In 2006, the Sarbanes-Oxley Act (SOX) was passed, and this was a moment that changed the finance sector forever. Essentially, this act regulated financial practices. Thirteen years later, many businesses have succeeded with the implementations, but others are still struggling with SOX compliance.
As with any new financial compliance, the transition can be somewhat challenging, especially for companies who heavily relied on a regulation that has been significantly changed. However, companies that find themselves non-compliant can certainly make a move in the right direction by incorporating a SOX compliance training program for their employees.
Make the Investment
Proper SOX compliance training will take a bit of time, money, and additional resources to incorporate in your business. However, it is certainly worth the effort. This type of training will cover the basics of the SOX act as well as teaching how small errors could lead to big impacts on the long-term success of the business. The type of training, time commitment, etc. is something leadership will have to determine. The size, budget, and goals of the company should all be taken into consideration.
Add Value to Your Business
It’s imperative to have professionals on your team who have proper SOX compliance training. Each person that learns and understands SOX will be able to help steer the company toward financial compliance goals.
Options for SOX Training
There is a multitude of options when it comes to the educational platforms for this type of training. One of the most common choices is in-house training, while other people choose to rely on the expertise of a consultant. This choice is likely determined by the size and existing resources of the company. Either way, the choice to incorporate the training into your business is a sound investment.
SOX compliance training is a critical resource for your company. It’s important to determine the status of your employee’s SOX knowledge and how they incorporate the knowledge into their role with the company. A simple training could yield a rewarding result for your business.