|By Business Wire||
|January 7, 2014 04:00 PM EST||
MetricStream today announced that it has entered into an agreement with Tronox Limited, the world’s largest fully integrated producer of titanium ore and titanium dioxide (TiO2), to provide an advanced Sarbanes-Oxley Act (SOX) compliance solution.
Built on a flexible GRC platform, the solution will scale across Tronox’s global enterprise, unifying the complete range of their SOX compliance processes and data in a common framework for enhanced transparency and accountability. The solution will also enable a systematic, risk-based, and automated approach to SOX compliance and control testing, thereby supporting more robust risk management and compliance programs that enhance the firm’s reputation and reduce the likelihood of unanticipated fines or costs.
Tronox mines and processes titanium ore, zircon and other minerals, and manufactures (TiO2) pigments that add brightness and durability to paints, plastics, paper, and other everyday products. The company’s electrolytic and specialty chemicals division provides innovative products to the energy storage, paper, automotive, and pharmaceutical industries. Tronox has a workforce of more than 3,400 employees operating in 18 locations around the world with production facilities in the United States, Australia, the Netherlands, and South Africa.
“To support our new SOX program, we were looking for an integrated compliance solution that could be implemented quickly,” said Peter Brooks, Vice President, Risk Management and Corporate Audit at Tronox. “Ultimately, we selected MetricStream because of the solutions broad array of features and their secure cloud-based offerings. MetricStream provided us with the assurance that through this partnership, we could build a successful, industry-leading SOX compliance program.”
Over time, the MetricStream SOX Compliance Solution will enable Tronox to define and maintain a single, centralized framework of SOX standards, risks, controls, and reporting requirements. The solution offers secure and centralized management of financial compliance data, support for dependency mapping, while also facilitating the sharing of process documentation as well as associated risks and controls. All of this will help standardize and streamline SOX compliance processes across the company’s operations.
The solution also provides advanced SOX scoping capabilities for controls testing, automatic notification and routing of activities such as design and operating review, risk assessments, signoffs, and certifications. Additionally, the solution will streamline quarterly and annual control surveys and certifications, help document key controls and gaps, and demonstrate how relevant risks are factored into the periodic compliance risk assessment process. Powerful reports, charts, and dashboards will provide insight into the current state of financial reporting and compliance. The solution also provides drill-down capabilities through sub-reports and in-context data to support root cause analysis.
As mining companies operate in increasingly diverse, global, and resource-rich regions, it becomes challenging to ensure transparency across all business activities. Therefore, companies must strengthen their internal controls and compliance programs to provide ongoing assurance to the regulators that assets are protected, transactions are legitimate, and material irregularities are prevented.
“We are excited that Tronox has selected MetricStream to support its new SOX compliance program,” said Gaurav Kapoor, Chief Operating Officer at MetricStream. “Ever since the SOX Act was passed in 2002, companies around the world have chosen MetricStream to strengthen their compliance with various SOX sections including 302, 304, and 404 for financial reporting, control monitoring, and more. Our solutions help companies strengthen their internal controls, gain visibility into their compliance efforts. Tronox has chosen MetricStream’s secure cloud offering to support a quick deployment, which will bring immediate value to the organization.”
MetricStream is a market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions for global corporations. MetricStream solutions are used by leading corporations such as UBS, Barclaycard US, P&G, Constellation Energy, Pfizer, Philips, United Technologies Corporation, SanDisk, Cummins, and Autogrill in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-tech and Manufacturing to manage their risk management programs, quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as several million compliance professionals worldwide via the www.ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California and has its ANZ offices in Sydney and can be reached at www.metricstream.com.