Digital Transformation is molding every aspect of modern life, from our homes and personal experiences to where and how we work. Many organizations are going through digital transformation by implementing new technologies and processes to make the business more efficient and to keep up with the needs of an increasingly digital workplace.
Companies are innovating at a dizzying speed and this rapid evolution has a direct impact on internal audit, which must find better, faster ways to identify and evaluate emerging risks. These changes provide an opportunity for internal audit to transform itself to be people-led and data-driven to effectively reduce risk, improve controls, and identify inefficiencies within the organization.
As organizations rush into an increasingly technology-driven, innovation-oriented, risky, and disruptive future, internal audit also can provide assurance that the strategy is on track and meets business objectives.
To reciprocate effectively to the digital disruption, Internal Audit must be ready to fight fire with fire by developing some innovative and transformational solutions. It is pivotal for an organization to identify and focus on the major risk categories, that too with the potential to impact the smooth functioning of an organization and the trust of the security of its stakeholders. With the best platform in hand, Internal Audit soars up to provide a better understanding to formulate insightful decisions that will drive change to help company leaders achieve strategic objectives.
Here we introduce Aurex that can transform the internal audit industry for the greater good. Aurex is an integrated audit risk and compliance platform developed by Beinex, designed to empower organizations and financial institutions to meet their most challenging requirements. Leveraging cutting edge technology and the power of AI to remove various Internal Audit and Risk pain points while cutting down the cost and saving valuable time and resources.
For all businesses, there are risks that exist and need to be identified and addressed to prevent or minimize losses. Risk is measured in terms of consequences and likelihood and Risk management must ensure mitigation of the identified risks to help the company prevent losses and achieve uninterrupted business productivity avoiding damage to its reputation and other
consequences. Aurex helps to improve the audit quality and reduce manual tasks and aids in Identifying blind spots, previously humanly impossible.
Every stage of the internal audit lifecycle is impacted by this transformation. The internal audit is evolving both operationally and strategically. By moving towards a continuous audit process, risk identification, and persistent monitoring results in higher precision audits that leverage technology in assuaging any threats uncovered. It also uses surveys and assessments to identify the underlying behavioral patterns and root causes to uncover the blind spots within the given time span and the fixed budget. All these can be monitored using real-time interactive dashboards through which the exorbitant data can be analyzed at a glance.
Internal audit functions are normally viewed as an organization’s third line of defense as an . independent assurance, but this siloed perspective sometimes results in limited transparency into other departments' risk management efforts. Aurex breaks down these silos and gives audit the opportunity to streamline processes, centralize business assets, and ensure all departments work in unison.
Aurex helps organizations to identify and mitigate risks by combining four independent processes in silo, onto one single integrated platform – Continuous audit, audit analytics, audit management, and risk management.
Continuous monitoring of internal auditing activities, such as control and risk assessments powered by Artificial Intelligence and Machine Learning with conversational audit intelligence and early warning predictions.
By processing huge data sets to produce smaller subsets of the processed data for the auditor to evaluate thus improving the quality of the audit and to get valuable insights with embedded audit tests library and a multi-device critical alert system.
Ensuring that risk management and control effectiveness are on the right track with proper audit planning and reporting to manage the audit workflow.
Identifying potential risks in advance, categorizing & prioritizing them to see the bigger picture of the risks to significantly assess and to mitigate them.
Internal auditing is on the process of complete digital transformation and data analytics has a significant place in transforming manual processes to fully automated ones thus augmenting the accuracy of audit results to provide valuable insights to the management. Transform your Internal Audit functions like never before with Aurex and bring in a large array of benefits following its adoption:
By providing a more comprehensive view of the business, data analytics can deliver a more detailed look at the internal controls, financial statements, and accounting processes. Process exorbitant volume of data effectively in less time and get proper insights to draw valuable decisions. Identify, prioritize, and categorize risk and audit data to effectively eliminate redundancies & inconsistencies to revamp your risk and audit management workflow proficiently.
Soar up your team’s efficiency by integrating powerful analytics to track enterprise risk much earlier in the audit process across the audit universe. Detect patterns with data analytics in the audit process and save time to implement changes and work on the improvements.
Never compromise on perfection when striking a balance between time, budget, and a perfect risk & audit management process. With fully automated processes and Issue Tracker functionalities, the quality of the audit can be increased while reducing the time and effort it takes. Also, convert the data to reports using NLP techniques and complete an assessment and analyze the data in no time.
Analyze data in bulk to optimize and score risks to apply effective controls. Segregate audit records and reuse risk and control matrices across the other entities.
Magnify the scope of risk and audit management into newer and broader areas by getting insightful predictions on a probable future event or risk. Predictive models enable organizations to work more efficiently by proactively participating in proper decision making and identifying radical means to prevent the threat.
Analyze relevant business insights from different datasets in key areas with interactive dashboards across all your audits. Drill down into each record and its status to monitor the impending risk and to evaluate the performance of the controls applied using the real-time and intuitive dashboards.
The digital world is changing, compelling internal audit to adopt new tools and techniques in order to effectively respond to today’s unsettling uncertainty. However, as long as the internal audit has the right tools and resources it needs to stay current with the latest developments and advancements, this evolution will bring significant value to businesses everywhere and every internal audit function can move forward in the transformation journey provided they choose the right platform.
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