rt360 Audit Management
Automate and streamline audit processes end-to-end with rt360 Audit Management
Comprehensive audit management to automate and streamline audit processes
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 audit management, 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
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
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 materialityc
Leverage features like the workshop scheduler and audit calendar to allocate resources and enable collaboration based on a detailed audit charter.
Bring the power of emerging technologies, like analytics, text mining and NLP, into your audit process to unlock benefits.
Define your audit universe and map auditable entities based on periodic risk assessments. Auditable entities include business units, process etc
Integrate audits with rt360 Enterprise Risk Management, Compliance and Incident Management modules
Generate draft and final audit reports in MS Word/PDF based on auto-populated information pulled from a unique Audit ID
Audit fieldwork
Audit fieldwork
rt360 Audit Management enables automated audit assessments and gathers evidence with ease.
Share attachments like evidence, sample details, and cross-referenced documents with auditees for their review and sign-off.
Audit planning
Audit planning
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
Identify resource availability, and schedule and allocate resources with ease.
Ability to allocate the 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.
Analytics
Analytics
Leverage advanced analytics and data insights based on audit reports generated.
rt360 Audit Management uses text mining and NLP algorithms to analyze audit data and improve risk assessment.
Identify outliers and divulge patterns through pattern-matching from historic data.
Audit universe
Audit universe
Link various attributes such as organization hierarchy, location, risks, etc. from in-built libraries of risks.
Flexible configurations enabled to change/edit Audit Universe on an ad-hoc or periodical basis.
Integrated audit management
Integrated audit management
Create RCSA & non-compliance issues based on audit findings.
Integration with in-house systems and external third-party systems.
Audit reports & dashboards
Audit reports & dashboards
rt360 Audit Management enables flexible workflow configurations to send the report to stakeholders for sign-off.
Get pre-defined dashboards based on requirements like open audits, work paper completion, audit status, and so on.
Define and monitor
Define and monitor
Define and continuously monitor compliance obligations with associated timelines
Incorporate organization’s compliance matrix, questionnaire, templates, and so on.
Internal and external assessments
Internal and external assessments
Compliance calendar detailing all compliance/policy assessment
Options for the user to schedule assessments and track ongoing status
Audit and incident reporting capabilities
Audit and incident reporting capabilities
Audit trail with detailed tracking of activities including a timestamp
Real-time customizable reports and feature-rich dashboards
Benefits
Aligning business objectives with audit programs
Ensure audit activities are directly linked to strategic goals for greater efficiency and relevance.
Centralized audit management
Provide a unified view of all audit processes and statuses to streamline management and oversight.
Integrated audit findings
approach
Facilitate the consolidation and systematic handling of audit findings to improve compliance and control.
Reduced audit cycle time
Speed up the audit process from planning to execution, minimizing the time to complete audit cycles.
Optimized issue resolution
Enhance the efficiency of resolving findings and reduce the costs associated with audits.
Proactive issue identification
Enable early detection and mitigation of potential risks and non-compliance issues.
Real-time reporting
Deliver up-to-the-minute data and insights to aid timely decision-making.
Customizable reports and dashboards
Allow users to tailor reporting tools and dashboards to meet specific organizational needs.
Value Proposition
Business first, technology next approach
Business first, technology next approach
Industry-specific risk registers, controls
Industry-specific risk registers, controls
Compliant to global GRC frameworks
Compliant to global GRC frameworks
Flexible commercials and deployment models
Flexible commercials and deployment models
Business first, technology next approach
Business first, technology next approach
Industry-specific risk registers, controls
Industry-specific risk registers, controls
Compliant to global GRC frameworks
Compliant to global GRC frameworks
Flexible commercials and deployment models
Flexible commercials and deployment models
Products
rt360 Governance, Risk & Compliance Suite
Ensure intelligent and integrated management of enterprise risks, with end-to-end, automated governance and compliance.
rt360 Enterprise Risk Management
Identify, assess, mitigate and monitor enterprise-wide risks arising out of operations and ensure compliance with leading regulatory frameworks.
rt360 Audit Management
Streamline, integrate and fortify audit management. Adopt a structured, integrated and proactive approach to audits to control costs and reduce risks.
rt360 Compliance Management
Automate the overall compliance process; identify, assess, and monitor adherence with leading regulatory frameworks.
rt360 Incident Management
Streamline organization-wide incident management to identify, record and resolve incidents with business-impact.
rt360 Policy Management
Streamline and automate your policy management lifecycle with a comprehensive automated system for policy management
Brochures
rt360 Governance, Risk & Compliance Suite
Accelerate the process of identifying enterprise risks, and monitor and automate controls to gain a holistic and integrated view of governance and compliance.
rt360 Enterprise Risk Management
Identify, assess, mitigate, and monitor enterprise risks effectively with advanced risk modeling, analytical and reporting capabilities, in compliance with Basel-II and Basel-III guidelines.
rt360 Audit Management
Put your organization on the fast track to audit compliance. Automate, streamline and align your organizational objectives with your overarching audit program.
rt360 Compliance Management
Simplify and automate organization-wide compliance processes while constantly monitoring adherence to regulatory and policy requirements through a single pane of glass.
rt360 Incident Management
Streamline organization-wide incident management to identify, record and resolve incidents with business-impact.
rt360 Policy Management
Streamline and automate your policy management lifecycle to sharpen focus on your business objectives.
Frequently Asked Questions
An Audit Management System (AMS) is a comprehensive tool designed to automate and streamline audit processes. It benefits organizations by monitoring process conformance, identifying risks, and strengthening controls, thus helping businesses meet increasing regulatory protocols effectively. Utilizing technology-enabled audit programs, AMS ensures that audit departments operate collaboratively rather than in silos, aligning organizational goals with audit activities to control costs and reduce risks.
The primary features of an Audit Management System include automated audit assessments and evidence gathering, integration of detailed audit plans with the audit universe based on key parameters, and efficient resource scheduling and allocation. It also leverages advanced analytics, text mining, and natural language processing to enhance risk assessments and identify patterns. The system manages a dynamic audit universe, links audits with other governance, risk, and compliance (GRC) modules for enhanced effectiveness, and offers real-time reporting and customizable dashboards for comprehensive oversight.
Organizations without an Audit Management System encounter significant challenges such as increased risks of non-compliance due to the inability to efficiently monitor and adapt to regulatory changes. They also face inefficiencies in audit planning and execution, which can lead to prolonged audit cycles, higher costs, and unresolved issues. Additionally, the lack of integrated data analysis tools makes it difficult to proactively identify and address issues, ultimately affecting the strategic alignment of audit processes with business objectives.
rt360 Audit Management, built on the rt360 GRC platform, streamlines the audit process by adopting a structured, integrated, and proactive approach. A comprehensive audit management system, it streamlines end-to-end processes – from defining a cohesive audit strategy to planning, execution, and follow-up, driving continuous improvements and aligning audit programs with organizational goals. This system not only reduces audit cycle times and costs but also enhances the identification and resolution of compliance issues, thereby boosting overall business efficiency.
rt360 Audit Management offers robust reporting and analytics capabilities that are crucial for continuous risk mitigation and effective audit management. By leveraging advanced data analytics, rt360 enables organizations to efficiently monitor and analyze audit results, highlighting areas of compliance and risk in real-time. These insights allow audit teams to proactively address vulnerabilities and ensure compliance with regulatory standards. rt360’s ability to generate detailed reports facilitates effective communication across departments, promoting a culture of transparency and continuous improvement in audit practices. This integrated approach enhances the organization’s ability to adapt to new risks swiftly, thereby reinforcing overall risk management strategies.
BCT Digital’s rt360 risk management product suite transforms the world’s leading enterprises, drawing on the strengths of next-generation technologies, sophisticated AI/ML models, data-driven algorithms, and predictive analytics. Its revolutionary Fintech, Regtech, and SustainTech solutions help enterprises optimize their core governance, risk, and compliance processes, enabling them to augment their positioning and go-to-market capabilities.
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