Nautilus SOX

Controlling the Cost of Ongoing Compliance

Most public companies had to use extraordinary means to achieve the aggressive deadlines associated with Sarbanes Oxley. Now that the initial crisis has passed, two things are clear:

• Standard desktop tools don’t provide the airtight audit trail required to meet future compliance demands.
• Companies have to find a way to minimize costs associated with sustained compliance.

Practical automation is the logical solution. That’s why Fiserv Insurance Solutions has introduced Nautilus® SOX—content management technology that streamlines the compliance process and reduces the associated costs.

 Streamline with Nautilus SOX

The Nautilus SOX solution is a flexible, cost-effective tool that uses document management technology for enterprise-wide compliance with the SOX, and similar provisions that the NAIC is expected to embrace for non-public insurers.

Nautilus SOX provides an automated, searchable system for documenting internal controls and business processes to help ensure SOX compliance. With Nautilus SOX, users can create, collaborate, log, execute and conclude business transactions in a structured, efficient environment.

Through Nautilus SOX, users across an organization can immediately access information regarding a process or project, including all outstanding issues, approvals, statuses, discussions and communications. The system’s framework of pre-defined indexes and templates makes it easy to monitor and record all external and internal events affecting SOX compliance — from risk assessment to controls testing and remediation. Notifications and scheduled reviews can be set up to ensure that important deadlines are observed, and the system can automatically route content between collaborating participants.

Point-and click configuration allows insurers to tailor the system quickly and easily without programming assistance. Currently available for network use, Nautilus will soon be available online through an ASP model.

 Why Automate?

Much of an organization’s cost of Sarbanes-Oxley 404 compliance in future years will be associated with the testing of internal controls. For many organizations, this process involves manual retrieval of documents from file cabinets — invoices, packing slips, credit memos, and Human Resources documentation — potentially from multiple sites. The ongoing cost and effort of this testing can be considerable.

Indeed, many organizations are looking for solutions that not only facilitate compliance, but that also improve the efficiency of their business processes, enterprise-wide. As part of their Sarbanes-Oxley 404 compliance initiatives, companies have identified processes that are manually intensive or subject to weak controls that can be strengthened through automation. They are also looking for enterprise software tools that are flexible enough to be used in a wide variety of applications, from financial reporting and invoice processing, to capital expenditures and human resource processes.

Act Today

View a live demonstration of the Nautilus SOX solution, or contact us to talk to a Fiserv representative.