The firm’s process for the tracking of Internal Audit actions had become cumbersome, manual and reliant on an Excel spreadsheet to maintain action updates, status and reporting.
There was a desire to move away from using Excel to software that provided a single source of the truth, reduced manual input and enabled direct reporting.
- An online action tracker to record, review and report on Internal Audit actions to relevant stakeholders.
- A repository providing an audit trail of action updates which provides continuity in the event of staff absence.
- Real-time reporting dashboards which can be interrogated to confirm underlying detail.
- The CoreStream Platform has enabled the firm to transition from a manually-intensive action tracking methodology to an effective and efficient tailor-made system. A conscious decision on the approach to updating actions means time saving as a result of using Corestream is limited but it does provide a single record of all actions which has improved accuracy and consistency of reporting.
- The status of actions is now available at the click of a button, enabling details to be shared by any of the central team responsible for action tracking (rather than just the person dealing with the action follow up as had been the case previously).
- The firm’s objective for the future is to utilise the system for a wider population of actions across North and South Europe, and begin to utilise the integrated reporting functionality for key stakeholders.
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The CoreStream system is intuitive and provides us with a single source of the truth which can be utilised for establishing what needs to be done and to record process of implementation of actions. Information can be extracted easily for reporting purposes or to enable interrogation on the progress of more complex actions. Since implementation the technical team have been quick to respond to queries and provided advice and support as necessary.
-Rhys Manning, Risk Manager Deloitte NSE,
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