Although the Sarbanes-Oxley Act of 2002 is focused primarily on financial reporting and accounting processes, the law is forcing publicly traded companies to assess their IT systems too.Thanks to the transgressions at Enron, WorldCom and other now notorious corporations, all publicly traded companies in the United States-including insurers-are in the throes of trying to determine how to comply with the law that was passed to deter such corporate malfeasance in the future.
The Sarbanes-Oxley Act (SOA), signed by Pres. Bush on July 30, 2002, mandates a number of reforms to improve corporate responsibility. The following are among the provisions:
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