rt360 GRC – Audit Management

Governance Risk and Compliance

 

 

Streamline, integrate and fortify audit management

rt360 GRC – Audit Management

From the award winning rt360 product suite

The rt360 GRC – Audit Management

An organization’s audit department cannot work in silos. With increasing regulatory protocols, businesses need technology-enabled audit programs to monitor process conformance, identify risks, and strengthen controls.

Built on the rt360 GRC platform, rt360 Audit Management helps businesses align organizational goals and objectives with their overall audit program. It enables the adoption of a structured, integrated and proactive approach to audits, helping to control costs and reduce risks. From defining a cohesive audit strategy to planning, execution, and follow-up, rt360 Audit Management drives continuous improvements across the broader organization, powered by state-of-the-art technology innovations.

Key Features

Audit Universe
Audit Universe

Define your audit universe and map auditable entities based on periodic risk assessments. Auditable entities include business units, process etc.


Highlights:

Link various attributes such as organization hierarchy, location, risks etc. from in-built libraries of risks


Flexible configurations enabled to change/edit Audit Universe at an ad-hoc or periodical basis


Audit Planning
Audit Planning

Create systematic audit plans for business units or line of business based on audit history, scores, risk ratings & aggregation, for single or multi-year periods. Multi-year audit plans can optimize resource management and help address areas that are high in materiality.


Highlights:

Sync detailed audit plans with the audit universe and scope them on key parameters


Create time-bound audit plans with flexible workflows and notifications


Link other GRC modules to create audit plans or trigger audits based on risk assessment

Scheduling of Resources
Scheduling of Resources

Leverage features like the workshop scheduler and audit calendar to allocate resources and enable collaboration based on a detailed audit charter.


Highlights:

Easy to identify resource availability, schedules and allocate resources with ease


Ability to allocate right resources according to the type of audits scheduled


Use the audit charter to schedule resources for planned audits


Send reminders in advance to the auditees and request sample data proactively

Audit Fieldwork
Audit Fieldwork

Enables to conduct fieldwork with ease and in an automated manner for various types of audits. Helps auditors to gather evidence across the organization, assess effectiveness of controls and create workpapers with ease and supporting documentation. Create different types of audits, capture findings, ratings, root cause, recommendations, and action plans in pre-defined formats.


Highlights:

Enables automated audit assessments and gather evidence with ease


Share attachments like evidence, sample details, and cross-referenced documents with auditees for their review and sign-off

Audit Reports & Dashboards
Audit Reports & Dashboards

Generate draft and final audit reports in MS Word/PDF based on auto-populated information pulled from a unique Audit ID.


Highlights:

Flexible workflow configurations to send the report to stakeholders for sign-off


Pre-defined dashboards based on requirements like open audits, workpaper completion, audit status and so on

Integrated Audit Management
Integrated Audit Management

Integrate audits with rt360 Enterprise Risk Management, Compliance and Incident Management modules.


Highlights:

Create RCSA & non-compliance issues based on audit findings


Integration with in-house systems and external third-party systems

Analytics
Analytics

Bring the power of emerging technologies, like analytics, text mining and NLP, into your audit process to unlock benefits.


Highlights:

Leverage advanced analytics and data insights based on audit reports generated


Text mining and NLP algorithms analyze audit data and improve risk assessment


Identify outliers and divulge patterns through pattern-matching from historic data

Benefits

Align business
Align business objectives with audit programs
Centralized view
Centralized view of the audit management cycle
Integrated approach to manage audit findings
Integrated approach to manage audit findings
Overall reduction in audit cycle time
Overall reduction in audit cycle time
Optimized issue resolution time and audit cost
Optimized issue resolution time and audit cost
Proactively identify and resolve issues
Proactively identify and resolve issues
Near-real-time reporting
Near-real-time reporting
User customizable reports and dashboards
User customizable reports and dashboards

Value Proposition

Improved compliance
Business first, technology next approach
Functional decomposition gives financial institutions flexibility
Industry-specific risk registers, controls
Flexible pricing models
Compliant to global GRC frameworks
Highly modular, allowing financial institutions to select services
Flexible commercials and deployment models

Brochures

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Global regulators in recent times have paid an increasing attention to managing risks arising from extensive use of models in decision making.

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Growing regulatory mandates by the Bank of International Settlements’ (BIS) demand automated systems for robust asset-liability management.

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rt360 Expected Credit Loss

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risk management suite

rt360 is a risk management product suite to manage the entire risk portfolio of banks and financial institutions that includes credit risk, capital allocation, pricing risk, liquidity risk, model risk and operational risk.

rt360 is designed by bankers, risk practitioners and technology specialists with a Business First, Technology Next approach, empowering banks and financial institutions to focus on their credit growth and profitability while managing their risks. The product is fully designed and made in India to address the complexities of the financial sector globally. The suite comprises of five distinct products to manage each of the risk portfolio.