Financial Services (Sarbanes-Oxley)MUSA prides itself on its ability to provide expert IT services for firms outside the Life Sciences umbrella, including the financial services industry. Since the introduction of Sarbanes-Oxley in 2002, financial regulations in the industry have tightened, especially in terms of accountability and record-keeping of transactions and processes in the industry. No matter how necessary these regulations may have been, these stringent standards have proven to be costly and time-consuming to follow on a day-to-day basis, especially for small financial firms. MUSA’s experienced IT consultants can help you handle SOX regulations in a cost-effective manner and help your firm follow SEC regulations, especially in terms of data warehousing and server architecture.
In 2002, the Public Company Accounting Oversight Board (PCAOB) enacted the well-known Sarbanes-Oxley Act of 2002. This act was “enacted in 2002 to restore integrity and public confidence to the financial markets… The implementation of effective business ethics became essential and the new law required the publication of corporate codes of ethics.” (Orin, Richard M. “Ethical Guidance and Constraint Under the Sarbanes-Oxley Act of 2002.” Journal of Accounting, Auditing & Finance 23 (2008))
While it was apparent something needed to be done to prevent the Enron and WorldCom scandals of recent years, these regulations meant much higher costs for finance and accounting firms in terms of internal control structures and record-keeping. Financial Executives International CEO Michael P. Cangemi stated in 2006 that the original Sarbanes-Oxley Act’s “complicated requirements are threatening the competitiveness of U.S. businesses – especially for small firms.” (McCollum, Tim. “Reducing Complexity” The Internal Auditor 1 Dec. 2007: 57-58,60. Accounting & Tax Periodicals)
MUSA Technology Partners’ experienced IT professionals can help control these costs for your firm and ensure that you can stay focused on your competitive advantage by handling the day-to-day compliance issues of the financial services industry. Whether you need to minimize risk by backing up your data for business continuance, or conserve space by virtualizing servers using VMware, MUSA can help.
