Building on its commitment to deliver a comprehensive suite of governance, risk and compliance solutions to assist the global financial and corporate communities, Thomson Reuters has expanded its Connected Risk platform to include an Audit Management (AM) solution to help enable firms to better assess risks and increase the efficiency of the auditing process.
The AM solution is designed to provide audit professionals with an efficient and actionable approach to serving business leaders, management, audit committees, and regulators in these disruptive times. Rather than simply supporting routine audit work, it facilitates the role of advisor to the business – a role that auditors are both encouraged and motivated to perform – by providing the right information to support strategic decision making. The solution offers both streamlined scope definition and collaborative electronic work-papers to empower audit teams with maintaining structure to their work and applying creative thinking when presented with emerging risks, new business development, and other activities beyond routine processes. This all takes place on an open platform that allows customers and partners to tailor solutions to meet specific risk-use cases.
“There is no denying that both the financial services and corporate sectors continue to experience unprecedented volumes of regulatory change and complexity,” said Gareth Evans, managing director, Enterprise Risk Management at Thomson Reuters.
“The amount of data our customers must understand shows no sign of abatement. What they need more than ever are ways to better make sense of what matters. We remain committed to working with our customers to develop next-generation solutions that enable them to meet this need by applying the deep expertise that Thomson Reuters is known for in managing and interpreting unstructured data. Our Connected Risk platform helps do just that, and Audit Management is the latest workflow solution to address those organizational challenges.”
Will Jan, vice president and lead analyst at Outsell, commented: “The lack of data visibility has been a key barrier to efficient and effective audits. In high-volume transactional environments, this visibility, and related risk profile assessments, are more critical than ever to support both advisors and auditors. A unified risk and compliance platform will greatly accelerate mitigation and remediation processes.”
By leveraging the key capabilities of the Connected Risk platform, audit professionals are now far better informed when performing risk assessments, and better able to update these ad hoc to reflect the impact of business disruption. They can adjust audit plans in cycle to reflect changes in risk profiles, and where applicable, assessments can be informed by the broader risk business through use of the underlying Connected Risk platform’s powerful data mapping and aggregation capabilities. Audit professionals can also execute streamlined, collaborative audits underpinned by electronic work-papers and subsequent audit findings management, which is all tracked and reported through the integrated dashboards and reporting engine and/or integrated into existing business intelligence tools.
The Audit Management solution drives a consistent application of assessment processes across the organization, using tailored workflows and automated monitoring. This is underpinned by role-based security and audit trails, which provide a robust platform for collating, managing and reporting risk data.