Why Public Companies Need a Managed Services Partner
Publicly traded companies are often large, multinational organizations with numerous employees and departments. These organizations need to remain in compliance with various regulations set forth by the Securities Exchange Commission while still maintaining efficient operations – both of which can be difficult to accomplish on their own. This is why publicly traded companies should consider partnering with a managed services provider that understands how to tailor solutions to the unique needs of a publicly traded company.
What is a managed services provider and how can they help publicly traded companies?
Managed service providers have the expertise, knowledge, and resources to ensure that publicly traded companies are compliant with SEC regulations and any other laws or guidelines that apply to them. Not only can managed services provide advice on compliance issues, but they can also help manage IT systems, which are essential for a publicly traded company. From managed cloud services and managed network solutions to managed security, managed service providers can ensure that IT infrastructure is up-to-date and secure while meeting the demands of a complex organization.
In addition to helping with compliance and IT systems, managed service providers can also provide system level support for a wide range of applications. By partnering with a managed services provider, publicly traded companies can free up their IT staff and resources, allowing them to focus on developing innovative strategies and solutions that will help the organization remain competitive in the market.
The SEC and Segregation of Duties
Segregation of Duties (SOD) is a basic building block of sustainable risk management and internal controls for a business. The SEC requires publicly traded companies to adhere to SOD regulations, which are designed to ensure that no single individual or group is in control of the entire operation’s reporting, transactional administration or compliance report filings. A managed services partner can help with this by implementing and maintaining compliance systems across the organization as an independent and trusted third party.
Example Roles and Responsibilities of a Managed Service Provider for Public Companies
A Managed Services Provider (MSP) can provide a range of services for publicly traded companies, from IT managed services to compliance management. They may provide managed cloud and managed network solutions, managed security services, system-level support for applications, enterprise resource planning (ERP) software support and managed customer relationship management (CRM) solutions. The MSP can also help implement and maintain processes that are needed to comply with SEC regulations, segregation of duties and other laws or guidelines that apply to publicly traded companies.
A good managed service provider will be responsible for the implementation and maintenance of software, hardware and other IT components. This includes ongoing system administration and maintenance of high risk areas such as employee role and permission management, bank detail updates and audit trail management.
With managed service providers, publicly traded companies have access to compliance management resources that can provide guidance on meeting SEC regulations and other laws or guidelines that apply to them. They can also assist in developing risk management policies and procedures, implementing secure software processes, regularly auditing systems and processes, and ensuring that systems are compliant with industry standards.
MSPs can also provide managed services partners with report writing and analysis. This includes analyzing the financial performance of publicly traded companies and helping to create reports for boards of directors, regulators, shareholders and other stakeholders. This helps publicly traded companies to ensure no internal individual or group is in control of representing key financial reporting, transactional administration or compliance reporting.
A managed service provider can help publicly traded companies customize their IT systems in order to better meet the needs of their various departments and users. This includes customizing applications and databases for specific business requirements, such as customer relationship management (CRM) software or enterprise resource planning (ERP) software, such as NetSuite. The MSP can also provide publicly traded companies with data analytics to evaluate and monitor the performance of their systems and processes.
End User Training
End-user training and support are critical factors in the ongoing success of systems within a publicly traded company. A good MSP can help ensure that staff are properly trained in the use of applications, databases and other IT systems, as well as providing guidance and assistance when needed. A good MSP will also be able to offer training documentation and resources to help organizations keep their systems up-to-date and running smoothly.
Helpdesk and Support
Managed service providers can provide managed helpdesk services to publicly traded companies in order to ensure any technical issues or inquiries are addressed and resolved quickly. They can also provide ongoing support for a variety of end-user devices, software and applications. This helps to maintain business continuity by minimizing downtime caused by technical issues or outages.
Engaging a Managed Services Provider Vs. Hiring Internally
Publicly traded companies face numerous challenges when it comes to managing their IT systems. Engaging with a managed services partner can help alleviate many of these issues.
Hiring a team of internal IT professionals can be costly and require a large amount of time and resources to manage. In addition, many publicly traded companies have multiple locations or subsidiaries that must be managed as well, which can add an extra layer of complexity. By utilizing a managed services provider, organizations can outsource IT management responsibilities at a fraction of the cost of hiring a team of internal experts.
In addition, managed service providers have the experience and expertise to provide managed services for Fortune 500 companies. They can help ensure that publicly traded companies have reliable, secure IT systems in place and are compliant with industry regulations. This is especially important when it comes to protecting sensitive information, such as banking details or customer data.
Finally, engaging an MSP means public companies can ensure that there is a degree of separation when it comes to managing high-risk and SEC-monitored activities. This helps to ensure that publicly traded companies are compliant with all relevant regulations while also reducing their exposure to potential risk.
Interested in Learning About Our Managed Services Offerings for Public Companies?
Zanovoy has a number of managed service offerings tailored to publicly traded companies. Our managed services include system administration, report writing, business process outsourcing, customization, end-user training and helpdesk support. We also have experts who are well-versed in financial reporting requirements and SEC audit regulations. Contact us today to learn more about how we can help you with your managed services needs.