Improvement in Reporting Speed
Digitalization of Bank’s Internal Audit Process
Timesaving for CAE in Reporting
Reduction in Central Team’s Efforts
Branch Audits
Operational Audits
Credit Audits (File Audits)
Concurrent Audits
Voucher Audits
Functional Audits
Compliance Audits
IT Audits
Third-party Audits
Self-Certifications
Field Verification
Departmental Audits
Say goodbye to the tediousness of Excel sheets. Audit360’s automated digital checklist-based approach cuts down on manual data entry, enabling quicker audits and faster resolution of issues. Auditors spend less time aggregating and more time analyzing.
Monitor internal audit execution continuously and respond to issues as they are discovered. Audit360 provides visibility into all execution steps, ensuring that you’re always in control and proactive in your response strategies.
Enhance teamwork among audit team members and stakeholders with automation that promotes seamless communication and collaboration. Work together, no matter where you are, on a unified platform designed for cohesive audit processes.
Audit360 scales to accommodate more complex audits and larger datasets, without significant additional costs. Quickly update audit checks for newly launched products.
Audit360 offers comprehensive reporting tailored for all stakeholders. Discover trends, identify inefficiencies, and make informed decisions backed by robust data.
You can easily include the latest regulatory requirements in the execution checklist, ensuring your bank remains compliant and risk-resilient. Adapting and thriving in a regulatory environment just got easy.
Human errors in data entry, data exchange & compilation are a thing of the past. Audit360 ensures unparalleled accuracy and consistency in your audit results. Trust data that speaks the truth.
Audit360’s robust information security, data protection & application access features protect your sensitive information ensuring integrity and confidentiality are always at the forefront.
The built-in digital risk register provides a starting point for audit planning and designing audit checklists.
Set up a single or multiple org structure with ease using Audit360. Separate data and reporting for operational, concurrent, and departmental audits. Combine data into a single instance for organization-wide reporting.
Be it ten or thousands of checkpoints, you can create any number of audits & workflows in Audit360 with no restrictions on sample data upload. Audit360 lets you easily set up input data types, percentages, checkpoint-level calculations, default values, weightage, tolerance levels, scoring, and a wide range of process flow configurations.
Schedule audits, assign multiple auditors, track audit progress & issue resolution status digitally. Audit360 automatically synchronizes team audits. In case of deviations, you can reschedule audits in no time. With Audit360 sticking to the planned timelines is easy.
Audit360 automates maker checker workflows with multi-level verification. Define provisional submission, sign-off, live audit visibility & review policies with ease.
Auditees can manage resolution from Auditee screens thereby speeding up the issue resolution process. Resolution deadlines can be centrally tracked with review, verification, escalation, and closure.
Audit360 provides automated email communication for status updates, pending action reminders, and escalations thereby streamlining the entire process.
With digital audits, you can assimilate third-party findings, board meeting comments, new regulatory & compliance requirements, and management findings arising in the middle of the audit cycle.
With Audit360’s compliance reports, you can track audit execution, audit progress, compliance coverage, review process, issues & issue resolution statuses. Slice and dice reports by audit types, intent, geography, issue type, and more. You can export data into Excel format for further analysis.
Audit360 dashboards provide you with conformance and compliance dashboards in near real-time. You can capture trends by issues, audit type, geography, branch, region, checkpoints, aging, and more. You can configure dashboards for different stakeholders. From summarized trends, you can drill down to individual checkpoints in a few clicks. Import external data for more complex reporting.
Digital Checklists are at the core of Audit360 providing you with configurations for end-to-end automation. Data integrity is maintained, and real-time reporting happens which is otherwise next to impossible in complex audits.
• Scoring
• Tolerance
• Weights
• Conditionalcheckpoints
• Multiple Input Types
• Workflow selection
• Audit Groups
• Annexures
You can build API integrations with business applications to automatically transfer transactions and files for auditing.
• 10X improvement in speed of file, voucher, and concurrent audits
For field processes, like microfinance audits, field verification, inspections, etc, Audit360 provides an auditor mobile app. The auditee mobile app helps auditees manage signoffs and resolutions from anywhere anytime improving the efficiency of the audit process manifold.
• Connected with central application.
• Two-factor authentication
• Offline mode of operation
• Mobile first UI
• Geo-tagging
• Automatic Data Synchronization
• Digital Evidencing
Key Automation Highlights
• 1500 Checkpoints
• Daily Voucher Audits
• Multi-auditor audits with advanced allocation
• Regional Managers use Audit360 for Branch Quality Check
• Custom Dashboards for MD & Audit Committee
Key Automation Highlights
• Multi-auditor allocation with audits coordinated by the lead auditor.
• Quarterly branch audit scheduling
• Field Audits using the Auditor Mobile App
Ans: Audit360 helps CAEs assure compliance with ease. The report preparation time is reduced by 75%. End-to-end automation removes the hassles of managing manual operations. The CAE can focus more on decision-making, analyzing trends, strategizing, providing risk and compliance assurance, and planning for growth rather than tackling operational problems. The CAE gets more control over the reporting. Many of the data and reporting uncertainties are done away with in Audit360.
Ans: The Audit Committee can get more confidence from the Internal Audit reporting. This means better protection of shareholder value. In Audit Committee reporting the members can slice and dice reports, and drill down to the last transaction if need be which gives them the ability to see trends& summaries thereby feeling more confident about the risk control. They have tools at hand to provide better analysis and action items in a single sitting.
Ans: Yes, Audit360 is perfect for risk-based audits in Banks. While risk assessment must be done outside Audit360, the findings of risk assessment can finally be maintained in Audit360’s risk-register module. This becomes an input for audit planning and execution. The audits can then be conducted using Audit360’s checklist-based audit. Once the audit cycle closes, the risk register is updated.
Ans: No. There is no limit. You can create any number of checkpoints and audits in Audit360.
Ans: Yes, Audit360 is a SAAS product. It can scale as per your needs. Moreover, Audit360 provides all the basic workflows and digital features that are needed in a large bank’s internal audit execution. For large banks requiring complex flows, premium features are available out of the box.
You can bring in any execution strategy – sample-based or covering 100% of transactions. Audit360 takes care of all types of workflows.
Ans: Yes.
Ans: You can use a separate instance of Audit360 for department audits, inspections, and quality checks.
Ans: Audit360’s Digital Audits can be configured to create different audit types that handle any level of complexity and organizational hierarchy. Different audit types can have their scheduling, review, signoff, and issue resolution processes. Scoring and Risk calculations can be built during the configuration or brought in during reporting.
Ans: The digital audits and checkpoints allow reports to be available in real-time. Since all data flows in a single application and the statuses are captured in real-time, the views get updated automatically. Thedashboards are updated in near real-time with a 1 or 2 hr. delay.
Ans: Audit360 uses a third-party engine for dashboards. You can create dashboards that help you discover trends in near real-time like top transactional issues in branches, which would otherwise be very difficult to capture and report on. The end-to-end digital audit execution makes it possible to provide precise reporting in near real-time for complex audit operations.
Ans: During the kick-off meeting with the stakeholders, success criteria are documented. After this, we gather information from the internal audit team and prepare the configuration requirements. We carry out user training along with the configuration setup. This gives a hands-on experience to users as we roll out the system.
After going live, we provide a few weeks of handholding to users, after which customer support is enabled.
Ans: If all information is provided on a timely basis Audit360 can be made to go live in 1 month for a Small Finance Bank
Ans: Audit360 provides 3 types of plans based on the deployment model – a SAAS model, an on-premise model, and a hybrid model.
SAAS is the most preferred model. Here a multi-tenant cloud instance of Audit360 is provided.
Large banks prefer on-premise deployment where the instance is deployed in the organization’s servers.
In the Hybrid model, Audit360’s IT team manages a standalone cloud deployment of Audit360.
Ans: Audti360 provides chat-based, email-based, call-based, and ticketing support with dedicated and shared resource options.
Ans: Yes, Audit360 has a defined process for building custom features. Once customization is accepted either it is made part of the go-live or one of the releases as agreed with the client.
Ans: Audit360 comes with many standard features that take care of 80% of Bank Audit needs. However, there are times need you need certain variations in the features and workflows. Instead of going through a customization process, Audit360 has built features that can be made available at an additional cost. This turns out to be cost-effective for Banks. If you would like to know more about Audit360’sstandard and premium features, ask for a demo.
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