Virsa Debuts Compliance Monitoring System

Virsa Systems Inc. today unveiled its Confident Compliance process control monitoring software for enforcing controls and demonstrating the effectiveness of controls in compliance with regulatory mandates such as Sarbanes-Oxley.

Virsa's Confident Compliance software enables organizations to monitor and track their automated process controls, including configuration, transaction, and master data controls, providing executives and auditors with proof that the controls are working effectively to minimize operational risk.

The software includes role-based dashboards providing real-time visibility into the status of process controls compliance across the enterprise. Confident Compliance dashboards are directly connected to an organization's operational systems at the transaction level, which provides executives and auditors real-time views of compliance status, according to Virsa Systems. Through such monitoring, managers can pinpoint bottlenecks in business processes more quickly, resulting in greater efficiency, the company said.

Confident Compliance is a web-based application that integrates with enterprise resource planning (ERP) systems. For instance, it can reside directly within SAP systems to monitor process controls on a continuous basis, rather than requiring data to be first downloaded from the transactional systems and stored externally.

Confident Compliance continuously checks for weaknesses in controls, including master data setup and configuration setups, and flags transactions that point to potential control deficiencies or material weaknesses. It comes with a set of built-in best practice rules for monitoring key business process controls. The software automatically tracks any exceptions to rules by creating a case in the system, eliminating any manual effort. Once the case is generated, an email notification is sent to the appropriate parties.

Once a case has been generated, Confident Compliance allows users to drill down to the actual screen to analyze the root cause and resolve the exception. It comes with a remediation workbench for fixing control exceptions and violations, or it can work with third-party remediation software.