Resolver’s early experience with SOX helped us become a market leader with Canadian companies that are required to be Bill 198 compliant. 100’s of companies across Canada depend on GRC Cloud to ensure they can certify with confidence and manage the internal control process efficiently.
The majority of companies in Canada that are currently managing Bill 198 Compliance (C-SOX) have been doing so for a number of years and depend upon the Resolver solution to help optimize their program. However we also work with companies considering IPO’s, that have recently listed or that have other reasons to implement an effective Internal Control over Financial Reporting (ICFR) program.
Below are some common challenges our customers face and a description of how our solutions help them:
Common Challenges for Companies Experienced With Bill 198 Compliance and ICFR:
- You may still be relying on largely manual processes that are heavily reliant on spreadsheets
- You may have purchased a C-SOX tool in the early days and are now looking for a more mature and robust solution
- You have been challenged by management to be more efficient
- Your company is pursuing a broader Governance Risk and Compliance (GRC) strategy and so you need a system that can integrate with other functions such as Audit, ERM, Legislative Compliance Management, Vendor Risk Management or others
Common Challenges for Companies Newer to Bill 198 Compliance and ICFR:
- You are new to C-SOX but have been given accountability for it
- You have implemented, let or worked with a SOX or C-SOX team before and you want to ensure that ‘lessons learned’ from the past are applied this time around
- You are challenged to develop a full C-SOX program on a lean budget
- You will have accountability for both C-SOX and Audit so you need a solution that can handle both in an integrated way
- You are under the gun to get something implemented in a fairly tight timeframe
- Wherever you find yourself in terms of the C-SOX maturity curve, Resolver’s GRC Cloud solution is a mature and proven solution that will ensure you can achieve the desired efficiencies and that you can execute your ICFR program with greater certainty.
| Feature | Benefit |
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Scoping |
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| GRC Cloud allows you to perform your risk-based account scoping, while linking all related processes and controls for a true picture of what is in and out of scope. | Scoping drives efficiency by ensuring you focus testing efforts on the right areas of the business. As well, at the end of the year, you can better understand which accounts the outstanding issues relate to. |
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Pre-built Frameworks |
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| GRC Cloud comes with pre-built risk and control libraries that are, in some cases, even tailored to your specific industry. | Pre-built frameworks can provide guidance that help you get up and running more quickly and also give you more confidence in your control environment by providing a comparison. |
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Automated Scheduling and Task Management |
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| Through our workflow tool, you can set triggers and alerts to inform users that work needs to be done, that a deadline is looming or that work is past due. | Many elements of Internal Control Programs are often conducted quarterly or on a scheduled basis. Using our workflow tool to build a schedule and set up a system of alerts will ensure that the responsible people know what they have to do and when they have to do it. This is particularly important for process owners, controls owners or action plan owners who are infrequent users of the system. |
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Dashboards |
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| You can create your own custom dashboards so that any time you log into the system, you will have an ‘at a glance’ understanding of the status of important items. | ICFR Managers, Process Owners and Testers appreciate the ‘at a glance’ advantage of Dashboards. The team knows their progress at any given time, what needs to be done and which items are of the highest priority. |
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Simplified Screens for Light Users |
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| One click functionality allows users to get into the system, enter or update the appropriate information and then log back out. | The ICFR process often depends on input from Process Owners in the business. Making the user experience as efficient and intuitive as possible helps improve turnaround on data requests and enhances the quality of the data received. |
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Flexible Reporting |
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| The system has a robust and flexible reporting capability. You can easily respond to ad-hoc reporting requests, share reports or run scheduled reports. These reports can be customized depending on the intended audience. | You will dramatically reduce the time spent generating reports and determining the status of processes, risks, controls, tests and remediation. |
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Multiple Levels of Sign off |
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| This is completely configurable and you can assign any number of levels of sign off to any item in the system. | This is a workflow-driven feature that allows you to ensure the right checks and balances are in place. For example, when a control has been evaluated, it can be passed on for approval. Or when a remediation activity has been marked complete, it can also be passed on for verification. These checks and balances give you the confidence you need at every level of the important SOX testing and certification process. |
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Robust and Flexible Approach to Document Management |
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| Documents can be attached within the system to any item in the database, or you can create hyper-links to your existing document management solution. | Documents that are included as evidence of compliance or for testing purposes can be instantly accessed. Version control and document integrity are greatly enhanced compared with a manual approach. |
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Automatically Update Values |
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| The system can be configured to automatically populate certain values such as a risk rating, a date, or the fact that work has been completed. | In addition to being more efficient than manual updates, this feature helps eliminate potential human error or omission. |
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Risk and Process Aggregation |
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| Evaluations can be ‘rolled up’ from lower levels. | The ability to roll up evaluations means that you can get an aggregate view of control, testing and issue status. A group of sub-processes can roll up to a process and a group of processes can roll up to an account or business unit. |
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Multi-dimensional Views of Your Data |
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| Processes, Risks, Controls and Tests can all be viewed from different perspectives. | The ability to view your ICFR data by Account, Business Unit or other strategic filters helps prioritize results and also allows for highly customized reporting to different stakeholders. |
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Period to Period Reporting |
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| Compare results with previous reporting periods. | The ultimate measure of the compliance effort is that the company improves the control environment over time. This feature allows for effective benchmarking so you can track, report and respond to these trends. |
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“Our working relationship has been very positive. [GRC Cloud] was just more user-friendly than the competitor. It’s very intuitive. That was very important to us because our users do not use a compliance system day in day out.” - BC Hydro, Electric utility servicing 4.5 million residents of British Columbia |
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“One of the great advantages of GRC Cloud over other GRC tools is its flexibility to adapt to your company’s control structure through its hierarchical design and comprehensive details of options. This platform, combined with Resolver’s commitment to product evolution and customer service has easily made this one of the best decisions to improve the overall efficiency and effectiveness of our internal audit department.” - CML Healthcare, national diagnostic healthcare provider |
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“My team joins in thanking you for the excellent advice and guidance that you consistently provided us in order to finally achieve our project objectives. I will certainly be recommending Resolver to any potential clients whenever the opportunity arises because I have a high opinion of the product. We are very pleased with your Services Team’s outstanding performance and knowledge of the software.” - Stella-Jones Inc. |