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How audit management systems help regional banks

Posted by: Chris Duden | June 13, 2018

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Audits continue to be one of the most important tools that financial organizations have for compliance, enterprise risk management, ethics, safety, and much more. Audits are done not just to show regulatory bodies that the bank is performing ethically – they are also necessary to ensure that the organization is moving in the right direction.

Audit management systems provide a single system to manage everything related to audits

Audit management is not a task which should be done manually – it is simply too important. An AMS (audit management system), like Predict360, places all audit related actions within one system. This means that beginning with scheduling and ending with follow-ups, a record for everything exists in one system. Anyone with the right access to the system can easily see how well audits are being managed, and take any corrective actions necessary.

How audit management systems help regional banks

Audit management solutions ensure all audits are carried out on time

AMS come with a scheduling system that automatically ensures that audits are carried out in due time. Audits can be scheduled, and recurring audits only need to be scheduled once – they will be automatically added to the audit calendar in the future. AMS like Predict360 also allow management to see the status of the audits currently taking place. A manager can see what has been done about the audit, what the findings of the audit were, and decide then and there what corrective actions to take.

AMS create a true audit trail

Creating a proper trail of every action taken regarding audits is very important for banks and financial institutions. When regulatory bodies perform audits, they don’t just want to see the results of the audits that have been carried out by the organization, they also want to see an audit trail. They want to see when the audit was scheduled, who took part in it, what corrective actions were taken, and so on. Audit management systems keep a track of every task performed, which makes it simple to produce a full audit trail whenever needed.

Finding the right audit management system for your bank

Managing audits continues to be a pain point for the management of small to mid-sized banks and financial institutions. The management of these banks and financial institutions are fully aware of the many benefits provided by audit management systems, the reason they aren’t employing such systems is that they perceive them to be out of their reach.

This perception is because of the legacy vendors in this space, as their solutions are expensive with long implementations and almost always on multiple year commitments. While this works well for mega-corporations and large banking operations in the country, it does not work for regional banks and financial institutions.

There are many audit management solutions that have been designed from the ground up for smaller to medium sized organizations. Instead of forcing the clients into long-term contracts, these solutions are available on monthly payment plans with no long-term commitments. That’s not all – these organizations also offer free trials of their solutions.

If you want to see the value Predict360 Audit Management System can add to your organization, you can arrange a live demo OR if you want to test out the benefits first, sign up for a 30-day free trial.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

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