CastleCops® - Redwood announces stepping-stone to sustainable compliance for corporations

webitpr writes "Redwood announces stepping-stone to sustainable compliance for corporations planning to satisfy Sarbanes-Oxley (SOX) requirements through mySAP™ ERP Financials

Vienna, Austria – September 05’ - Redwood Software, a leading provider of business process automation and information management solutions, today announced that the integration of its Cronacle for SAP solutions with the management of internal controls (MIC) within mySAP™ ERP Financials, is a key step in enabling corporations to achieve sustained compliance with the Sarbanes-Oxley act 2002.

Recent years have seen SOX compliance related costs escalate, yet utilizing key technologies can reduce this cost by up to 25%. Compliance has been a particularly manual, people-intensive process but companies cannot maintain this level of manpower in the long-term. Companies will continue to overspend on internal employees and external consultants unless they invest in automating their SOX compliance.

mySAP ERP Financials’ MIC component assists companies with meeting the internal control requirements of SOX by providing a structured documentation approach for business processes and test results, and workflow support for assessments and remediation. Redwood’s Cronacle for SAP solutions allows SAP customers to automate control testing with event-driven or scheduled control reporting jobs. The results are automatically posted to MIC triggering further workflow-driven activities. The Cronacle for SAP solutions can simplify the management of background processing within SAP solutions by eliminating costs incurred through manual processing errors, enhancing batch processing through automated monitoring and utilizing management by exception procedures.

Anjo de Heus, Senior Vice President of Business Development asserts, “Redwood is committed to supporting mySAP ERP Financials customers in achieving sustained compliance.” He continues, “Companies must look to automate their compliance processes or risk higher external audit and manpower related costs.” The significant gains of automated SOX compliance can only be realized if companies begin to focus more on managing compliance processes than on continually building and developing new ones.

For further information regarding Cronacle for SAP solutions or to download our SOX compliance white paper visit www.redwood.com or come see us exhibit at TechED, Vienna 2005 (booth# 2.5, Hall A) Redwood is a “Powered by SAP NetWeaver™” partner.
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