Navigating SOX compliance in a dynamic business environment
Our client, a renowned publishing education and research company with a rich legacy of over 200
years, faced the challenge of maintaining a robust SOX compliance program amid rapid growth and
frequent acquisitions. With over $2 billion in revenues, the company needed a fresh perspective to
ensure their compliance efforts kept pace with their evolving business landscape.
Transforming compliance for agility and efficiency
The client previously relied on a Big 4 firm to manage their SOX program but found traditional
approaches lacking in agility and cost-effectiveness. Bough was engaged to take over the SOX
program, bringing in fresh perspectives, tailored strategies, and efficient solutions to align with
the client’s rapidly changing operational needs.
Revitalizing the SOX program with an adaptive approach
Bough deployed an agile and cost-effective SOX solution designed to cater to the client's dynamic
business needs and objectives.
- Agile SOX delivery: Developed a flexible SOX compliance program to adapt
quickly to operational changes
- Control framework analysis: Conducted a thorough review and update of process
documentation, including process flows and narratives
- Risk identification: Identified inherent and residual risks, ensuring accurate
risk and control assignment
- Diagnostic assessment: Performed an in-depth diagnostic assessment of the
existing control framework, addressing gaps and areas of concern
- Dynamic program design: Designed a streamlined SOX program strategy to enhance
compliance efforts and reduce costs
- Effective implementation: Seamlessly integrated new controls, updated
processes, and aligned SOX compliance with the evolving operational landscape
Bough deployed an agile and a cost-effective SOX solution that catered to the client’s
dynamic business needs and their objectives
Precision-driven SOX compliance solutions
In addition to managing the SOX program and ensuring compliance, Bough implemented targeted
solutions to enhance the client’s SOX program, focusing on process optimization, risk management,
and technological advancement. Our strategic approach ensured that the compliance framework was
streamlined, efficient, and adaptable to future changes
- Solid baselining of process documentation: Updated process flows and narratives
and ; cleansed the Risk and Control Matrix (RACM) to ensure current and accurate risk and
control assignments
- Enhanced reliance by external auditors: Designed comprehensive testing
templates to facilitate smoother compliance evaluations and increase auditor reliance
- Streamlined compliance and resource allocation: Reduced compliance burden and
optimized resource allocation through an agile approach
- Cost-effective service delivery: Utilized off-shore capabilities to maintain
high-quality service at reduced costs
- Control rationalization for operational efficiency: Eliminated redundant or
duplicate controls to gain efficiencies
- Adaptive control environment: Implemented a continuous improvement mechanism
for proactive risk identification and mitigation
Results
Quantifiable impact and lasting benefits
Bough’s innovative strategies led to significant improvements in the client’s SOX compliance
program. Our approach enhanced operational efficiency, reduced costs, and ensured a streamlined,
reliable compliance process.
- Operational efficiency: Agile SOX delivery and control rationalization led to
increased productivity and reduced compliance burden
- Audit readiness: Enhanced documentation and testing templates facilitated
smoother audit processes and increased auditor reliance
- Cost reduction: Achieved 57% reduction in annual compliance costs by
rationalizing controls, increasing auditor reliance, freeing up client internal audit teams’
involvement and leveraging offshore capabilities for optimal resource allocation
- Adaptive compliance: Continuous improvement mechanisms allowed swift responses
to operational changes and proactive risk management.
Bough's tailored solutions not only stabilized the client's SOX compliance program but also
positioned them for agile and cost-efficient operations moving forward.
Key Metrics:
- 57% reduction in compliance costs.
- 25% increase in auditor reliance on internal control testing