Aurex Launch: Here we come, Chicago!

The global Governance, Risk, Compliance Platform market, currently evaluated at 35.2 billion USD in 2021, is poised for an 11.7% CAGR to touch 68.7 billion USD in another five years.

My assessment tells me that the competition in the space is just heating up mildly. It is a blue ocean out there. And what an expanse of an ocean it is! Aurex is the next blue whale or the Unicorn for this expansive space.

Aurex is a unique plug-and-play product that gives its users a greater degree of assurance over their complex, multifaceted organization by employing its Risk, Audit & Analytics capabilities. The purpose of Aurex is to identify the organizational risks proactively and in real-time. These risks are reported to the Board and the Management for mitigation by the system. The App empowers enterprises through Continuous Audit, Continuous Controls Monitoring and Continuous Compliance Monitoring in a unified architecture. Aurex automates end-to-end workflows and facilitates clients to stay Assured in perpetuity.

Aurex will be showcased at the IIA’s 2022 International Conference that will be held in Chicago, Illinois, from July 18 to July 20, 2022.

US is one of the biggest markets for GRC applications, and Aurex intends to tap into this opportunity. Aurex is backed by industry experts with decades of experience in managing risk & audit functions and enterprises with a proven track record in the domains of GRC, Audit and Digital Transformation.

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 industry-leading survey.)

The ideal option is to conceive an architecture that keeps a tab on risks and provides 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 an 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.

In fact, from our experience, it is clear that automation of audit procedures has saved time and freed up greater resources like human resources, which could be utilized optimally in other areas.

And Aurex is the reason why many companies have made rapid strides in terms of digital maturity standing.

Aurex was approached by this sprawling UAE-based investment firm with interests in Retail, Automotive, F&B and Healthcare to overhaul its present system of Manual Auditing and Risk Assessments mechanism. The firm was primarily following MS Excel-based Audit Planning, Issue Tracking and Audit Reporting. It had no real time tracking or auditing capabilities across transactional systems and databases across departments.

Aurex was ushered in to carry out Internal Auditing and Risk Transformation. It replaced Multiple Internal Reports with Aurex Analytics. It also created a centralized risk and audit repository for multiple departments. Audit and analytics-based exception management were implemented with the help of Machine Learning algorithms.

The benefits were aplenty:

• Digital end-to-end process automation replaced manual Excel-based Risk Management, which accelerated positive change.
• Empowered the customer to analyze 100% population data which enhanced the Assurance level.
• Dynamically configured Controls against Risk and Audit. This meant control effectiveness outcomes automatically impacted Risk and Audit.

Clearly, this trend is indicative of the times to come. The winds of change in the Audit industry are palpable. It has let loose a current of changes. Wave after wave of impacts is lashing against the shores.

And Aurex is there to cash in on the opportunity!