Skelta, Microsoft launch Compliance Accelerator

MUMBAI: Microsoft Corp. India Pvt. Ltd. along with Skelta Software, a Bangalore-based software company, has launched the Skelta Compliance Accelerator, built on the Microsoft .NET platform.

The accelerator is a 100% web based, workflow-enabled compliance solution, which will help Indian corporates comply with statutory and regulatory legislations such as the Sarbanes Oxley Act and amended Clause 49 of SEBI. The solution was launched at the CII CFO Summit held in Mumbai recently.

Skelta Compliance Accelerator comes with pre-defined, customizable workflows and document templates, and will help CEOs/CFOs expedite their compliance initiative by customizing this solution to their organizations' needs. The solution finds relevance in the wake of the policies issued by statutory bodies, which make CEOs and CFOs accountable for putting in place risk management and internal control systems in critical areas of operation.

The amendment to the Clause 49 of SEBI has come into force from Jan 1, 2006 with the first compliance status report due on April 15. Such legislations require that companies react instantly to meet these statutory requirements.

Built on Microsoft Sarbanes-Oxley Accelerator and Skelta Workflow.NET the Accelerator will allow organizations to: Map the organization hierarchy and structure into the compliance environment; Document processes, risks, internal controls and test plans; Create a centralized repository for all documents and evidence of compliance; Define workflows for reviews and self-assessment of processes, risks and associated controls; Define workflows for executing test plans and mitigation strategies; Setup self-assessment schedules based on multiple parameters such as priority, criticality and effectiveness of the control; Track status of self-assessment, test plans and mitigation plans; Ensure that processes are approved on creation/modification and approved changes are communicated to all stakeholders; Maintain audit trails for each compliance activity; Allows the usage of the compliance framework to implement other compliance related initiatives; and extends benefits of automated workflows and process management to areas besides compliance such as HR, Sales, Document Management, etc.