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Is Your Audit Management System Intelligent?

Posted by: Ed Sattar | December 5, 2016

Home/ Blog / Is Your Audit Management System Intelligent?

Do you have an intelligent audit management system in your organization? Or you are still relying on ineffective manual audit processes that not only increases audit errors but can also thwart the security and compliance efforts of your organization.

With the increased business scrutiny and the new and pending regulations emerging from an array of laws including Dodd-Frank, Bank Secrecy Act/ Anti- Money Laundering, and the Foreign Corrupt Practices Act the internal audit team needs to step up and deliver on the increasing expectations. The increased regulations challenge audit and compliance professionals to meet the increasing compliance requirements and information requests with their existing resources.

Spreadsheet-based systems and point solutions are no longer suitable for managing stepped up audits as manual, siloed, inefficient processes result in various significant problems like:

  • Poor communications and scheduling
  • Inefficient use of auditor and auditee resources
  • Inconsistent audit output
  • Lack of visibility and oversight into trends
  • Difficulty in ensuring appropriate follow-up on corrective and preventive actions (CAPAs).

The greater complexity in audit management also creates new and emerging risks for the organizations, which if not managed properly may lead to reputational, regulatory and financial impacts. Organizations need to adopt automated and integrated audit management solutions to address these challenges. They need an intelligent automated system that vigilantly maintains a state of effective internal control and adds measurable value while helping management understand the organization’s risks on a strategic level.

Predict 360, Audit Management Software is an artificial intelligence (AI) enabled web based solution that provides end-to-end functionality for managing complete audit life-cycle including audit planning, checklists, field data collection, development of audit reports and corrective and preventive action recommendations. It is based on the Institute of Internal Auditors (IIA) standards.

How can we help you?

360factors, Inc. is an Enterprise Risk and Compliance Management Technology and Services Company that helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulatory information, policies and procedures, risks and controls, audit and inspections, and on-line training and qualifications, in a single cloud-based platform.

360factors offers consulting services from our Austin and Corpus Christi offices in the areas of air, water, and waste permitting and compliance, site investigation and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management. Its Managed Services incorporate outsourced risk and compliance services using Predict360.

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