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Many organizations have increased their emphasis on financial controls in recent times. A major catalyst for this was section 404 of the US Sarbanes-Oxley Act, but continued SEC rulings, for example, on the board’s role in risk oversight, and other emerging international regulations keep up the focus on this important area.
ARM integrates the management of all types of controls, including financial controls, and brings this within a wider enterprise-wide risk management system. This approach exactly mirrors the push from the likes of the SEC to increase enterprise transparency and oversight with a focus on controls and evidence-based management of risk.
ARM supports the widely regarded COSO Internal Control-Integrated Framework to provide assurance on the achievement of objectives around the effectiveness and efficiency of operations; the reliability of financial reporting; and compliance with laws and regulations.
Using ARM, financial compliance activities and reporting are consolidated as part of the wider management framework, providing transparency and an overview appropriate for each level of the business. ARM makes viable a long-term strategy to meet multiple regulatory, legal and audit requirements with a single enterprise-wide system. ARM customers can “retire” stand-alone specialist controls management products and turn what is often seen as a ‘cost of doing business’ into a system to drive improved business performance.
