Streamlining SOX Compliance: Fastpath's Seamless Integration with NetSuite

Introduction

In this blog post, I'll dive into how Fastpath seamlessly integrates with NetSuite, providing our customers with peace of mind in ensuring compliance with SOX regulations. In particular, I'll explore the Fastpath products Access Control and Identity. With nearly five years of experience at Fastpath, I've had the privilege of assisting numerous customers in effectively implementing our software and utilizing it to its full capabilities.

Implementation

Regarding the implementation process, it's very straightforward. Fastpath, being a Software as a Service (SaaS), connects with NetSuite, another SaaS, through an API. This connection enables Fastpath to retrieve the necessary NetSuite user security data like users, roles, and security permissions, which are then integrated into our platform. Once this integration is established, Fastpath automatically generates comprehensive reports that are immediately usable, without any additional customization needed.

Access Control

Upon the completion of the NetSuite security import, the real magic unfolds. In our Access Control product, we deliver out-of-the box Separation of Duties (SOD) reporting along with a NetSuite risk ruleset that has been created by auditors for auditors. The ruleset that Fastpath delivers is based on the COSO framework and ISACA remediation best practices. As a result, our customers can run out-of-the box risk/conflict detailed reports at the User and Role level immediately. To make our customers lives even easier, each report can be easily scheduled to run at their preferred frequency. If compliance is top of mind, there is even an additional feature that will collect an e-signature from the reviewer which is captured and stored in our logs.

Expanding further upon our SOD capabilities in Access Control, Fastpath can also enable a feature called Risk Quantification. Simply put, Risk Quantification analyzes the financial exposure of separation of duties risks based upon actual transaction and master data audit trails that come directly from NetSuite system notes. Such functionality allows our customers to quickly see users in their organization that perform or could perform transactions that may be best separated between two or more individuals to reduce risk. Personally, I feel this gives our customers extra comfort knowing there are automated controls in place to look for this.

To round out the suite of offerings in Access Control, Fastpath offers a Security Designer tool that is specific to NetSuite. This tool enables customers to simulate changes to NetSuite security roles and analyze the risk impact prior to deployment.

My favorite highlights of Security Designer:

• Automatic analysis for Separation of Duties risks
• Intuitive user interface that provides a clear visualization of the roles and permissions
• Validation report for change confirmation

Identity

Lastly, I’ll finish this blog by talking about our Identity product. If you did not know, Fastpath also offers automated user provisioning for NetSuite and many other applications. Fastpath stands out in the Identity space by seamlessly integrating our Governance, Risk, and Compliance (GRC) expertise with Identity Governance and Administration (IGA) functionalities. Typically, customers also opt to connect their HR system so that Fastpath will streamline their entire process of an employee lifecycle. We normally refer to this as helping customers with their “join move leave” process.

Utilizing Fastpath Identity helps organizations ensure that only the right individuals can access specific resources such as NetSuite and others when required for their job responsibilities or assignments. Additionally, Fastpath recognizes that our customers love that the tool is all encompassing in one unified platform. At the end of the day, it’s our goal to keep serving our customers by helping them stay compliant, save on time and resources, all while providing first in class technology with our Identity product.

Conclusion

In summary, Fastpath provides swift-to-implement solutions that not only enhance compliance for SOX regulations but also streamline numerous manual processes for our valued customers.