What is Audit Management software?
Whatever sector it operates in, any organisation will regularly need to make key decisions affecting its systems, its people and its processes, all of which combine to impact the efficiency of its operations.
If the organisation aims to implement efficient audit planning and deliver a high level of compliance management, it is essential that it deploys an audit management software system which is genuinely fit for purpose.
Internal audits are a vital element of any compliance processes and audit management software increasingly plays a highly significant role in ensuring that the organisation’s exposure to risk is being effectively managed and governance risk avoided.
Proactive audit planning as part of a quality audit management software system is designed to ensure an organisation is meeting its compliance targets, identifying possible areas in which its activities and processes could be enhanced by addressing potential gaps in procedures and managing risk effectively.
What are the benefits of Audit Management software?
As part of an organisation’s integrated risk management process, internal audits will only be successful if there is commitment across the business to the audit process.
The key to driving change lies in ensuring that findings are turned into real actions. Audits are expensive, which means the only way to realise their value is to ensure you take action on the outputs.
A sound audit planning approach, i.e, one that’s based on ensuring any actions agreed are implemented, will also guarantee that valuable staff resource time is not wasted and will form part of your team’s wider integrated risk management strategy.
An objective review of an organisation’s audit strategy will contribute to operational efficiency, help the business to evaluate risks, protect its key assets and ensure compliance with regulatory targets.
CoreStream’s Audit Action Management software is a flexible technology platform which manages the actions which audits identify, encourages your team to take ownership and simplifies the process of providing updates to the organisation’s procedures.
Our platform will help to deliver integrated management across all governance, risk and compliance areas and create a unified data environment which enables internal audits to align with your business goals.
CoreStream’s flexible Audit Management software will enhance your audit planning approach and mitigate governance risk by:
- Reducing the financial and administrative burden on your internal audit procedures.
- Delivering real-time, accurate insights into action resolution progress.
- Ensuring full control over data privacy.
- Enabling targeted dissemination of audit action content.
- Adapting to your specific sectoral needs.
- Increasing efficiency of your audit process and risk management procedures.
What are the risks of not having Audit Management software?
In today’s business world, an increasing number of issues could potentially pose a threat to an organisation’s reputation and its ability to operate. These can range from health and safety risks, cyber security issues, financial risks brought on by poor customer service or market challenges and supplier problems.
Effective risk and compliance management will help to maintain business continuity, provide reassurance for stakeholders and contribute to the organisation’s success. An effective internal audit process will provide the organisation with independent assurance that the procedures it has in place for risk management, governance and internal control are operating in an efficient manner.
Lack of such an audit function could potentially impact the overall effectiveness of an organisation’s risk management strategy, leaving business assets, including data, not properly safeguarded and open to threat.
Our intuitive technology enables organisations to quickly implement high quality internal audits which cut the risk of non-compliance and offer early insights into any potential problems or issues which threaten your operations.
Whether performed internally or by an external provider, the key to your organisation deriving genuine value from its audit management process lies in ensuring that findings are turned into real actions to drive the change that is required.
CoreStream’s Audit Management Platform is a flexible technology platform which will enhance your risk management and regulatory compliance, simplifing and streamlining the task of providing updates on actions to protect your business.