ZL Tech

A dive into some of the most significant SOX compliance requirements, fines, and whistleblowers The surge in the number of hours spent on Sarbanes-Oxley Act or SOX compliance, along with the COVID-19 pandemic, has left organizations and industry leaders concerned about the Act. A recent survey by Protiviti states that 65% of the 650 audit, compliance, and finance leaders polled reported a 10% increase in SOX compliance hours over the previous year. Despite that, the survey also claims that improved internal controls on financial reporting structure helped 57% of companies, the control design and control operational performance improved by 51%, and the continual improvement of business procedures was seen up by 47%. For more information on SOX compliance and who should comply, click here . As a result, organizations and industry leaders are forced to reconsider their internal accounting reporting and retention practices concerning financial audits and reviews. Since, as it turns out, S...

A dive into the importance of data analytics for enhancing customer service with the help of data privacy compliance From small neighborhood stores to Fortune 500 corporations, every business relies significantly on its consumers, making customer service one of the most lucrative playgrounds for businesses. To put that into perspective, 90% of Americans say customer service is the deciding factor in selecting to do business with a firm, and 92% of consumers worldwide say a positive experience is a cause for a second purchase. Therefore, it is critical for companies today to focus on individualized customer service and comprehend and anticipate the demands of today's consumers who want immediate and customized help 24 hours a day, seven days a week. Data is one such element that has proven to assist businesses in curating personalized experiences for their consumers. A chatbot, for example, might not only understand the context of the user's interaction but also assess the cus...

According to a survey by the consulting firm Protiviti, the number of hours for Sarbanes-Oxley or SOX compliance has increased dramatically in 2021. The   survey   states that 65% of the 650 participants have increased the amount of time to comply with SOX by 10% compared to last year. The  Sarbanes-Oxley Act of 2002  was enacted after a series of accounting scandals in the early 2000s. Therefore, to ensure compliance in the industry, the Act requires companies to: regularly audit their internal controls; obtain management signoffs on financial reports; establish Public Company Accounting Oversight Board to oversee audit firms; and mandate enhanced financial disclosures, among other mandates Though most businesses have become used to  SOX compliance , the expenses and hours required for it have not decreased. Therefore, companies need to adopt automated compliance solutions that can adapt to the evolving risk landscape and help compliance officers streamline the...