Enterprise risk management (ERM) software provider LogicManager launched a new solution to address the recent changes to Sarbanes-Oxley. In May, the SEC approved SOX guidelines that allow company executives to use their own judgment to identify the areas of their businesses most at risk of triggering financial errors, determine whether controls are in place to address the risks and evaluate the efficiency of those controls.
To address the changes, LogicERM v3.0 has added five levels of decision- support methodology to its solution. Activities determined to have low significance in each of the successive five levels within LogicERM suggest where the internal and external scope of work can be reduced while providing documentation to justify the decisions made, according to Boston-based LogicManager.
"Before, people would jump into the controls and begin testing them all," says LogicManager CEO Steven Minsky. "The idea now is to find out what the risks are and what's important. We look at each element that can impact a financial statement and apply a risk filter to it."
617-321-4500Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio