Founded in 1965, A-Mark Precious Metals is a leader in precious metals with the largest dealer network in North America.
In addition to being an authorized buyer of the U.S. Mint's gold, silver, and platinum products, A-Mark is also an official distributor for many of the world's largest mints, including those of Britain, Canada, Australia and Austria. For a company with less than 60 employees, A-Mark recorded an impressive $6 billion in annual revenues last financial year.
"The company is growing rapidly and we are international. We provide not just precious metal trading but also storage and leasing of precious metals."
In the early months after the company went public, A-Mark’s internal audit team faced numerous challenges with their Sarbanes-Oxley compliance efforts. Be it performing walkthroughs, testing controls or documenting results, they couldn’t settle on an efficient way to communicate to process owners and share statuses with the management.
“Pre-SOXHUB, our internal audit environment was mostly managing everything (all the documentation, control information) in shared folders and the main pain point was the clutter of information and documentation. It was really difficult to give a good picture of the status and also it made communication inside the company difficult.”
Implementing SOXHUB transformed the way SOX compliance was performed at A-Mark. The tool’s single control web page design was an instant hit among all the users. Moreover, SOXHUB’s dashboard brought a lot of transparency and visibility to the compliance process, providing stakeholders with a real-time snapshot of the current status.
“It gives you a one-stop real-time glance of the status, that’s the most important thing for an internal audit. You don’t have to go to a different folder for test papers and supporting documents, then a different folder for narratives and another folder for walkthroughs. Now you have everything at your fingertips!”
Further, SOXHUB made the process of generating reports effortless for A-Mark users. Instead of filtering large data and then running pivot tables, users could now generate custom reports at the click of a button by selecting the required columns, all from a single page view.
SOXHUB provided A-Mark with a single reliable platform to manage all activities related to SOX compliance. Through the tool, the Director of Internal Audit could review and comment on the work performed by other team members, while constantly tracking the status of their work.
“SOXHUB has made management of my audit team very easy because all the information is synced. Everybody has access to real-time information. I can leave review notes and then tag my staff in SOXHUB. And I see other replies and status in real-time.”