{"id":2789,"date":"2016-11-21T18:50:36","date_gmt":"2016-11-21T18:50:36","guid":{"rendered":"https:\/\/www.peeriosity.com\/shared-services\/articles\/?p=2789"},"modified":"2022-08-26T17:23:25","modified_gmt":"2022-08-26T17:23:25","slug":"improving-the-management-of-the-sox-compliance-process","status":"publish","type":"post","link":"https:\/\/www.peeriosity.com\/shared-services\/articles\/2016\/11\/improving-the-management-of-the-sox-compliance-process\/","title":{"rendered":"Improving the Management of the SOX Compliance Process"},"content":{"rendered":"

While it has been well over a decade since the Sarbanes-Oxley Act of 2002<\/a> was put into law, the ability of companies to ensure their compliance in an efficient and effective manner can still be a challenge.\u00a0 As is the case with many challenging activities and processes, a significant opportunity exists for Shared Services to assume a leadership role in Sox compliance because of its inherent skill sets in standardization, process improvement, controls & compliance, and technical expertise in both Finance and Operations.<\/span><\/p>\n

On a recent Peeriosity PeercastTM<\/sup>, a global consumer products company shared their experiences in transitioning a significant portion of their SOX compliance activities to their Finance Shared Services (FSS) operation.\u00a0 Starting in 2012, the decision was made to form a SOX center of excellence<\/a> (COE) in the Shared Services operation in India called Global Quality & Risk.\u00a0 This new organization reported directly to the Head of Finance Shared Services, with a dotted line reporting relationship to Global Internal Control, which has governance responsibility across the entire company for controls and compliance, including SOX.<\/span><\/p>\n

Some of the primary reasons the new Global Quality & Risk organization was based in India included the following:<\/span><\/p>\n