Chemical and Energy Giant Sasol Gets a Jump on Sarbanes-Oxley Compliance Using Open Text’s Livelink ECM
Open Text™ Corporation (Nasdaq: OTEX, TSX: OTC), the leading independent provider of Enterprise Content Management (ECM) software, said today that Sasol, Ltd. (NYSE: SSL, JSE: SOL), the South African chemical and energy company, has deployed Open Text’s Livelink ECM solution for internal controls to help the company meet the requirements of Section 404 of the U.S.’s Sarbanes-Oxley Act ahead of the 2006 deadline for foreign filers.
The solution is a finalist in Open Text’s GlobalStar Awards program which recognizes leading ECM solutions. An awards presentation takes place this week during Open Text’s LiveLinkUp Orlando 2005 user conference, in Orlando, Florida. Eric Slaghuis, Information Manager, Collaboration, for Sasol, will give a presentation on the solution and how it is helping the company to meet its critical compliance requirements.
Headquartered in Johannesburg, South Africa, Sasol is a global provider and marketer of chemicals and liquid fuels, with a growing interest in oil and gas exploration. Sasol was established in 1950 by the South African government to manufacture fuels and chemicals from indigenous raw materials, and today has some 30,000 employees around the world. Sasol has developed world-leading technology for the commercial production of synthetic fuels and chemicals from low-grade coal as well as the conversion of natural gas to environment-friendly fuels and chemicals.
As a non-U.S. firm trading on the New York Stock Exchange, Sasol must meet requirements for the Sarbanes-Oxley Act. Being able to identify, track and monitor internal controls to ensure proper corporate governance is a central requirement of the law. Sasol chose Open Text’s internal controls solution because it has the capabilities the company needed and could be deployed as an extension of its existing Livelink ECM solution, which serves as Sasol’s collaboration and content management platform.
“We established an early timeline for Sarbanes-Oxley requirements to ensure we would be ready well in advance of our compliance deadline. Much depended on getting the right software solution in place,” said Sasol’s Slaghuis. “We evaluated several corporate governance offerings, but chose Open Text’s internal controls solution because we wanted to be certain our solution would fit into our existing IT environment to speed deployment. We’re pleased to say that we were successful in documenting all financial reporting controls well in time. This enabled us to initiate a robust self-assessment business process in order to prepare for our first filing in 2006."
“Sasol demonstrates something we are seeing more often from customers: A desire to not only meet corporate governance requirements but also improve processes, optimize operations and gain greater ROI as they do,” said John Kirkham, Executive Vice President of Global Sales at Open Text.
The Open Text internal controls solution provides a centralized workspace to manage internal controls information, such as details about business processes, risks and associated controls, and plans for testing and auditing those controls. The solution ensures that internal and external risks to achieving corporate objectives, such as changing economic, regulatory and operating conditions, are quickly discovered and assessed.
The solution integrates with Livelink ECM’s notifications and assignments to help inform the appropriate compliance officers of questionable findings, and launch the required processes to address and resolve potential risks, issues and control tests. The solution helps businesses maintain all relevant history and issues in a single place, so users can quickly and reliably measure, test and audit the effectiveness of internal controls.
For more information on Open Text’s Livelink ECM solution for internal controls, go to: http://www.opentext.com/products/livelink/enterprise-server/corporate-governance/
For more information on LiveLinkUp Orlando, go to: http://livelinkup-orlando.opentext.com/
Open Text™ is the leading independent provider of Enterprise Content Management (ECM) solutions that bring together people, processes and information in global organizations. Today, the company supports 20 million seats across 13,000 deployments in 114 countries and 12 languages worldwide. For more information on Open Text, go to: www.opentext.com.