OnBase® SOX solution automates internal control processes, reduces manual work for Section 404
CLEVELAND – August 18, 2004 – Hyland Software, Inc., developer of OnBase enterprise content management (ECM) software, has been chosen by Hawk Corporation (AMEX: HWK), a manufacturer and supplier of specialized components, to implement its OnBase Sarbanes-Oxley (SOX) solution, designed specifically to assist companies in complying with Section 404 of the Sarbanes-Oxley Act of 2002.
�Our team was impressed with the value that the OnBase solution provides in reducing Sarbanes-Oxley Section 404 compliance costs,� stated Joseph J. Levanduski, vice president – CFO for Hawk Corporation. �While evaluating various options we felt that the OnBase solution best met our immediate and long-term needs, and believe that there is great potential value in areas beyond Sarbanes-Oxley such as document management and streamlining business processes.�
Hyland Software�s Sarbanes-Oxley Expertise
The OnBase SOX solution is designed by certified public accountants (CPAs) with extensive Sarbanes-Oxley Act experience to help meet Section 404 compliance requirements and allows companies to more efficiently document business processes and internal controls. With flexible reporting and the ability to import and export data, the OnBase SOX solution helps meet the documentation needs of all companies looking to comply with Sarbanes-Oxley. The point-and-click configurability of the solution allows for ease of implementation. As a result, virtually every component of this solution can be modified to better fit an organization�s needs.
According to Gartner, “Complying with Sarbanes-Oxley requires better control of both electronic and paper documents. Automating a financial process, in full or partially, has a number of benefits. It provides an audit trail, allows rules to be applied automatically and can track the responsibility and actions of individuals via metadata.”
OnBase SOX Solution Capabilities
The OnBase SOX solution allows companies to utilize technology with ECM functionality, enabling them to:
- Facilitate the process of documenting and testing internal controls
- Automate compliance and audit processes
- Retain, retrieve and distribute control-related documents
- Automate and strengthen internal control processes
- Provide document retention, document retrieval and a solid audit trail
- Expand the efficiencies of integrated document management across the enterprise.
�In the past, companies dealt with governance, risk and compliance at a departmental level, and specific software solutions were developed to assist with specific compliance requirements,� said Bill Priemer, vice president of Sales and Marketing at Hyland. �OnBase provides companies not only with the technology needed to help meet their compliance requirements and reduce the costs associated with compliance, but also the foundation of an ECM solution for increased enterprise-wide efficiencies and cost savings.�
About Hawk Corporation
Hawk Corporation is a leading worldwide supplier of highly engineered products. Its friction products group is a leading supplier of friction materials for brakes, clutches and transmissions used in airplanes, trucks, construction equipment, farm equipment, recreational vehicles and performance automotive. Through its precision components group, the Company is a leading supplier of powder metal and metal injected molded components used in industrial, consumer and other applications, such as pumps, motors and transmissions, lawn and garden equipment, appliances, small hand tools, trucks and telecommunications equipment. The Company�s performance racing group manufactures clutches and gearboxes for motorsport applications and performance automotive markets. Headquartered in Cleveland, Ohio, Hawk has approximately 1,600 employees at 16 manufacturing, research, sales and administrative sites in five countries. Hawk Corporation is online at: www.hawkcorp.com.
About Hyland Software
Hyland Software, established in 1991, is a leading U.S. provider of rapidly deployable enterprise content management software. Hyland develops OnBase, enterprise-class software that combines integrated document management, business process management and records management in a single application. OnBase allows organizations to manage digital content, including scanned paper documents, faxes, print streams, application files, electronic forms, web content, multi-media files, and emails. OnBase is used by businesses and government agencies to automate business processes, reduce the time and cost of performing important business functions, improve organizational efficiency and address the need for regulatory compliance through the management, control and sharing of digital content with employees, business partners, customers and other constituencies. Visit www.onbase.com for more information.
1) Sarbanes-Oxley Will Boost Content and Process Management; Authors: Debra Logan, Karen M. Shegda, Hams El-Gabri, Toby Bell; 24 November 2003, Gartner Research ID Number: SPA-21-5890.