Israeli SOX | ProcessGene

Solution & Benefits

ProcessGene™ Israeli SOX Software – Introduction

The ProcessGene™ GRC software suite provides a complete solution for Israeli SOX compliance. The Israeli SOX software is implemented within days, immediately creating compliance visibility and centralized control.

The Israeli SOX software establishes an automated workflow that reduces the time and cost of compliance enforcement and eliminates manual labor, maintenance of multiple excel spreadsheets, etc. ProcessGene™’s Israeli SOX software is designed for multi-subsidiary organizations, based on our Multi-Org technology.

ProcessGene is acknowledged worldwide as a leading provider of Business Process Management (BPM) software solutions (see Gartner’s report on ProcessGene).

Israeli SOX Compliance in a Changing Business Environment

In today’s highly regulated environment, enterprises are increasingly strained by regulatory compliance concerns, while at the same time having to promote the ongoing conduct of business. Executive officers are specifically required to demonstrate capabilities for effective regulatory compliance, and to ensure corporate transparency and visibility into the business.

ProcessGene™ GRC software provides a complete solution for Israeli SOX compliance. The Israeli SOX software is implemented within days, and uses automation to reduce the time and cost of compliance enforcement.

Compliance Challenge

The Israeli Sarbanes-Oxley regulation (also known as “Israeli SOX”, “I-SOX”, “ISOX”, “Goshen”) was introduced 2009 by the Israel Securities Authority (ISA), and has been continually maintained and updated to reflect the dynamic changes in business environment. The Israeli Sarbanes-Oxley regulation is aimed at protecting shareholders and the general public from accounting errors and fraudulent practices in the enterprise. More specifically, it is aimed at achieving an objective assessment of the internal auditing of financial reports and a full disclosure by the company’s directors and executives. Israeli SOX applies to all Israeli publicly traded companies, financial institutions, and government owned companies. In addition, it is also applied voluntarily by companies aimed to increase the level of their regulatory compliance.

The Israeli SOX is focused on three main requirements, including:

The company’s CEO and CFO are required to sign a statement, stating that the information included in the financial reports is correct
The company’s management and board of directors are required to assess the effectiveness of the company’s internal auditor
An external auditor should also perform audits to assess the effectiveness of the company’s internal auditing procedures. The outcomes of this audit are accesable to the company’s shareholders

Compulsory I-SOX subjects include: ELC (Entity Level Controls), ITGC (Information Technology General Controls), and Financial Reports: closing and reporting.
Additional critical business processes may include, but are not limited to: Revenue, Inventory, and Payroll management.

Ensuring compliance with the Israeli SOX regulation is an important organizational task, which requires ongoing management of compliance data. The compliance process is continuous and needs to be repeated periodically and closely monitored. Managing officers are personally responsible to maintain the Israeli SOX compliance, and this responsibility requires significant management attention and allocation of time and effort. Beyond self assessments or assessments of compensated third parties (such as accounting auditors or regulation consultants), the organization may also confront other external audits, such as ISA, that show little if any tolerance to deficiencies. The ProcessGene credo in this matter is that objective compliance data, maintained by the organization itself, has much higher value than opinions of compensated third parties. We also believe that only an ongoing, continuous process can ensure actual compliance and audit clearance.

Compliance Challenge for Multi-Subsidiary Organizations

Multi-subsidiary organizations are confronting even more complex compliance challenges, due to differences between the business processes and operational characteristics of subsidiaries. Hence, the management and communication of Israeli SOX compliance in a multi-subsidiary environment becomes an extremely complex task when managed manually or by tools that are not specifically designed for Multi-Org operations.

Israeli SOX Compliance with the ProcessGene™ GRC Software Suite: Solution & Benefits

ProcessGene™ GRC software provides a complete solution for Israeli SOX compliance. Our Multi-Org software solution automates the Israeli SOX compliance lifecycle and offers the following benefits:

Very fast implementation, the Israeli SOX software is up and running within days
The Israeli SOX software is based on Multi-Org technology, designed for Israeli SOX compliance in multi-subsidiary organizations
The Israeli SOX software features full automation of the Israeli SOX compliance process using the ProcessGene™ BPM workflow engine, making it the most powerful system in the industry – yet the most intuitive and user friendly
The Israeli SOX software features central cockpit with dashboards for data analysis and diagnostics- showing quantitative Israeli SOX compliance fulfillment levels
The Israeli SOX software features easy and fast access to objective evidence used for external audits
The Israeli SOX software features direct connectivity to ERP systems (e.g. SAP / Oracle) and ability to extract and process data in real time, and run automated tests
The Israeli SOX software covers not only Israeli SOX compliance but also hundreds of other regulations and frameworks – all within the same framework
The most seasoned and comprehensive SaaS (Software as a Service) solution in the GRC domain (see Gartner’s report on ProcessGene)
The Israeli SOX software improves the quality of Israeli SOX internal audits and self-assessments

ProcessGene™ “Multi-Org” Technology

ProcessGene™ has been a pioneer and global leader in Multi-Org technology. During the past decade we have mastered a unique expertise in providing software solutions to multi-subsidiary organizations worldwide (see Gartner’s report on ProcessGene). Our Israeli SOX compliance software has been specifically designed for multi-subsidiary organizations and it features the most comprehensive solution for complex, distributed compliance challenges. Read more about ProcessGene Multi-Org technology.