How can your business use SOX tools to demonstrate SOX Compliance?
The Sarbanes-Oxley (SOX) Act was passed in 2002 which forced enterprises to implement protection to help fight the frauds and errors happening in the public as well as private companies. In order to comply with the Act, several companies started following SOX tools and software to manage regulatory obligations and prepare for audits. Given below are some of the best tools used by businesses to demonstrate SOX Compliance:
- SolarWinds Security Event Manager- It is a log management tool that monitors the log collected in real-time through a single Graphic User Interface. The software can be used to demonstrate SOX compliance by creating a trail of audit networks with the help of real-time event correlation. Real-time event correlation enables the user to detect suspicious or anomalous events happening in the organization that could lead to data theft. The tool also helps to create a record of SOX Compliance with the help of automated reports that come with the Scheduling of these reports. It provided the user with periodic updates on the status of compliance.
- RSA Archer- RSA Archer is an eGRC compliance management platform that helps the users to comply with sections 302 and 404 of SOX Compliance, J-SOX, Gramm-Leach Bliley, and more. It allows the user to create a repository that is central in nature to manage all the regulatory feeds and also helps you to monitor changes in regulations along with a review and approval process so that the tracking of changes becomes easy. It is an ideal tool for all those enterprises who want to stay updated on all the regulatory changes. The tool uses machine learning and natural language processing to assess the enterprise maps. The tool also helps in creating reports that measure the success of the controls throughout the company.
- Workiva Internal Controls Management- Workiva Internal Controls Management is a tool used for reporting and compliance solutions specially designed to manage SOX Compliance regulations. This too can be used to conduct a risk assessment in order to find vulnerabilities in the working environment of your company and also helps to record all the current internal controls in one place.
- AuditBoard- It is an online tool that is used to manage SOX and compliance for enterprises. With the help of AuditBoard, an enterprise can easily monitor SOX compliance in real-time using a dashboard. The platform also offers reports that can be customized with the help of a report builder. This tool also helps in centralizing the management of SOX Documentation, which helps you to know the risks in your working environment and also provides you with the controls in place at any time.
- Netwrix Auditor- It is a complete solution for all the auditing and compliance management solutions that support SOX compliance. Netwrix Auditor helps you to create risk assessment reports which enable you to view the breakdown of risks throughout the working environment of your enterprise. Risks are always given preferences and assigned a level so that data theft and security breaches threats can be identified easily. This software tool can also be used to control user access to financial data by determining the members and giving them access to sensitive resources. Audit data can be collected from services such as Active Directory, Office 365, Exchange, SharePoint, Dell EMC, Oracle Database, SQL Server, Windows Server, and more.
- LogicManager- With this SOX compliance solution comes to a risk control framework that can be used to manage the compliance strategy of the company. This platform also contains a to-do list that can be used to record and check tasks that need to be completed in order to protect the data of the company. LogicManager provides help to testing controls by allowing the use of automated tasks and notifications to notify employees about any kind of issue found in testing so they can be quickly corrected.
- ManageEngine EventLog Analyzer- This tool is a log management software solution that enables you to prepare for SOX compliance. This platform comes with various pre-made SOX compliant reports including User Logon and Logoff, Logon Failure, Audit Log Access, Object Access, System Events, and more. For example, the User Logon and Logoff report allow you to view successful and unsuccessful logins and logoffs, which helps you in detecting malicious activity. ManageEngine EventLog Analyzer provides file integrity monitoring services that help in protecting files against fraud. This tool also alerts through notifications sent on email or SMS, if any kind of anomalous behavior is detected in the files.
- Endpoint Protector- It is a tool that helps in the prevention of data loss and protection of endpoints. It also works as a compliance management software that is being used to meet the requirements of SOX compliance. This tool allows an enterprise to set policies that determine when files can be transferred and when the unauthorized transfer of files can be stopped. In order to reduce the risk of data breaches, one can only configure the authorization of file transfer to encrypted devices. This software can also be used to scan confidential data located on devices.
If you are part of a private organization, you should understand that SOX compliance is not just a regulation imposed forcefully by the government but is also a necessity to get a competitive advantage among the competitors in the market. Implementing processes that protect your customer’s data and becoming SOX compliant shows that you take data protection seriously. At NSKT Global, we provide consultation on SOX Compliance along with the implementation of SOX tools with the help of SOX experts. We provide cost-effective services to our customers which can be affordable to all who are in need of SOX Compliance services.