Sometimes an investment in one area can pay off big in another. Take the example of compliance and the money that organizations are spending meeting regulations such as Sarbanes-Oxley (SOX). While companies might view SOX investments as addressing specific regulatory requirements, such investments can actually be a gateway to enterprise-wide risk management and better business process management. By using business process management (BPM)-based SOX solutions, organizations can not only meet these immediate regulatory requirements, but can put in place an internal control framework that supports future change, helps eliminate any deficiencies in controls, improves inefficient business processes, and helps to manage and reduce risk across the enterprise.
This is particularly important since compliance requirements are growing at a rapid pace at most enterprises. Between external regulatory compliance requirements like Sarbanes-Oxley, HIPPA, and The Patriot Act, and internal compliance standards, business and IT managers must find ways to address immediate regulatory and compliance requirements while ensuring that such solutions will be compatible with future compliance requirements. That’s why forward-looking organizations are looking to solutions such as business process management (BPM) that can not only meet their initial regulatory needs, but provide the framework for strategic risk management and process control.
This paper explores the evolution of SOX and compliance requirements and identifies how BPM can successfully address those requirements. It also introduces HandySoft BizFlow BPM as one solution for managing both tactical and strategic compliance issues. Business managers can use this report to begin a conversation about how best to manage compliance within their organizations, especially managing compliance with BPM.