Internal audits are a necessary part of doing business in the financial sector. Businesses need to perform these audits if they want to ensure that they are performing at their best and there aren’t any risks they may have overlooked. Businesses are also required to perform these audits by regulatory bodies. The only problem is that many companies are not able to reap the full benefits of these internal audits. Audits may miss some important information which leads to trouble for the business. That is why most businesses are looking for ways to improve the way they handle audits. Let’s look at 4 benefits provided by audit management software.
1 – Better Audit Scheduling Management
Audit scheduling is completely automated by internal audit software for banks. There is a display that shows all the audits that have been scheduled. When an internal audit is nearing its scheduled date the software sends notifications to all the assigned stakeholders automatically. Managers can also schedule recurring audits which will be automatically places on the audit calendar by the system. This means that there is no chance of anyone forgetting about a scheduled audit or overlooking an audit date.
2 – Better Reporting for Regulatory Bodies
Audit management software improves your organization’s relationship with regulatory bodies. When regulatory bodies need any information or want to perform an audit, they will ask your business for as much data as possible. Audit management software leaves an electronic audit trail which regulatory bodies can easily access and follow. The presence of the audit trail itself will do wonders for how your business is perceived by the regulatory body. The fact that you have an internal audit software system for your internal audit needs will be taken as a positive sign that your business is being diligent when it comes to risk and compliance.
3 – Increased Collaboration for Audits
Internal audits should not be isolated in nature. While the people directly responsible for the audit will obviously have the most input, an internal audit needs input from many other stakeholders to paint a true picture of the problems and challenges being faced by the business. There is no easy way to collaborate in the absence of audit management software. Businesses do encourage collaboration but collaborating over email is very inefficient and results in low levels of participation. Internal audit management software allows authorized users to easily add information to an audit.
4 – Better Audit Assessments
Audit management software doesn’t just increase the speed and efficiency of internal audits – it also increases the quality of audit results and assessments. Management can see the results of every audit with just a few clicks. There is no reason to ask for audit results – the complete progress and information of every audit is present within the system. The quantitative nature of the audit data stores allows management to create better reports, chart progress accurately, and generate analysis that helps them make the best business decisions.
Cloud Based Audit Management Software
One big reason that companies hesitate with implementing an effective audit management solutions is their perception that the implementation will be costly and will take a lot of time. While some of the massive solutions delivered by legacy vendors do indeed carry a large cost with them, the cloud solutions available are neither expensive to procure nor hard to implement. Since they are cloud based services your business simply has to subscribe to them and make a small monthly payment. Since they are cloud based services there is no long implementation period required. The service runs completely on the cloud – it just needs to be integrated with your network.
If you are looking for a better way to approach internal audit management and want to see what internal audit management software solutions can do for your business, then you have come to the right place. The Predict360 Audit Management Software has been designed to deliver you better, faster, and more productive internal audits. Get in touch with our team. We will understand your audit needs and then demonstrate how the Predict360 Assessments module can help your organization achieve its business goals.
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.