Toyota Material Handling Australia
Toyota Material Handling Australia uses Assure Security to audit and control access to its data and systems
Toyota Material Handling Australia (TMHA) chose Assure Security to protect the security of its M3 data and manage IBM i authorities. TMHA, its parent company, and its J-Sox auditors are now more confident in their ability to audit and control access to the company’s data and systems.
Toyota Industrial Equipment began production in Japan in 1956, and exported its first forklift two years later. In 1968, it imported its first forklift into Australia. By 2000, the brand had sold its 1.3-millionth Toyota forklift worldwide, with more than 30,000 having been sold into Australia.
In 2017, Toyota was Australia’s top forklift company according to statistics released by the Australian Industrial Truck Association. By 2018, the Australian operation had a market share of approximately 40%.
Profitable growth is the goal of every company, but it comes with challenges. For one, as a larger company, Toyota Material Handling Australia (TMHA) faced stricter auditing requirements than in the past.
TMHA’s Japanese parent company Toyota Industries Corporation (TICO), ensures all its business divisions establish an appropriate operating internal control system to maintain the reliability of financial reporting, based on the Financial Instruments and Exchange Law (so-called Japanese Sarbanes- Oxley Act or J-SOX). As each division grows, based on revenue, assets and the number of employees, more stringent controls are put in place.
Due to its growth, TMHA recently crossed over the threshold into being classified internally as a large corporation. With that new designation came more of the stringent requirements concerning the audibility of the company’s governance.
TICO now requires that TMHA perform comprehensive annual governance audits, including on its Infor M3 ERP system, running on the IBM i Series. Every second year an auditing firm, PwC, conducts the external audit. TMHA performs the audit internally and reports the results to PwC in the intervening years.