Rethinking the Role of Compliance

Global Menswear Retailer

A publicly traded luxury Italian menswear brand successfully utilized Q-Compliance to fulfill its SOX compliance requirements and underwent a successful audit as a newly-listed company.

SOX compliance is an annual obligation derived from the Sarbanes- Oxley Act (SOX) that requires publicly traded companies doing business in the U.S. to establish financial reporting standards, including safeguarding data, tracking attempted breaches, logging electronic records for auditing, and demonstrating compliance.

The United States Congress passed the Sarbanes-Oxley Act (SOX) in 2002 to protect shareholders and the general public from accounting errors and fraudulent practices in enterprises and to improve the accuracy of corporate disclosures.


Customer Challenge:

SOX compliance is imperative to protect a public institution’s data and maintain the integrity of its financial transactions.

A leading luxury Italian menswear brand sought a compliance automation partner to help strengthen its internal control environment and update its business processes to achieve SOX compliance in preparation for undergoing an audit to become a public company on the New York Stock Exchange. SOX requirements for public companies include implementing internal controls for processes that impact financial reporting. These controls are designed to ensure accurate and reliable financial reporting, as well as data protection.

The global luxury brand needed assistance in developing formal data security policies, documentation of activities and data encryption, installation of access tracking controls, and detailed analysis of security system data. The Company also needed a tool to enhance security awareness through real-time monitoring as well as address insider threats.


Qmulos Solution:

The retailer launched Qmulos’ Q-Compliance to implement SOX controls and fulfill its SOX requirements for IT and business processes. It underwent a successful audit in October 2022, achieving SOX compliance using Q-Compliance as its primary tool for assessments and compliance. It also utilized Qmulos’ Q-Audit to conduct insider threat monitoring and increase its security awareness.

The Company, with locations worldwide, benefitted from Qmulos’ professional services team, which helped streamline Q-Compliance and Q-Audit configurations for SOX compliance and insider threat prevention. Qmulos also facilitated robust training to their technical and compliance teams, ensuring effective deployment and usage of the solutions.


Benefit:

SOX compliance is not only a legal obligation but also a wise business practice to safeguard company financial assets. Internal users benefitted from workflows tailored to their specific use case. Qmulos maintained strong relationships with the team throughout the process and collaborated closely to address SOX audit requirements, even overcoming geographic and language barriers. The global retailer successfully utilized Q-Compliance and Q-Audit to achieve SOX compliance and achieved its goal of being listed as a public company.


The power of Q-Compliance for SOX:

UP TO 80% time savings via technical evidence collection and review instead of manual data collection.

UP TO 80% time savings in control review by leveraging automated pass/ fail, POAM creation, control alert logging, and more.

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