For Immediate Release (June 7, 2006):
Contact: Alison Schirone
Phone: (781) 293 9522
TEKMETHODS RESEARCH REVEALS MAJORITY OF COMPANIES AT RISK OF SARBANES-OXLEY NON-COMPLIANCE DUE TO INACCURATE ASSESSMENT OF IT ASSETS
Ninety-five percent of companies had inaccurate information on the number and configuration of their IT assets, according to study of IT asset management (ITAM) programs
(Tampa, FL) TekMethods, a leading provider of IT asset management (ITAM) consulting services and solutions, today announced the results of a study of IT asset management programs revealing that 95 percent of companies had inaccurate information on the number and configuration of their IT assets – a discrepancy that would have put these firms at risk of Sarbanes-Oxley non-compliance had they not proactively implemented a focused ITAM effort. The research findings also showed that for many enterprises which do have inventories of technology assets, the data is out of date, resulting in inaccurate financial and tax statements.
In order for a company to be in full compliance with Sarbanes-Oxley, corporate executives need to be fully aware of all the technology assets owned by the enterprise and must certify financial reports. The potential risks of non-compliance include costly fines, jail sentences and damages to a company’s financial health and reputation.
TekMethods helps enterprises track IT assets that need to be accounted for in Sarbanes-Oxley, HIPAA, and other compliance regulations. TekMethods also helps mitigate risks associated with non-compliance (financial, personal, reputation) so organizations can avoid fines, penalties and lawsuits as well as ensure the accuracy of tax statements and financial documents.
"TekMethods has found that since the Sarbanes-Oxley Act was passed, most companies -- especially large, geographically distributed enterprises -- have failed to recognized that software and hardware technology investments are a major part of their overall financial profile," said Lori Sechio, chief executive officer of TekMethods. "As a result, many companies have inaccurate financial and tax statements, exposing the organization and its executives to potentially costly fines and penalties. IT asset management programs can play a crucial role in helping companies with this problem, and those organizations that have already implemented them are well ahead of the game."
TekMethods utilizes a comprehensive ITAM methodology that surpasses “software only” solutions by combining expert counsel with proven technology innovation and business process solutions. TekMethods is solely focused on ITAM, unlike large IT vendors and consulting services companies for whom ITAM is not a core competency.
TekMethods provides a portfolio of multi-faceted IT asset management (ITAM) services that help C-level executives and their organizations solve critical business issues by enabling them to more effectively assess, manage, monitor and optimize their technology investments. TekMethods’ management and staff are ITAM pioneers, leaders and experts with the specialized knowledge organizations need to mitigate the risks and avoid the costs and delays associated with critical business issues such as non-compliance, inaccurate IT budgeting and poorly monitored software license management. TekMethods’ clients include Dell Corporation, Cadbury Schweppes, Sanofi-Aventis, U.S. Department of Homeland Security and Partners HealthCare System, Inc. For more information, visit www.tekmethods.com