Excerpt
This large MFI with with 1000+ branches and each branch catering to 35 to 70 centers, digitized its internal audit process using Audit360. The standard enterprise edition of Audit360 with couple of customizations was a perfect fit for their operations.
The MFI was managing their entire operations using an email and spreadsheet based system. They had built a mature system of checklist templates. They used WhatsApp and Phone calls as communication channels for coordinating work, tracking and ensuring adherence to processes.
While the audit department had a mature team and process structure, inefficiencies in the processes were apparent because of the manual work involved in managing data and communication.
Tracking of statuses and compilation of spreadsheet reports across 1000+ branches had become cumbersome.
Because of lack of real time visibility of field audits, the processes were becoming complex. Delays in communication from field used to result in complexity in rescheduling of audit work. Enforcement of fraud controls required more grunt work than usual. Extra effort was needed for small corrections in audit data spreadsheets.
As business was scaling, it was clear that the audit department would take a lot of effort and cost to scale at the speed of business.
The MFI deployed Audit360 Standard Enterprise Edition for their audit department. Onboarding and training needs of the auditors were taken care of at the outset.
The key modules implemented were Audit360 auditor app, workflow automation for all audit processes, audit configuration, audit scheduling, real-time reporting and dashboards.
Two custom workflow extensions were built.
70% efficiency improvement.
Real time audit status update.
Automated fraud and security controls.
Near real time dash boarding. (Note: The standard reports provided by Audit360 were more than enough to meet the MFIs reporting needs)
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