How Western Union Achieved SOX Compliance Through Strategic Fixed Asset Management
Discover how CPCON's fixed asset inventory, tagging, and reconciliation services helped Western Union streamline their financial reporting and achieve full SOX compliance.
The Challenge
Western Union faced significant challenges in maintaining accurate fixed asset records across their global operations. With over 85,000 assets spread across multiple locations, they struggled with:
Incomplete Asset Visibility
Lack of real-time visibility into asset locations and status
Manual Reconciliation Processes
Time-consuming manual processes prone to human error
SOX Compliance Risks
Inability to meet stringent SOX reporting requirements
Financial Reporting Delays
Extended reporting cycles affecting business decisions
Our Solution
We implemented a comprehensive fixed asset management solution tailored to Western Union's specific needs and compliance requirements.
Asset Tagging & Inventory
Comprehensive physical tagging of all assets with QR codes and RFID technology for seamless tracking and identification.
- Enterprise assets tagged
- QR code & RFID integration
- Mobile scanning capability
Automated Reconciliation
Automated reconciliation processes that sync physical assets with accounting records in real-time.
- Real-time synchronization
- Exception reporting
- Automated workflows
SOX Compliance Framework
Built-in compliance controls and audit trails to meet SOX requirements and regulatory standards.
- Audit trail maintenance
- Control documentation
- Compliance reporting
Results & Benefits
The implementation delivered measurable improvements across all key performance indicators.
Key Achievements
Enhanced Asset Accuracy
Achieved exceptional asset tracking accuracy through automated systems
Improved Reporting Efficiency
Significantly reduced financial reporting cycles through streamlined processes
Complete SOX Compliance
Achieved full compliance with all SOX requirements
Substantial Cost Optimization
Eliminated redundancies and improved operational efficiency
