Fizzy drinks distributor Coca-Cola Bottling is extending its use of a content management platform to manage its financial reporting and help it comply with Sarbanes-Oxley, the US accounting legislation.
It is already using Open Text's Livelink ECM platform, and has now started using the software’s internal controls module to better document and test its internal financial reporting controls.
“Like any large company, we are focused on the best ways to manage compliance and improve our business,” said Christa Arnett of Coca-Cola Bottling.
“Open Text offered us the advantage of being able to extend our current Livelink ECM document management solution with integrated corporate governance capabilities,” she said.
Arnett said the software would enable Coca-Cola to reduce the cost and complexity of its compliance activities through a unified system with “processes for internal controls built right into our document management platform.”
The Internal Controls software includes document controls and policies, and can enable automation of certification processes, as well as automating the testing of critical controls.
Coca-Cola said that by sticking with Livelink ECM it could deploy the controls more quickly than if it had opted for another compliance application.
Arnett added, “Livelink ECM is much more than a solution for testing internal controls in compliance with Sarbanes Oxley’s section 404. It also provides a scalable platform with fundamental capabilities like document management, electronic forms, and workflow.”
“Internal controls and corporate governance are ultimately about running a better business,” said John Wilkerson of Open Text. “Having a better understanding of the controls which do and do not significantly impact financial statements contributes to a better overall understanding of the business and its operations.”
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