Deloitte Consulting and Fujitsu currently plan to collaborate in delivering related services and solutions to clients. The software component is based on a service-oriented architecture (SOA) that leverages Fujitsu’s award-winning Interstage Business Process Manager software and Interstage XWand, Fujitsu's industry-leading XBRL (eXtensible Business Reporting Language). Fujitsu’s technology would be complemented by Deloitte Consulting’s strategy, process and implementation-related consulting services.
“We recognize that the technology component of any compliance solution must be tightly integrated with the business needs. Working with Deloitte Consulting, established in bridging business and technology demands, to implement our globally adopted software, we will be able to deliver solutions for meeting the sophisticated compliance, risk and performance monitoring needs of our customers,” said Robert Sepanloo, senior vice president of Interstage at Fujitsu Software Corporation.
Regulatory requirements, such as those associated with the Sarbanes-Oxley Act, affect information technology strategies, investment priorities, and IT management processes. Stringent government regulations and the raised bar on governance expectations have added new challenges, for example, requiring assurances that internal controls related to financial reporting, including general computer controls, are sound and effective. Furthermore, companies are required to provide more rapid disclosures and greater transparency in their reporting. In order to meet mandates, such as Sarbanes-Oxley, companies are beginning to move from costly, error-prone manual processes to an automated and sustainable environment with control automation, continuous monitoring and predictive capabilities.
“Our goal is to help our clients increase their agility in this challenging regulatory and economic environment,” said Lee Dittmar, leader of the Enterprise Governance practice at Deloitte Consulting. Dittmar's assessment, which is supported by Fujitsu’s research, is that, “Companies cannot sustain high compliance costs and are considering investments, not only to address compliance requirements, but to improve performance. Technology that automates risk and control management is essential. In today's regulatory climate, there are many vendors offering compliance solutions. Many of these compliance solutions focus on the documenting and reporting aspects of regulatory compliance. These are important but are only part of the technology needs. Automated risk and control monitoring will be increasingly important areas of focus. Fujitsu’s approach is consistent with our view concerning the important role technology must play in making controls and compliance more efficient and effective.”
“The answer to Sarbanes-Oxley and other compliance regulations cannot be found solely in software packages – it exists in business processes and IT controls, and how to leverage technology to support and enhance those processes,” said Tom Eid, research vice president, Gartner, Inc.