Why should I care about SOX Compliance Requirements?

Why should I care about SOX Compliance Requirements?

Even if you are not publicly traded, you may be doing your business a disservice by not adhering to SOX compliant objectives.

Chief Compliance Officer, Glen Medwid, discusses why businesses who have no SOX Compliance obligations should still make SOX compliant objectives a critical component to financial data systems. You can learn more about all ERP cloud SOX compliant objective points in this free SOX Compliance Requirements eBook.

“Companies considering selling their business may be able to enhance the value of their business to a potential public company by being SOX compliant prior to being acquired.”

In addition to regulating many aspects of a publicly-traded business’s financials, the Sarbanes-Oxley Act (SOX) of 2002 imposes certain guidelines on accounting systems and data. These guidelines must be followed by a publicly-traded company in order to ensure the integrity of that company’s financial reporting to shareholders, underwriters and other potential investors.

“Although a company might not be required to be SOX compliant now, they may have plans in the future to do an IPO and become public.”

The 5 Critical Controls for SOX in the Cloud

In order to truly deliver SOX compliant cloud services and infrastructure, a cloud provider must have standardized and documented policies for…

  1. Change Management Plan and Policies
  2. Logical Access Contols
  3. Physical Security Policy
  4. IT Operations Management
  5. Enterprise Cloud Backup & Recovery
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