ethic Audit Solution

Transcription

1 Automation reducing your average time to produce report by 21% ethic Audit Solution Workflow driven audit and compliance platform that enables efficient and effective auditing process

2 ethic is a web based Inspection and Audit Solution that caters to the complete audit cycle from Audit Planning to File Closure in a workflow based automated process. The Solution is designed to help companies manage the end to end process in an efficient manner. The Solution is modular and caters to different types of Audit across financial institutions. It enables complete Transactions Audit, Risk based classification, Branch-wise efficiency rating and maintenance of historical inspection data for anytime reference. Solution Coverage Data Consolidation at different levels Real time & offline interfaces Offline & Audit Risk analysis Multiple Auditor Support Extensive Risk calculations Inspection Panel The Key highlights of the solution are outlined below. Quick time to market with straight-through- processing, automation, and centralized set up towards process optimization Fully configurable checklists and workflow Supports offline mode of working Instant generation of risk assessment chart, trend analysis report and efficiency rating chart after any branch inspection Support for risk based as well as non-risk based Audits Consolidated audit report from multiple auditors Compliance to both Risk based as well as Non Risk based Audit Configurable Risk level and audit frequency definition The Audit process broadly covers the following aspects Audit Planning & Scheduling enabling to define the blue print of the action plan over any time horizon Recording of Irregularities and Audit observations by the auditor Efficiency, Control and Business Risk measurement Audit Wrap up and recording of man days taken for the inspection process Compliance and rectification of irregularities Follow up at different levels till file closure Inspection Process Follow Up Audit Planning & Scheduling Compliance Process Report & File Closure 2 P a g e H e x a g o n G l o b a l I T S e r v i c e s P v t L t d.

3 The Solution facilitates to define multiple types of Audit including Financial Audit, Operational Audit, Compliance Audit, Departmental Audit, Information Systems Audit, Statutory Audit and others. The Modules and the types of audit are configurable as per the company s requirements. The framework facilitates definition of audit process for any organization enabled through its user definable process checklists. Offsite Module The Offsite module gives additional edge to the Transfer of data from Core System/Other Databases solution by providing alerts on a day to day basis. The Automatic Exceptions Analysis solution helps to define user configurable rules, Branch Response to Exceptions based on which exceptions are raised from the data received through interface Follow Up & Closure from the core system(s). The branch users can record their rectifications against each exception. Post rectification, it will automatically appear in the Follow-up module. The assigned users can follow-up the rectification done by the Branch and can either close or raise further queries regarding the exception. The module also has a provision for forced closing of a particular exception. The auditors are kept informed with online reports during the inspection. Process Efficiency through Continuous Monitoring The Solution enables process driven audit that ensures control through continuous monitoring thereby increasing efficiency. It is important for internal auditors to ensure that the continuous audit process has a system of checks and balances to maintain independence and objectivity throughout the audit. The implementation of a continuous audit process broadly consists of the following aspects. Establishing priority areas based on risk rating across different areas of audit Determining the rules or analytics that will provide safeguards for a continuous audit activity. These rules need to be programmed and reconfigured when needed. For instance, institutions can monitor the accounts wherein the exposure is greater than US $1000. Monitoring of audit rules must also consider the legal and environmental issues as well as objectives of the particular process. The frequency of the audit is determined by analyzing the cost benefit ratio of continuously auditing a particular area. The rules applicable for each audit area can be configured and reviewed periodically. The false negatives and the false positives need to be considered while evaluating the cost benefits of error detection, audit management and follow up. For instance, in the example explained above, the excess threshold of 1000 US$ could lead to a number of false negatives (i.e. values that were ignored when the balance was smaller than US 3 P a g e H e x a g o n G l o b a l I T S e r v i c e s P v t L t d.

4 $1,000 but were identified as a problem) and a number of false positives (i.e. values with balances above US $1,000 that were flagged but were accurate). Value Proposition The key business benefits to the audit and inspection department are; Straight through processing through the workflow Enabling Auditors with online monitoring & alerts Increased efficiency and reduced inspection time Online branch compliance Automatic consolidation of the audit report where multiple auditors are involved. User configurable checklist can be modified as required for different audit types/areas/products. The highly flexible solution enable to accommodate to the changing business environment Online branch compliance immediately available to branch officers to rectify the irregularities and record compliance. The rectifications can be approved online at different levels through the workflow mechanism available. Online monitoring module allowing the users to track any exceptions immediately through real time interface with the core system. These alerts can be further classified according to the priority to be sent to the respective users to act upon the same Scalable to any type of audit Enables Quick time to market with straight-through-processing, automation, and centralized setup towards process optimization Easily accessible solution anytime anywhere through the offline capability Comprehensive Risk reporting and MIS Dashboards 4 P a g e H e x a g o n G l o b a l I T S e r v i c e s P v t L t d.

5 About Hexagon Global IT Services Pvt Ltd Hexagon Global is a company providing domain driven technology solutions to clients in the BFSI vertical. Hexagon Global has been founded by a team of professionals who have a combined experience of over 500 engagements in the BFSI segment & bring to the table individual experience ranging from 10 to 25 years. The Hexagon Global team combines deep domain expertise with a proven methodology in implementing solutions which enable clients to achieve the business outcome envisaged. Hexagon Global believes in being engaged with their clients every step of the way, right from defining the outcome through to helping them achieve every milestone leading up to the successful closure. For more details about the company, please refer to the website at 5 P a g e H e x a g o n G l o b a l I T S e r v i c e s P v t L t d.