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Trustmi launches SOX Compliance Solution

Thursday 25 January 2024 11:43 CET | News

Trustmi, a player in business payment security, has launched its Sarbanes-Oxley (SOX) Compliance solution for business payments.  

According to the official announcement, this AI-powered solution intends to empower organisations to take a proactive, automated approach to compliance audits, enforcing business controls in real-time across the entire payment flow.

Trustmi, a player in business payment security, has launched its Sarbanes-Oxley (SOX) Compliance solution for business payments.

Moreover, the press release states that the SOX Compliance solution provides complete visibility, continuous monitoring, and reporting, which eliminates manual, point-in-time audits. With real-time insights and integration with existing systems, teams can focus on their core priorities, spending less time on audits by proactively ensuring compliance. 

AI for SOX Compliance 

Public companies have long struggled with the high levels of complexity that come with SOX compliance. Existing tools rely on a reactive approach to SOX reporting, only detecting past incidents on payments and identifying gaps only after they occur. This approach is no longer deemed sufficient following the SEC's recent regulations implemented in July 2023, which require organisations to disclose material cybersecurity incidents they experience and information regarding their cybersecurity risk management, strategy, and governance. Given the heightened susceptibility of business payments to cyber threats, companies need to safeguard every facet of the B2B payment process, ensuring strict adherence to these regulatory requirements. 

By leveraging the Trustmi platform's AI, the SOX Compliance solution establishes a payment and approval flow process baseline. By identifying legitimate patterns and highlighting anomalies, the solution allows organisations to validate their compliance requirements, enforce strict controls on new processes, and prevent SOX violations in real time. The solution transforms the manual audit effort into an automated approach that simplifies audit preparations with robust reporting capabilities. 

About Trustmi 

Trustmi is an end-to-end payment security solution that aims to help businesses protect their bottom line by eliminating losses from cyberattacks, internal collusion, and human error. Trustmi's flexible and modular solution offers businesses complete control to use only the tools they need for securing their payment processes and managing their vendors. 

In December 2023, the company launched the Trustmi Certify tool to provide reliable protection for vendor payments. Following this announcement, Trustmi is set to allow businesses and companies to benefit from its secure and comprehensive approach to bank account validation, which was developed to accurately verify the accounts of customers and to provide full protection against multiple types of payment fraud.  

The Trustmi Ceritify was designed as an efficient vendor validation solution that aims to meet the needs and expectations of users in an ever-evolving landscape that also presents multiple fraud threats and challenges. The service represents a new identity validation as well, focusing on replacing the time-consuming and vulnerable call-back processes. 

Source: Link


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Keywords: product launch, artificial intelligence, compliance, online security, cybersecurity
Categories: Fraud & Financial Crime
Companies: Trustmi
Countries: Israel
This article is part of category

Fraud & Financial Crime

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Trustmi

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