Comparing SOX Software 624



  • We are analyzing the use of three different packages for our company. Would appreciate any input anyone might have on these packages - Oracle, OpenPages, Paisley.
    What do you see as the big pluses/minuses on the dashboard functionality, integration, and implementation of them?
    Has anyone already implemented any of these who might have good or horror stories to tell about your implementation? Just curious as to what to expect here.
    Thanks,
    wdg



  • There was an excellent article on SOX Software in the most recent ISACA magazine.
    Basically, no SOX software has it all but it classifed a large number of apps by the following broad functionality:

    • Data Manipulation Software
    • Document and Workflow Management Software
    • Risk Analysis and Risk Management Software
    • Control Self-Assessment and Continuous Monitoring Software
      It doesn’t rank the applications but it gives you a good idea of what to look for in each area.


  • The 7th of April, the forrester research institute release a research in which this tool assesment whas made. In general, Openpages is the best software followed by IBM, Paisley and further down, Oracle.
    Some conclusions:
    Openpages has much better support for workflow and reporting and monitoring. Technology and maturity for openpages are better. Oracle’s integration is better. Openpages also has high grades for product development, technology strategy and vision. Oracle scores better for market presence (pretty obvious).



  • I’ve seen everything there is out there. The most comprehensive solution that ensures compliance with 404 (afterall, that is the real goal, right?.) is called SOXLAB. They’ve got this closed-loop methodology that all but ensures that all the loose ends get tucked in… AND it’s half the cost.



  • I’ve seen everything there is out there. The most comprehensive solution that ensures compliance with 404 (afterall, that is the real goal, right?.) is called SOXLAB. They’ve got this closed-loop methodology that all but ensures that all the loose ends get tucked in… AND it’s half the cost.
    Hmm, I’m sceptical. Do you work for them?
    Their (5-page) Website has a notable absence of information about the company, customer references, etc. There is nothing there that would encourage me to consider them ahead of established players.



  • There’s more than 5 pages, and the website itself actually looks rather professional
    However, I agree that there’s little information about the program itself and screenshots, but there was an option to get a free demo, so all in all, it might be worth investigating for people interested.
    That said - looks like we’re building our own system to fit our organisation. We gotta keep them developers busy 😉



  • Most of the surveys or news articles led me to get a software which will be suit current requirements of SoX. I am wondering whether there any softwares which are flexible enough that can fit for any models such as SoX or Basel II, COSO framework, or for that matter : any compliance standard, which allow assign roles, web based and easy interface but unlike Paisely or Openpages etc which fixes the models. I feel, that is the requirement of small businesses or medium sized businesses.
    That info would be of great help.
    Mike



  • Mike, I wouldn’t agree with you regarding the ‘lack of’ flexibility in the applications you mentioned. Both companies are looking at the wider ERM space and both have fairly felxible database driven models - as do most of the vendors mentioned in the Forrester research.



  • Trying to determine the best SOX software is like getting consensus on the best car…bmw, benz, beatle, buick…its anyone’s guess…the best SOX tool is the one that most precisely suits the user’s requirements and budget.
    any or all product vendors will gladly demonstrate the dashboard functionality and other product features either onsite or by web demo to help sell the product and differentiate it from the others.
    suggestion: call the product vendor, get a webinar product demo and compare them yourself. it sounds like you’ve already narrowed the decision to 3 vendors. the decision isn’t far away and one of the products will likely stand apart from the rest. skip the user’s picks and surveys…everyone has some bias and an opinion…the chicago white sox took the '05 world series. who would’ve thought?
    milan



  • Trying to determine the best SOX software is like getting consensus on the best car…bmw, benz, beatle, buick…its anyone’s guess…the best SOX tool is the one that most precisely suits the user’s requirements and budget.

    Great summary. I’ve just been through a ‘beauty parade’ of potential vendors and saw a lot of good products. However, I could see where something that is great product would not work in my company or even where products I like would be overkill in a smaller company. Horses for courses would be the appropriate metaphor.
    I think the trick is to have a clear idea of what your expectations of an automated tool are e.g. are you looking for efficiencies or to make your process more robust; do you want to reengineer your SOX process or make it more efficient; what is your ROI expectation, etc. By all means see the webcasts or demos of a few products to help you clarify what is possible, then develop your list of criteria, do some pre-screening and then go through a bunch of vendor presentations.
    FYI solutions vary from tens of thousands to low millions of USD.


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