Treasury consultants and analysts believe that SOX compliance in most treasury departments is almost impossible to achieve without the support of a contemporary TMS. Companies are either purchasing a solution for the first time or upgrading their current technology solutions to make sure they are SOX compliant. Core SOX compliance necessitates that companies’ treasury processes are structured, transparent and supported by a full audit process. The company-specific elements of SOX compliance mean a solution has to be analysed, designed, configured, tested and delivered as a distinct project. Pressure is on the technology industry to provide solutions that offer the levels of compliance that suit each company’s specifications. Aided by vendors, senior managers have the final say on compliance in their organisation. They authorise procedures, sign the financial reports and face prosecution if SOX is breached.
