The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

SOx compliance shouldn't rest solely with CFO, says report

As pressure to comply with Sarbanes-Oxley regulations mounts, a new report by AberdeenGroup demonstrates that companies that involve much of the organization in their SOx review process are experiencing lower costs and increased profits. By contrast, companies who limit SOx reviews to a small group of senior management have the worst performance records.

"The Automating SOx Compliance Benchmark Report" found that companies can achieve greater results from their SOx review process by using a combination of business process analysis, project management, and changes to technology to go beyond the minimum requirements imposed by SOx to significantly improve operating results while introducing continuous business improvements.

"Firms where the CEO, CFO, and the board are directly involved in the day-to-day tasks of SOx compliance are operating as laggards," said Jim Hurley Aberdeen's vice president of risk, security and compliance and author of the report. "By contrast, performance leaders have already pushed responsibility for SOx compliance down in the organization."

According to the report, firms placing responsibility for SOx compliance onto a chief risk or chief compliance officer are well ahead of other organizations in reducing deficiencies. What's more companies are combining SOx with business process improvement programs to deliver better results.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree