Free Software To Help Business Comply With Sarbanes-Oxley Act And Hippa Essay Example

Introduction

Demonstrating and meeting compliance to various rules and regulations may present operational challenges among company managers. In this regard, organizations and companies are currently seeking the services of compliance consultants or software to enhance their level of compliance. In the health sector, service providers are required to comply with the Health Insurance Portability and Accountability Act of 1990. The purpose of this act is to ensure confidentiality of patients’ health information and to enable patients’ access appropriate health insurance and services (Borten, 2013). However, compliance with this act may present a number of challenges to health services providers. According to Borten 2013, one of the challenges that have been faced by many health care service providers is ensuring privacy and security of Protected Health information (PHI). This has created a need to employ the services of compliance consultant or compliance software.
In the financial and economic sector, the Sarbanes Oxley Act has been implemented to protect the public and shareholders from fraudulent accounting procedures as well as erroneous accounting processes. Having been implemented by the United States Congress, it is meant is also meant to improving processes involving accounting disclosures (Arlington, 2012). The tighter internal control models applied by Sarbanes Oxley Act (SOX) may create daunting challenges among managers. However, compliance to SOX among managers has become a daily routine and not a different project with its own external consultants and an internal team (Arlington, 2012). In this regard, most managers are currently considering the application of software that guide their compliance to SOX as it enables them to have clear visibility of their projects (Arlington, 2012).

Use of MetricStream Software to facilitate Compliance with HIPPA and Sarbanes Oxley Act

MetricStream software was developed after identifying the challenges faced by organizational managers in their efforts to comply with various acts. It is offered by a compliance consultant company based in the United States that focuses on providing compliance software solution to various organizations (www.metricstream.com). Basically, it enables managers to solve these challenges and reduce the associated costs of non-compliance or violations (www.metricstream.com). Through a framework known as COSO, this software enables companies to formulate, asses and enhance their controls. This also enables them to monitor their level of compliance at any time and detail (www.metricstream.com).
In relation to compliance with SOX, the application of MetricStream software solution enables companies to streamline survey procedures as well as certifications that indicate the level of adherence to policies and the strength of internal controls. The software allows executive managers to access this information, review and certify their level of control and risk assessment as required by SOX 302. MetricStream has an in-built library of approximately 1500 tests; this supports content delivery and automated testing among its clients (www.metricstream.com). The tests are also supported with best practices that assist in defining control hierarchies, thus enabling businesses to integrate their operational processes.
The other benefits of applying MetricStream software to help in compliance with SOX include: Improving process control through facilitating consistent financial management procedures throughout an organization, prevention of errors and redundant activities (www.metricstream.com). It also reduces exposure to risk through its compliance dashboards as well as risk heat maps that enables managers to have a complete visibility of its financial control processes. MetricStream software enables companies to engage in proper resource utilization (www.metricstream.com). This is facilitated by its capacity to undertake automated and streamlined control management, thus enabling a harmonious work flow. Through its capacity to streamline change management, MetricStream provides managers with integrated document control and change management capacities that keep processes and documentation in sync. Streamline change control also enhances a significant reduction of changes that may occur on documentation during compliance processes.
On the other hand, MetricStream provides an integrated and holistic framework to health service providers to enable them automate and manage services in a manner that complies with HIPPA requirements. MetricStream helps service providers to streamline all HIPPA compliance aspects for instance: Preparation of procedures and policies, risk assessment and analysis, audit management, gap identification and provision of remedy to identified issues (www.metricstream.com).
MetricStream solutions recognize new HIPPA rule and this regard it enhances the visibility of service providers to effectively manage work contracts and documents. This software allows health service providers to integrate all HIPPA compliance requirements in one platform rather than having them in different entities (www.metricstream.com). Some of the specific benefits of MetricStream solutions in regard to compliance with HIPPA among health service providers are: It facilitates the process of monitoring business associates and undertaking risk assessments, thus preventing HIPPA violations. Additionally, with its automated functionality, it can generate report concerning HIPPA compliance among health service providers (www.metricstream.com). Consequently, MetricStream solutions enables service providers to comply with HIPPA security and privacy rule 164.308. This occurs through its capacity to enhance adoption of a control-based framework for technical safeguards. Health service providers can also apply MetricStream solutions to facilitate their efforts towards implementing Information technology governance frameworks for purposes of health information availability, integrity as well as confidentiality (www.metricstream.com).

References

Arlington, V. (2012). Sarbane Oxley Implementation Procedures. Washington, D.C.: Bureau of National Affairs.
Borten, K. (2013). HIPPA security made simple practical compliance advice for covered entities and business associates(Second ed.). Danvers, MA: HCPro.
HIPAA Compliance Solution. (n.d.). Retrieved January 26, 2015, from http://www.metricstream.com/solutions/HIPAA_HITECH_compliance_software_solutions.htm
Sarbanes Oxley (SOX) Compliance Solution. (n.d.). Retrieved January 26, 2015, from http://www.metricstream.com/solutions/sox_compliance.htm