March 20, 2019 | Written by: Laura Polak
Categorized: AI | Banking | FinTech | IBM RegTech Innovations
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The internal audit program is critical to any organization that intends to provide efficient, compliant and safe services to its clients. Internal audit provides independent, objective assurance over an organization’s risk management, internal control, governance and the processes in place for ensuring effectiveness, efficiency and economy. It has proven to be a valuable tool for effectively managing business risk and improving organizational performance.
According to The Institute of Internal Auditors (TIIA), “the role of internal audit is to provide independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively.”
In the wake of increasing business complexities and multiple audits that are required to be conducted, traditional software point solutions, paper-based processes and even asynchronous electronic processes have led to inefficiencies that distract audit from performing its core function – assurance and risk management.
Building an integrated and highly efficient internal audit program
Organizations need to take a rather more collaborative and automated enterprise-level risk-based approach. Companies are trying to implement a more common or standard framework for various audits across finance, risk, operations, internal, suppliers, and compliance departments in order for them to achieve better audit efficiency, reinforce compliance and achieve operation excellence. Leading businesses are able to adapt to modern internal audit challenges with flexible solutions that provide governing bodies and senior management with valuable insight into the effectiveness and efficiencies of business performance, while at the same time, reducing the cost and complexity associated with growing risk and compliance demands.
IBM OpenPages Internal Audit Management provides internal auditors with a uniquely configured, cross-departmental view into organizational GRC, affording audit the chance to supplement and coexist with broader risk and compliance management activities. Leveraging a core, shared services and open architecture, the platform automates auditing procedures and adds new efficiencies and much needed standardization to the independent assessment of risk and compliance performance. It is completely integrated with financial controls management, IT governance, policy and compliance efforts and operational risk management programs, giving auditors a holistic view of enterprise-wide compliance across disparate policies and procedures.
Streamlining your audit with IBM OpenPages with Watson
IBM OpenPages Internal Audit Management helps to automate internal auditing procedures and adds new efficiencies and standardization to the assessment of risk and compliance performance, which are designed to improve the efficiency and effectiveness of internal audit processes while it helps you maintain independence and objectivity. This cognitive solution enables auditors to automate and manage internal audits and conduct broader risk and compliance management activities. With the latest release, the solution provides numerous features that support an organization in audit planning, workpaper management, time and expense recording, and in audit report and wrap-up:
- Audit planning
- Allows you to automate frequently performed calculations and assessment metrics
- Facilitates creation and maintenance of audit scope and objectives, resource scheduling and allocation, and the audit work program
- Promotes definition of the anticipated scope, risk assessment, procedures, and schedule for each audit
- Can be configured to support many audit methodologies
- Workpaper management
- Designed to streamline review and approval processes to drive down costs and increase efficiency
- Facilitates collaborative workpaper authoring and management, designed to result in higher quality and consistency
- Time and expense reporting
- Helps you manage audit programs, and identifies opportunities for improvement
- Enables insight into operational effectiveness and promotes fieldwork efficiency
- Audit report and wrap up that allows you to:
- Automate audit close processes.
- Deliver capabilities to facilitate the reporting and escalation of issues and findings.
Register for our live webinar to learn more about IBM OpenPages Internal Audit Management
On April 3rd, we invite you to join IBM GRC experts, Bob Shapiro and Nelson Pinochet, who will demonstrate how IBM OpenPages Internal Audit Management enables you to standardize and manage audits, while conducting broader risk and compliance management solutions.