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Compliance Newsflashes

Archipelago Holdings Selects Movaris for SOX Compliance; FIS Wealth Management Improves Compliance With Aggregated Client Data; Greenwich Technology and Relational Security Partner to Offer Solution for Third-Party Security Audits

Archipelago Holdings Selects Movaris for SOX Compliance

Archipelago Holdings, the owner and operator of the Archipelago Exchange, a U.S.-based open all-electronic stock exchange, has selected Movaris' Certainty software to help manage its compliance with Section 404 of the Sarbanes-Oxley Act. Archipelago selected Movaris Certainty for its hierarchical mapping of risk and control activities, built-in control self-assessment capabilities, and straightforward architectural fit within the company's infrastructure.

According to a statement from Stephane Biehler, Archipelago corporate controller, "Certainty streamlines the audit of our risk and control activities; our external auditors may use Certainty to freely examine risk and control matrices, as well as the results of our self-assessments over the design effectiveness of our controls." Its self-assessment automatically reminds control participants to evaluate the design effectiveness of a group of financial controls along company-defined dimensions, such as business unit, accounting process or sub-process, geographical location, or risk. It presents users with a series of questions, and records the responses for each control, risk, and company objective. Should issues or exceptions result from the self-assessment, it automatically alerts management to the problem, the reason for the problem, pinpointing areas that need remediation or resolution.

"Movaris Certainty provides us with a single line-of-sight into enterprisewide controls over financial reporting," added Sunil Seshadri, head of information security for Archipelago, in the press release.

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