Sparta Systems, Inc.

June 9, 2005
Work Flow Management Tool Serves Up SOX Solutions
TrackWise, a work flow management tool, can provide a holistic solution for all SOX needs and follows the COSO guidelines for such functions as auditing, actions tracking, corrective and preventive actions, change control and risk assessment. TrackWise can help senior management improve its span of control and state of compliance with SOX requirements.TrackWise manages the entire CAPA life cycle process in accordance with each organization's procedures. TrackWise enables an organization to entirely configure its CAPA process into the system, usually in a matter of days.TrackWise centralizes and automates the above processes as a change control process across the enterprise. Authorized users can initiate Change Requests via single, simple web-based interface, eliminating the need for locally installed client software. Intuitive data entry forms correspond to the change type, and provide an efficient means to capture all information. TrackWise records (e.g., Audit) can be linked to other records (e.g., Corrective and Preventive Actions, Change Control) in the centralized TrackWise database via parent-child relationship. This provides direct access to all background information and critical data used to assess impact and formulate action plans. TrackWise Typical applications related to Sarbanes needs include:
  • Audit - Provides easy to create audit templates and checklists for use in internal SOX readiness audits.

  • Observation - Where compliance gaps or other observations cited by the auditor, direct action items can be created with a configurable work flow. Escalation and notification can be automated.

  • CAPA - Corrective and Preventive actions may be created using the powerful work flow engine to resolve any SOX related gaps.

  • Change Control - Controlling changes to your financial systems can be easily configured to enforce the corporate defined work flow.

  • Risk Assessment - Unlimited levels of structured risk assessment and root cause categories.

  • Ethics Hotline/Whistleblower Program - Meet Section 301 requirements with an anonymous hotline. Create Corrective and Preventative Actions linked to the original record.

  • Integration with financial systems and EDMS.
TrackWise can be integrated with other key financial systems, ensuring that other related information are available for selection. Additionally, TrackWise provides direct integration to Electronic Document Management Systems (EDMS) the Documentum ECM platform, as well as LiveLink by OpenText. The integrated solutions provide users the ability to link financial or other files, documents and file versions stored in EDM systems directly to quality records in TrackWise.