Let’s put a SOX in it—burdensome compliance systems still rule after 16 years

In 2002 the Sarbanes-Oxley (SOX) Act changed the way that businesses operate and comply with regulation. At that time, most analysts anticipated a process management evolution that would match the enormity of the shift, speeding the adoption of automated systems. Now, sixteen years later, studies suggest that most companies utilize the same process methods as before the mounting list of reporting rules—resulting in more spending on compliance with each passing year.

While the majority of organizations could substantially reduce costs by deploying a system designed to support SOX compliance, many struggle to appreciate the benefits. Only 11% of those questioned in a recent survey use robotic process automation for SOX related activities.

As one of the largest energy companies in the world, Chevron Corporation didn’t have the luxury of experimenting with their process management. They needed a customized business process management (BPM) solution that could support the SOX requirement of capturing every change within their accounting operations. Chevron elected for a global deployment of the Agiloft BPM system providing graphical workflows, full audit logs, and an adaptable business rules engine.

The system had to be highly configurable to support government standards, Chevron’s own rigorous internal controls, and the reporting relationships between the company and its subsidiaries. “Our global deployment of Agiloft has addressed our needs for strict Sarbanes-Oxley (SOX) and company controls and standards compliance,” said Dennis Dekens, Chevron Manager Comptroller’s Systems Support. “Performance is more than twice as fast as the previous platform and Agiloft BPM provides improved performance, security, and flexibility.”

Chevron’s Agiloft BPM eliminates the need for repetitive tasks or supplemental audit logs, freeing up time and resources for more urgent business matters. And while operational transparency increases with the global system, the complex security layers maintain precise access control based upon the employee’s role and group. Read Chevron’s full story here.

Are you looking to reduce compliance costs and mitigate risk while improving operational efficiency? Agiloft’s configurable, no-code platform ensures consistent processes with full audit trails and self-documenting workflow engines.

For more on Agiloft's audibility for compliance management, watch our new Auditability Demo here.