time.\u00a0 Now nonprofit organizations are also under pressure<\/a> from SOX with potential for additional regulation, especially in healthcare<\/a>.\u00a0 SOX is also becoming seen as ‘best-practice’, even\u00a0for organizations\u00a0where the adoption is not mandatory.<\/p>\n

Globally there are reports<\/a> of many small to medium-size\u00a0companies that are avoiding the listing on the US stock exchanges because of the high costs that SOX regulations would impose.\u00a0 But the effect of SOX beyond the US borders is only likely to grow in the future.<\/p>\n

Japanese companies, for example,\u00a0are beginning to brace for the Japanese version of SOX<\/a> to go into effect.\u00a0 It will only affect publicly traded companies and be in full operation in 2008.\u00a0 IDC is predicting that by 2009 more than 7% of all IT money spent in Japan will be for compliance-related projects.<\/p>\n

For Records Management there are many global standards that already exist, like 5015.2<\/a> in the US, the UK Public Record Office Approved Electronic Records Management Solution<\/a>, and Australia’s Victorian Electronic Record Strategy<\/a>.\u00a0 It seems inevitable that in this post-Enron environment that Compliance and Records Management requirements will spread worldwide.<\/p>\n

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We’re currently working\u00a0on a project\u00a0with\u00a0a customer who\u00a0is a long-time user of\u00a0Formtek | Orion RepositoryLink,\u00a0Formtek’s certified\u00a0integration\u00a0of SAP R\/3 and the Formtek content repository.\u00a0 This customer has been using SAP’s ALViewer to view unstructured content stored in the repository.\u00a0 The archived\u00a0documents provide…<\/span><\/p>\n

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