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What is the single most challenging Sarbanes-Oxley issue today?



Trey Swain
CEO
Delinea

The single most challenging issue facing companies regarding Sarbanes-Oxley (S-OX) is enterprise accountability. Control and compliance have historically been a responsibility of the finance function. However, S-OX pushes responsibility to a broader group within a company. Successful compliance requires management to gain buy-in to the compliance measures across the organization. This starts with education and continues with multi-functional S-OX support teams.

Buy-in starts with education. Management must educate the organization regarding the importance of controls and compliance for legal compliance. Equally, management should communicate the added benefits of compliance that include eliminating inefficiencies, reducing risk and improved communications. Education is critical to gain understanding and buy-in from functional areas that have not necessarily been educated about or accountable for financial controls.

Additionally, management should organize a multi-functional S-OX team with members from finance, operations, information technology, internal audit, and other functional areas of the company. The team will review existing business processes and supporting technology infrastructure to identify compliance risks. The team can then develop an action plan to address compliance gapsĀ further improving buy-in. From here, the team can investigate what, if any, software changes are necessary.

According to Gartner, Inc., there are currently more than 75 software companies offering S-OX products. The large number of options makes it both confusing to know what to select as well as tempting to seek a technological silver bullet to address S-OX compliance. However, it takes a team of the right people (multi-functional and vendor) to identify specific compliance issues. Only then can the team begin to identify the right answers for the company and execute the plan to achieve the right results for the company's situation.

Delinea works with clients to understand the current situation, identify compliance risks, and develop action plans. A roadmap for success in these efforts includes:
  • Cross functional S-OX team with executive leadership
  • Enterprise education regarding S-OX compliance and benefits
  • Integrated information technology systems
  • Well documented business processes
  • Personnel that understand, embrace and are accountable for governance and compliance
  • Proper use of compliance software
  • Technology-enabled and automated controls
  • Commitment to ongoing compliance
Embracing the effort and following this roadmap will provide most companies with an opportunity to create lemonade from S-OX lemons.

With more than 15 years experience in the technology services industry, Trey Swain President and Chief Executive Officer is responsible for ensuring the optimum satisfaction of each of Delinea's clients, people, partners and investors. As Delinea's leader, he establishes strategic direction, oversees operations, and works with Delinea's team to ensure delivery for each client.

Trey has worked to serve Delinea's constituents since joining the company. He served as COO through 2003 with responsibility for day-to-day operations and managing several key relationships. He was named president and CEO in December 2003 assuming responsibility for overall customer satisfaction.

Prior to joining Delinea, Trey was a market vice president for a leading wireless provider serving the north Texas market. He also held several executive positions in the wireless industry focused on mergers and acquisitions. In addition, he was a co-founder and principal in another information services firm serving small and mid-size businesses.

Trey holds a bachelor's degree in accounting from Sam Houston State University. In addition to his time at work, he is involved in a variety of community service activities including youth sports.

Delinea Corporation, based in Dallas, leverages its deep industry knowledge to provide managed technology services focused on the unique and dynamic needs of the utility and energy industries. Services include implementation and management of tier-one business systems that support growth and competitive strategy as well as improve compliance and reduce risks related to the regulatory and reporting issues, such as Sarbanes-Oxley. Broad capabilities and skills combined with a deep understanding of utility and energy sector business processes enables Delinea's people to clearly define issues, identify answers, and deliver results specific to each client. Delinea's team serves utilities and energy companies across North America from its Dallas headquarters as well as field offices across the country.


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