AUDIT MANAGEMENT FOR CONNECTED RISK®
Audit management provides the nimble approach required to serve business leaders, operational management, audit committees, and regulators in these disruptive periods
We understand that the role you perform continually evolves as auditing adapts to heightened business disruption
Audit Management from Connected Risk® serves, supports, and sharpens your focus in challenging and opportunistic times.
With our streamlined scope definition and collaborative electronic workpapers, your audit teams can maintain structure to their work, but with the freedom to apply creative thinking when presented with emerging risks, new business development, and other activities beyond routine processes. This is all on an open platform that allows secure distribution of your findings to maintain transparency and buy-in.
Empower your audit management practices with features designed to expand your Connected Risk® solution
At Empowered Systems we recognize that no two audit functions do annual risk assessments the same way, and that the businesses they serve are also unique.
Audit Management offers an out-of-the-box solution that delivers a configurable approach to risk assessment methodology definitions and provides access to our proprietary advanced data modelling, mapping, and workflow developer.
The strength of this offering is proven with our largest Tier 1 clients using it to develop dedicated risk assessment solutions from the ground up, processing over 300 updates per day spanning 10,000 to 20,000 touch points.
Audit Management allows for a work schedule to be appended without restriction. This enables your audit teams to quickly scope agile audits in response to business requests for expert independent reviews.
For example, to review a new business acquisition or joint venture, assess the impact of an emerging risk not yet captured in the corporate register or to evaluate the impact of market disruption on any part of the business that may be at risk.
All of this managed through robust version control and captured with a complete audit trail of changes to the audit plan made throughout the year, which can be clearly evidenced to all stakeholders and regulators.
With Audit Management, your audit teams’ fieldwork is streamlined as electronic workpapers are linked to multiple audit file elements, reducing the need for duplication. This capability allows for composite workpapers to be created, with test plans that can cover multiple controls, related to risks and processes. The workpaper is then linked to any audit findings, ensuring a robust and easy to navigate audit trail.
Your teams are also provided with checklists through which they can record test approaches and results, removing the need to create duplicate or intermediary workpapers, ensuring a more efficient and focused audit execution.
Connected Risk provides sophisticated integrated reporting that can be applied to all solutions that sit on the Connected Risk platform.
This capability provides a comprehensive and advanced business intelligence reporting capability that allows your teams to build and embed visually appealing and interactive reports on their Connected Risk dashboards.
The following are some of the key benefits:
- Centralize data designs and report management requirements
- Build data designs using Connected Risk elements
- Manage, publish, and organize reports to support the needs of specific user communities
- Enable users to reformat and filter reports to articulate specific insights and areas of focus
- Automatically extract reports to PowerPoint and other presentation formats
Export your charts to Excel, including the underlying data set, enabling additional reporting options
Your audit function is part of a broader risk ecosystem.
The Connected Risk platform, which underpins your solution, can draw upon this data using advanced data modelling and mapping capabilities that also facilitates a greater degree of standardization.
The solution maximizes the value these capabilities bring. We offer flexible assessment matrices that draw on data from any risk and compliance functions you choose to connect with. Based on the intelligence these connections provide, you can apply mid-cycle directional changes in your assessment plan to ensure it remains focused on what matters most at any given time.
Start a free trial of Connected Risk®'s audit management module and see how your organisation can advance with confidence
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Expand with the Ecosystem
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"Powerful Platform For Compliance With Dynamic Regulatory Environment"
“The product is a powerful platform for regulated firms in the financial industry to comply with the ever-changing regulatory environment. The software helps my organization navigate rules and regulations, internal processes, and regulatory reporting requirements.”
Senior Associate, Finance Organisation with an annual return of $1-3BN USD
