PerformBI for Corporate Governanceâ¢ provides public companiesâ executives (such as CEOs and CFOs), investment companies, investment advisers and broker-dealers pre-built industry-specific detect and alert fraud and compliance analytics. It will also provide business process automation for corporate governance and compliance business processes, including certifications, and disclosure and financial controls required under the Sarbanes-Oxley Act.
Robert Sobol, Sterling's Chief Operating Officer, said, "A companyâs reputation is its armor in the battle for shareholder loyalty. Scandals are a threat to the very existence of a business. PerformBI for Corporate Governance is a âmust-haveâ business intelligence shield that pro-actively monitors financial and compliance data and processes."
"We believe this integrated risk management approach will help personally-liable CEOs and CFOs manage the corporate governance process much more efficiently. A company that uses such a solution should significantly reduce the risks of serious damage to company trust and shareholder value from these unanticipated events."
PerformBI for Corporate Governance provides a company with a computer digital dashboard for the prevention, detection and correction of potentially fraudulent and non-compliant activities. The solution and methodology will maintain and manage Sarbanes-Oxley certification and control documents, procedures and processes.
The system monitors (using threshold and pattern-recognition detection technology) financial, operational, and compliance system data for potential violations of business rules and performance measurements. These scenarios include Sterlingâs specially-designed fraud and securities compliance analytics.
John Chapel, CEO of Wall Street Connect, commented, "In the wake of two years of turbulence in the financial markets, public companies and their executive team and board are now being measured far beyond their most recent earnings forecasts. It is now critical that executive management evidence the pro-active management of their company's corporate governance or accept potential punishment and liability from a marketplace that will no longer tolerate neglect in this arena. CEO's and CFO's can look to PerformBI for Corporate Governance to manage, in real time, their corporate governance challenges."
"PerformBI for Corporate Governance will automatically alert senior corporate executives and responsible employees, via the dashboard itself and via email, web, wireless and phone, about potential violations of corporate governance policies and procedures, and the securities laws," said Don Carey, Sterlingâs Director of Business Development.
"Sterling's proven "time-box" implementation approach," Carey continued, "along with our pre-built technologies and data models, allow executives and managers to see the first implementation of their new PerformBI solutions on their desktops at a very reasonable cost in just a few months."
Officers and responsible employees are able to efficiently investigate, analyze, implement and track remedies for event violations and possible deficiencies in the process using drill-down, what-if and ad hoc analytics that are directly available within the dashboard.
The dashboard and methodology also will include built-in business process automation and workflow tools relating to corporate governance and Sarbanes Oxley, including: communications; scheduling; approval; certification support; code of ethics and control document management; corporate governance participant education and awareness campaigns; a business continuity planning Virtual Command Center option; and audit trails. Cost saving, operational efficiencies and competitive advantage will be some of the obvious resulting benefits to companies who use PerformBI for Corporate Governance.
Sterlingâs New White Paper, "PerformBI for Corporate Governance: An Enterprise Intelligence Solution and Methodology for Sarbanes-Oxley CEO and CFO Certifications and Controls," is now available via its website.