Glentel Inc. Selects ACL's GRC Technology to Streamline and Automate SOX Compliance Implementation of New Solution Will Provide Added Value Throughout M&A Process
VANCOUVER, British Columbia, Nov. 13, 2013 /PRNewswire/ -- ACL today announced that multi-carrier mobile phone retailer, Glentel Inc. (GLN.TO), has chosen ACL™ GRC, a governance, risk, and compliance management solution, to automate and increase efficiency of compliance processes under Sarbanes-Oxley (SOX) as the company embarks on a fast-moving, strategic growth initiative via mergers and acquisitions. As companies are added under the Glentel umbrella and the organization's global footprint expands, the audit team must ensure that all new operations are introduced into the SOX framework in a quick and seamless manner.
Headquartered in Burnaby, BC, and founded in 1963, Glentel operates four divisions that provide wireless solutions and mobile devices – Retail Canada, Retail U.S., Retail Australia, and the Business Division (Wireless Solutions). Over the past year, the company has acquired retailers such as Wireless Zone®, a 428-store vendor in the United States, and AMT Group, a multi-brand retailer with over 150 stores in Australia and the Phillipines.
In order to fully and efficiently comply with SOX regulations, the company's audit team was in need of cutting-edge technology to address the challenges it was facing, which included multi-step reporting, a vast number of data fields, and a fragmented audit process.
"It was extremely crucial for us to choose a solution that would support SOX compliance, as well as operational audits," said Ritesh Desai, Internal Audit Manager at Glentel. "ACL's cloud-based technology will make the on-boarding process associated with each acquisition much easier on everyone within the audit team and will benefit the entire organization."
According to Ross Paul, Vice President, Go to Market & IT at ACL, "SOX compliance is not a concern of the past; it's especially important for public companies that are engaging in M&A activity to make sure that all transitions are handled appropriately and that any potential risks are mitigated and managed up front."
To learn more about ACL GRC, visit www.acl.com/solutions/products/acl-grc/.
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