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Trustmi Launches Sarbanes-Oxley Compliance Solution for Business Payments

compliance

Trustmi introduced its Sarbanes-Oxley (SOX) Compliance solution for business payments.

Powered by artificial intelligence, the solution aims to simplify reporting and ensure compliance with the increasing regulatory requirements faced by organizations, the provider of business payment security said in a Thursday (Jan. 25) press release.

“We are transforming how businesses address compliance by shifting from a reactive, highly manual operation to an automated business process,” Trustmi CEO and Co-founder Shai Gabay said in the release.

Among other things, the Sarbanes-Oxley Act aims to make corporate disclosure more timely and transparent. It mandates that senior executives must sign off on the accuracy of financial reports.

Many organizations struggle with the complexity associated with SOX compliance, according to the release. Existing tools typically adopt a reactive approach to SOX reporting, only identifying past incidents and addressing gaps after they have occurred.

This approach is no longer acceptable under the Securities and Exchange Commission’s latest rules, which were adopted in July, the release said. These rules mandate organizations to disclose material cybersecurity incidents they experience, as well as information on their cybersecurity risk management, strategy and governance.

To tackle these challenges, Trustmi’s SOX Compliance solution allows organizations to take a proactive and automated approach to compliance audits, per the release. By harnessing AI, the solution provides visibility, continuous monitoring and real-time reporting, eliminating the need for manual, point-in-time audits.

With access to real-time insights and integration with existing systems, teams can focus on their core priorities, according to the release.

Business payments are particularly vulnerable to cyberattacks, making it crucial for companies to safeguard every aspect of the B2B payment process to ensure compliance with regulations, the release said.

Trustmi’s SOX Compliance solution establishes a baseline for payment and approval flows through its AI capabilities, per the release. It identifies legitimate patterns and highlights anomalies, enabling organizations to validate their compliance requirements, enforce controls on new processes and prevent SOX violations in real time.

“Trustmi does all the heavy lifting, giving customers confidence in their controls and state of compliance,” Eli Ben Nun, chief technology officer and co-founder of Trustmi, said in the release.

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