| | 5.3.1.2 M9 Audit Management Procedure | |
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| Audit Background. | | In the wake of the 2008 financial crisis regulatory audits have become increasingly demanding for governance, risk, and compliance professionals. | | New rules brought about with more regulations continue to shape future audits including safety and soundness, compliance, market conduct, environment, health & safety, and risk-based targeted audits. | | You can expect these regulations will require auditors to spend more time onsite, request more documents, and extend the scope and/or depth of their audits. | | This means it is more important than ever to avoid the classic mistake of sharing audit documents through ad-hoc, manual processes and delivering highly sensitive data through unsecured channels like mail, e-mail, USB drives, and disk media. | | In response to these increasing burdens businesses are looking to take control with a more structured, collaborative process for collecting, refining, and submitting regulatory information. |
| Business Needs: | | The strategic importance of a controlled, collaborative audit process is higher than ever, which is why many businesses wisely designate an Audit Manager to coordinate internal teams and work closely with the auditors. | | This Audit Manager is responsible for making sure the business is well prepared, a challenge growing ever-more complex by constantly evolving government regulations. | | A successful audit outcome requires a controlled document review process that is streamlined and secure, efficient and exact. Without complete control, businesses face serious consequences: | | * Sensitive and confidential documents may be lost, leaked, or compromised during delivery. | | * Auditors may raise concerns over inaccurate, incomplete, incorrect, or missing data. | | * Business may waste time, effort, and staffing resources to resolve issues. | | * Audits may be extended due to delays in locating, reviewing, and delivering materials. | | * Business may face penalties or fines if issues are not resolved in a timely manner. |
| How technology can help: | | Your have tried manual procedures and can identify low levels of productivity, errors that arise and delays that cost money. | | You can now use technology to do things better, do things faster and to eliminate manual errors - to cut the cost of audits. | | Technology can deliver time-tested secure collaboration across business and a compliance model for the lifetime management of your content. | | Application services enables governance, risk, and compliance professionals to stay in control of the regulatory audit process from day one. | | Application services helps manage risk and ensure compliance while accelerating productivity with minimal reliance on your team, ensuring auditors receive the documents they need, when they need them. |
| Streamlined Audit Management: | | * Accelerate productivity and accuracy with workflow and folder constructs to classify documents and organize auditors requests. | | * Manage workflow with centralized administration or allow users to administer their own. |
| Securely Share Documents: | | * Share confidently with time-tested, comprehensive security and encryption. | | * Invite auditors to collaborate, yet only grant document access when it is ready. | | * Secure internal and external sharing of documents and data. | | * Seamlessly exchange information between your application services and your content management systems. |
| Good Audit Partnership: | | * Give auditors confidence in the business and increase goodwill with the Audit Manager and a controlled, collaborative process. | | * Spend less time tracking down missing documents and revising inaccurate findings. | | * Improve ability to meet document turnaround times required by auditors and reduce the amount of time auditors stay on-site. |
| Rapid Deployment: | | * Rapidly deploy new workflow and provision internal/external users based on changing business requirements using a safe, flexible Application-Service model. | | * Improve efficiency through easy onboarding and set-up that requires little involvement and no increases in infrastructure or support costs. | | * Reduce manual activities and errors thanks to proven integration with enterprise content management systems. |
| Monitor Document Sharing: | | * Provision access to documents controlling what is shared, when, and with whom. | | * Evidence who has viewed, downloaded, and edited documents. | | * Perform reviews using audit trails of document changes, user profiles, dates and times. | | * Retain current and previous versions and corresponding comments. | | * Remove individual user access to specific documents, even after they have been downloaded. |
| Document Control: | | 1. Document Title: M9 Audit Management Procedure. | | 3. Keywords: M9 Audit Management Procedure. | | 4. Description: M9 Audit Management Procedure. | | 5. Privacy: Public education service as a benefit to humanity. | | 6. Issued: 11 Jun 2018. | | 7. Edition: 1.3. |
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