Automate SOX Reporting for Banking with RPA Bots!

Eliminate errors—and risk exposure—with RPA bots!

Sarbanes-Oxley, or SOX, compliance, is a risk-management and information-security nightmare for any bank. Among its many mandates is the requirement for “system-identity and access-review” reporting, for every system your staffers use.  

In real-world terms, this translates to a ton of manual sit-at-the-computer work for your bank’s back-office risk-and-compliance staff. It’s a tedious, slow, and thankless process: Accessing numerous systems. Downloading tons of reports. Uploading those reports to the auditing, regulatory, and compliance systems.  

The clock is ticking. There are deadlines for this work.  

And errors are, unfortunately, abundant. Humans inadvertently generate a ten-percent error rate when performing this activity. That’s not good when there’s a risk of government audits, sanctions, fines, or worse.  

The good news is that you can now automate this onerous activity with robotic process automation or RPA bots from The Lab, North America’s leader for intelligent banking automation.  

It’s not only possible. It’s quick and easy. In fact, we’ve created a little two-minute video, which shows an actual “SOX Bot” in action; check it out:  

RPA Bots work Faster than you can imagine

For each system you must access, you need to download a report. Or several. By the way, many of these big reports require several minutes to generate… while your risk-and-compliance staffers just sit there, idly, staring at the computer. Talk about a waste of time.  

The hamster-wheel of effort doesn’t stop there. All of these reports must get uploaded to the auditing system, which requires its own level of navigation through multiple screens, check-boxes, and fields to complete. It would be nice to call this “mindless” work, but it actually requires a lot of concentration.  

People get tired. Robots don’t. They can happily sit at the computer for hours, never taking breaks or making mistakes. And by the way, they toil at up to 45x human speed.  

Let’s walk through the activities of the SOX Bot in the above video.  

RPA Bots can work on every system & every software, no upgrades needed!

This bot begins by logging into the bank’s FIS Global Funds Transfer system, where it downloads two access reports: The User Limits Report, and the User Account Function Report.  

But what if your bank doesn’t use FIS? What if it relies on a different core, such as Fiserv of Jack Henry?  

Not a problem. The Lab can configure bots like these for any bank, any core, and any ancillary system. This is why our banking RPA Six-Packs are so popular.  

Continuing on, this bot uploads the two FIS reports to Sphere, the bank’s information-security (IS) audit system. (This can be any similar system, such as Radiant Logic, Sonrai, LexisNexis, and others.)  

Then, the bot switches to the bank’s Abrigo Sageworks credit-risk system, where it logs in (it’s got its own user name and password, just like a person, for all these systems), and downloads the Access-Level Definition Report and User-List Reports. Before you can say “Sphere IS audit system,” it’s already uploaded both reports there!  

It’s not done. Not even close. The bot switches gears to yet another system: Tamarac. That’s this bank’s CRM (customer relationship management) system for wealth management. Once there, it grabs the User Role Detail Reports and—you guessed it—uploads them to Sphere.  

Next it switches to the FIS Image Center document-management system, where it grabs the Operator Information Report, as well as the Security Groups Report and Profile Function Report—downloading both of the latter in PDF and xlsx formats! After a quick stop at Sphere to upload them, it logs in to Verafin, the bank’s financial-crime and fraud-management system, where it downloads—wait for it, quite literally—22 reports!  

Finally, the bot returns to Sphere, to upload them all.  

Compare the benefits & see for yourself!

A single SOX identity-and-access-management audit bot like this one reduces insider threats, eliminates human error, and helps prevent data breaches.  

Not only that, but it’s fast. A human worker takes two hours to do all this work. The bot does it in just ten minutes! That’s 12 times faster—adding up to a savings of 600 to 3,000 hours of annual labor, while guaranteeing SOX system-access compliance! 

Best of all, The Lab was able to install this RPA bot, remotely from our U.S. offices in Houston, in just five weeks!  

As we’d mentioned above, this SOX Bot is just one of more than 800 banking RPA use-cases available. Little wonder our “RPA Six-Packs” for banking are so popular.  

The best way to appreciate this speed and game-changing power is to see it for yourself. We invite you to schedule your free, no-obligation 30-minute screen-sharing demo with The Lab. You’ll see real RPA banking bots in action, and get all your questions answered by our friendly experts. 

Simply call (201) 526-1200 or email to book your demo today!


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