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'The uniqueness of Escrow Europe, without a doubt, is the completeness of the services provided at the highest quality - especially the extended verification services, tailor-fit legal contracts, and active follow-up for updates and new releases - all provided by a local representative to the doorstep of your business. I am very proud and excited to join this professional and supportive organisation spread throughout Europe and represent them in Israel.'
Ronen Slutzky, managing director, Escrow Europe Israel Ltd

Sarbanes-Oxley, risks, controls, compliance. These are some of the most common terms being used in many boardrooms these days. They join the old favourites of value and performance. The landscape of corporate governance has changed immensely since the emergence of recent corporate failures and resulting legislation and regulations. The sheer volume of new requirements, coupled with responsibilities placed by legislation and stakeholders, is overwhelming C-level executives, board members and audit committees. While it is easier said than done to consistently deliver ROI on IT investments, that is the challenge that faces the person in the CIO's hot seat. And, it is the responsibility of the CEO to support his or her CIO to meet that challenge.'
KPMG, Johannesburg

'Today, company secretaries and compliance officers all need to be able to 'tick off' good governance, as well as contain basic risk exposure such as reliance on the use of intellectual property that they do not own. By entering into an agreement with Escrow Europe, we are demonstrating our commitment to assisting both existing and potential customers meet their corporate governance requirements as well as streamlining the process for them.'
Steve Symes, managing director, Genasys, South Africa


WWB initiative 'facilitates clients' SOX compliance

 

Publication: ICT World
Publication Date: 20 June 2007
Last Known URL: http://www.ictworld.co.za/EditorialEdit.asp?EditorialID=29113

Law firm Webber Wentzel Bowens (WWB) says that it has enhanced its specialist ICT service offerings to ensure that it is able to assist its clients to comply with both international and local corporate governance legislation.

 

Sarbanes-Oxley (SOX), for example, obliges executive management of publicly held companies to evaluate and report on the effectiveness of their internal controls over financial reporting, and have independent auditors substantiate the effectiveness of these controls. These include the application software and IT processes that sustain a company's day-to-day operations.

 

In terms of an agreement with Escrow Europe, WWB says that it will make available to its clients proven and comprehensive active escrow services, offered by Escrow Europe, as a value-added service through the firm's specialist Telecommunications, Media & Technology department.

 

The services relate to escrow and source code verification and to associated materials, such as industrial formula, printed circuit board (PCB) designs and layouts, and other vital know-how.

 

According to the senior partner heading WWB's telecommunications, media & technology department, Peter Grealy, today's executives face many challenges stemming from far-reaching regulatory requirements and guidelines, such as Section 404 SOX.

 

"Fundamentally, compliance is focused on the integrity of financial statements. However, regulators now recognise the significance and broader scope of information systems and applications that materially affect financial status and reporting," Grealy says.

 

"Many public companies treat SOX compliance and software licensing as separate initiatives. However, by taking an integrated approach to compliance, inclusive of the IT processes, the protection of software and other technology assets will help to achieve and maintain compliance with SOX.

 

"Although compliance efforts involve the entire company, IT often becomes the backbone of any corporate compliance effort. These compliance requirements have confronted IT executives and managers with new challenges. In addition, the new laws - such as SOX, which apply to all US companies and their subsidiaries anywhere in the world - as well as corporate governance and due diligence recommendations - such as King - will require IT to coordinate closely with other business departments, namely finance and legal," Grealy says.

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