System and method for evaluating regulatory compliance for a company
a compliance and system technology, applied in the field of system and method for evaluating compliance of a company, can solve the problems of reducing the stock price of the company, the loss of confidence in the stability of the company, and the assessment of penalties against the company and its officers and directors
Inactive Publication Date: 2005-03-24
SALOMON FELICIA +3
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Benefits of technology
In the system the database may further comprise control documents relating to the regulatory requirement, providing text extracted from the
Problems solved by technology
Failure to comply with the requirements may lead to penalties being assessed against the company and its officers and directors.
Further, non-compliance with the requirements may cause a loss of confidence in the stability of the company, potentially leading to a sell-off of the shares of the company and a reduction in its stock price.
As companies become larger and more diverse and as corporate filings and legal requirement change, it is becoming increasingly difficult for a corporation to ensure that it is in compliance with all the regulatory requirements of a governing body.
For example, the reporting requirements under the Sarbanes-Oxley Act in the United States imposes stiff penalties for non-compliance with its reporting requirements, which are in addition to reporting requirements to the relevant exchanges.
Method used
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The description which follows, and the embodiments described therein, are provided by way of illustration of an example, or examples, of particular embodiments of the principles of the present invention. These examples are provided for the purposes of explanation, and not limitation, of those principles and of the invention. In the description which follows, like parts are marked throughout the specification and the drawings with the same respective reference numerals.
Referring to FIG. 1, the invention described herein provides a system and method for managing information relating to a company and evaluating regulatory compliance requirements, such as requirements for maintaining a listing on a stock exchange. An embodiment of the invention is system 100 which provides a web-enabled application accessed by a user of computer 102 through network 104 enabling a company to continuously monitor the status of corporate governance requirements for the company and identify and control c...
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The invention relates to a system and method for tracking compliance of a company against a regulatory requirement. The system includes a database, an administrative module, a user entry module, a database access module, a question module, an evaluation module and a report module. The database contains records relating to the company, question information relating to the requirement, answer information and user information. The administrative module provides the company's administrative data to the database. The user entry module provides the user data to the database. The database access module determines relevant questions for the user after accessing the database. The question module provides questions to the user, accepts answers to the questions and stores the answers in the database. The evaluation module evaluates compliance by the company to the requirement after it evaluates records in the database. The report module generates a report of regulatory compliance of the company.
Description
FIELD OF THE INVENTION The invention relates to a system and method for evaluating compliance of a company to regulatory requirements, in particular, a method for a company listed on a stock exchange to evaluate its compliance to regulatory requirements for the exchange. BACKGROUND OF INVENTION When a company is listed on a trading exchange, such as the New York Stock Exchange (NYSE), the NASDAQ, the Toronto Stock Exchange (TSX), the FTSE or any other stock exchange, the company must comply with reporting requirements and corporate governance requirements mandated by the stock exchange in order to maintain its listing thereon. Reporting requirements may include timely filing of annual reports, quarterly reports and other reports within deadlines based on the fiscal year-end date. Governance requirements may include having a corporate policy in place regarding accounting procedures. Also, federal, state and provincial laws must be followed. Failure to comply with the requirements m...
Claims
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Login to View More IPC IPC(8): G06Q10/06
CPCG06Q40/00G06Q10/10
Inventor SALOMON, FELICIAMASON, ADAMSAJADI, KHASHAYARSKORDOULIS, DINO
Owner SALOMON FELICIA