"Flow International Simplifies SOX Compliance Efforts with Fastpath"
Flow International Corporation (Flow International) is the world leader in the development and manufacturing of ultrahigh-pressure (UHP) waterjet technology, and a leading provider of robotics and assembly equipment. Flow provides technologically advanced, environmentally-sound solutions to the manufacturing and industrial cleaning markets.
As a publicly-traded company in the United States, the company must comply with Sarbanes Oxley (SOX) Section 404 requirements on internal controls across all of its operations throughout the world including North America, Europe and Asia. Under SOX compliance, companies are required to publish information in their annual reports concerning the scope and adequacy of the internal control structure and procedures for financial reporting. For Flow International, documenting and testing financial controls had proven difficult in the past and they were looking for a better performing solution that would work easily with their new ERP solution,Microsoft Dynamics AX.
Using Fastpath Assure designed for Microsoft Dynamics AX, Flow International was able to simplify their SOX compliance efforts while maintaining strict security standards, ultimately saving time and audit costs.
"Auditing and Reporting in a Complex Accounting Environment"
Flow designed their security model around their business. Like many public companies, the auditor is not always involved in the security planning and must decipher any potential segregation of duties conflicts after security is already configured. “Prior to our new ERP solution, performing a segregation of duties review would literally take weeks, if not a couple months to complete.This included evaluating a list of every user in the system and assessing their actual rights. The process was a very manual and laborious and we wanted to eliminate those headaches with our new ERP solution,Microsoft Dynamics AX,” said Jeff Zuniga, Group Manager for IT Process and Measurement for Flow International.
"Managing Segregation of Duties (SOD) Conflicts"
SOD controls exist both to limit malicious behavior, and to limit accidents caused by human error.This is done through the pragmatic implementation of checks and balances designed to reduce risks to an acceptable level.
Using Fastpath Assure to quickly and easily analyze Microsoft Dynamics AX for potential segregation of duties (SOD) conflicts, Flow International was able to eliminate the manual process of reconciling security reports. Fastpath Assure provided the company a comprehensive, interactive tool to identify all SOD conflicts within Microsoft Dynamics AX and better understand security.The company was able to provide the necessary reports to both internal and external audit teams. Fastpath Assure also provided a workflow module “Having Fastpath Assure has been a lifesaver.There are some native security reports in available in Microsoft Dynamics AX but without Fastpath’s capabilities, it would have been a painful, time-consuming process,”Zuniga added.
Fastpath’s flexible framework offers customers like Flow International the information that they need without requiring drastic changes to their business process. “We were especially pleased that Fastpath was able to address additional items required by our auditors that were not part of the standard delivered rule-set and directly map the rules from our previous ERP to Microsoft Dynamics AX,”he said.
"Fastpath’s tools and knowledge allowed Flow International to get the most from their new ERP environment while getting their auditors the reports and output that they need quickly and easily."
"Automated SOD reportings"
Fastpath gave Flow International the confidence they needed in their system security and allowed them to significantly automate the previous manual audit preparation process, saving time and resources.Additionally,having Fastpath Assure integrated into their overall business processes, audit analysis is now part of their regular security review and not a costly once-a-year effort by the auditor.
Zuniga believes the company has realized substantial benefits thanks to Fastpath’s guidance, expertise and toolset.“With Fastpath,we were able to automate our SOD process, increasing staff productivity and efficiency.We’ve reduced our audit costs and more importantly now have the confidence that we needed,”concluded Zuniga.