This document explains how Banking, Financial Institutions and Insurance entities or any other listed company can take the help of a document management software such as GLOBODOX to achieve compliance with SOX (Sarbanes-Oxley Act).
The inevitable need of a Document Management Software is strongly sensed throughout the Sarbanes – Oxley Act.
This Act also affects non-listed US companies across the world as businesses are looking to grow globally, both organically and inorganically. When SOX compliant companies decide to go for mergers, acquisitions, joint ventures or even just holding stakes in another company, more and more businesses are increasingly looking at firms that are SOX-ready. This means that all establishments today must have top-notch accounting and reporting processes in place.
GLOBODOX is a document management software which allows an organization to…
The use of GLOBODOX itself will not be enough for an organization to be SOX compliant. GLOBODOX as a document management software helps with the management and security of financial records – which is a big component of SOX. However it is important to note that there are aspects of SOX which are beyond the scope of a document management software (for e.g. employees are aware and follow the compliance program dutifully).
Organizations who wish to be SOX compliant can use GLOBODOX to take important steps towards that goal.
GLOBODOX has all the tools & features you will need to.
The section below briefly describes GLOBODOX features and how they help an organization take important steps towards SOX compliance.
GLOBODOX provide easy to use tools to scan in paper based records. Records can be scanned in individually or in batch mode. Similarly electronic documents such as MS Word files,MS Excel files, PDF files, e-mail messages can be added to GLOBODOX individually or in batch mode.
GLOBODOX lets you store indexing information along with each document or for a set of documents. Indexing information is stored in data fields. You can create up to 200 data fields for storing indexing information. Data fields can store text, numeric, date, time and Boolean (Yes/No) values. For eg. For an invoice, you can create fields such Invoice No., Billing Company etc.
This indexing information can later be used to quickly find and retrieve records for a invoice or a group of related invoices.
GLOBODOX features a powerful and flexible multi-level security framework. GLOBODOX requires the user to login before he or she can get access to the documents and their indexing data. This ensures that only authenticated users known to the system get access to financial records.
GLOBODOX lets you specify access permissions on a user by user basis. For example you can decide that.
GLOBODOX security is so flexible that you can even specify that a user can only view particular records, documents or particular indexing fields!
Documents added to GLOBODOX can be optionally stored in encrypted form for additional security. Any of the industry standard encryption algorithms supported by GLOBODOX can be used to encrypt the documents.
The security features help you comply with SOX rules which state that an organization must protect financial records against unauthorized access or modifications.
Using this feature an organization can keep track of every action a user perform with GLOBODOX. For example you can find out.
When a particular user logged in?
What records/documents were viewed by the user?
When was a particular document added and by whom?
This feature helps you comply with SOX rules which state that information about each disclosure of a financial record must be available.
This feature is designed to prevent two users from simultaneously modifying the same document. If a document is checked out for modification by a user then another user cannot open it for modification unless the document checked back in by the earlier user.
GLOBODOX can store and provide access to several versions of the same document. It can create a copy of the earlier version of a document whenever new changes are made to the document. You can therefore easily access an older version of a document at any time. You can even decide the number of versions to be saved for each document.
GLOBODOX helps organizations take important steps towards SOX compliance. Moreover using GLOBODOX to manage your financial records also results in reduced costs and increased efficiency.