Aurex: An Idea Whose Time Has Come

It is a well-documented fact that C-suite Executives, Internal Auditors and Risk Analysts are finding the heightened pace of digitalization challenging to cope with. And those who are not adept at auxiliary IT and augmented analytics skills may find it difficult to extract data and interact with new-age audit and analytics systems for the proper execution of their functions. (The analytics maturity of Audit Services organizations is a key indicator in this regard. Only 11% of the organizations surveyed had a degree of maturity as per one Deloitte survey.)

The ideal option is to conceive an architecture that keeps a tab on risks and provide the auditors and the Management with the necessary insights and reports on demand which enable them to address the risk landscape proactively. The skill deficit in auxiliary IT tools and augmented analytics has led to a reactive decision-making process when it comes to risk control and mitigation in Audit. But with the risk landscape turning out to be more dynamic, the Auditors must ‘audit at the speed of risk’.

Aurex assumes relevance here.

Aurex is a unique plug-and-play ecosystem that gives clients a greater degree of assurance over their complex, multifaceted organization employing its Audit & Analytics capabilities. The purpose of Aurex is to identify the organizational risks proactively and in real-time and report to the Board and the Management the multitude of risks to mitigate the same.

It does this by demolishing organisational silos thereby ensuring that decision makers get the right data at the right time to make better decisions. It automates end-to-end workflows. And facilitates clients to stay audit-ready, always.

Why Aurex

1. Aurex gives clients the power of Continuous Controls Monitoring (CCM): One just needs to integrate ERP systems with Aurex and see the magic unfolds! The controls environment powered by Aurex works in sync with the risk dynamics in real time and enables enterprises to thrive on opportunities.
2. The decision-to-action loop is effectively closed on Aurex: This prevents occurrence or recurrence of risks. It is leak-proof and future-proof as far as the clients’ organisations are concerned.
3. End-to-end automation: On Aurex, digital transformation by virtue of automation is the key. Take a quantum leap from outdated, error-engendered, manual processes to full and continuous automation.
4. A single source of truth in GRC matters: The unified plug-and-play platform empowers clients to reduce workloads, save time, prevent errors from manifesting and bestows them with a single source of truth. It facilitates the relevant teams to do more audits in less time with less resources and generate relevant reports in one click!
5. No need of specialist skills to use Aurex:Besides, through the automation of processes, insights and reports pertaining to risk and audit can be had in real time eliminating the need for any auxiliary IT or augmented analytics skills on the part of Executives, Auditors and Analysts.

The case for continuous audit is a profound one. It provides a slew of benefits to organisations which mean audits of this nature are gaining greater degree of prominence in the auditing sphere, thanks to Aurex. An upgraded frequency in the use of data and analysis at the right time enhances not only the quality of audit but also the thoroughness of internal controls, decreasing or bringing down by a huge margin, a company’s compliance risk.

In fact, the automation of audit procedures has saved on time and freed up greater resources like human resources which could be utilised optimally in other areas. The benefits are many: value creation by virtue of the saving and utilisation of potentially wasted or misused funds, reputation enhancement, the saving in terms of legal fees and costs, apart from the enhanced efficacy for both audit and compliance functions.

The Quantum Leap Paradigm: Aurex Key-driver

Quantum Leap occurs when many decades worth of surge in a given field happens in a couple of years.

[The Quantum Leap Paradigm]

The Quantum Leap Paradigm (QLP) is a cycle which has three process-entities. It starts with the dismantling of silos which leads to disruption. Post disruption, super-convergence happens; the convergence of previously non-linkable ecosystems in one place. This leads to Quantum Leap wherein many decades of advancement gets packed into mere years.

By augmenting audit, risk and analytics functions and bringing them on to a unified platform, a paradigm shift has occurred, thanks to Aurex: a system that transcends silos enabled and empowered by AI, ML, and neural networks to automate processes and tackle the enterprise issues raised by barriers on its own.