What we did: 

Reviewed the Regulatory and Compliance Requirements 

Our team of experts reviewed the current legislation and changes being implemented within the regulatory framework and determined the impact these changes would have on the client.  

Reviewed the Organizations Processes and Controls/Lack of Controls 

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With the client’s assistance, we reviewed their processes and determined where there were both gaps and controls. When a gap was discovered, we determined with the client if the gap created a reportable condition or if the gap was covered by other controls.  

Helped the Client Achieve the Ability to Comply 

We worked with the client to integrate the required compliance with their organizational goals to allow for a more integrated and acceptable approach, one which the entire company could work towards.   

  

Summary of problem 

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What we discovered was that the organization ran lean and did not have the capacity to assign individuals to ensure compliance.  The organization also was looking for a cost-effective solution that could be ‘baked’ into their daily processes to reduce the risk of having control gaps which might lead to penalties, de-listing on the public exchange and reputational damage. 

  

Recommendation 

Our recommended solution was  

1. Tie the compliance requirements into the organizational values, goals, and objectives; 

2. Show the individuals who are involved how much they already achieve by just doing their jobs; 

3. Figure out which processes and controls impact the ability to comply most severely and concentrate on ensuring those are well documented and tested; 

4. Add in additional controls, as time goes by to reduce the risk of complacency. 

  

We worked with the client, who accepted our recommendations and were able to complete the assessment within one quarter and complete two rounds of testing before year end to ensure that they were compliant.  The following year, they completed some of the testing internally, and our experts validated their findings and helped enhance their compliance program.  By using our approach, the client was able to save over $100,000 in outsourced internal audit / SOX support, which was appreciated by the stakeholders. 

 

Book a call with us today to explore how we can help you achieve positive results!