Evaluation and Selection: The bank undertook a comprehensive evaluation of the existing incumbent vendor along with all the leading GRC platform vendors. The systems were examined in detail for integrated capabilities of Internal Audit and Risk Management along with Compliance and Document Management. Comprehensive functionality such as micro risk assessment, audit inventory, operational planning, audit scheduling, audit plan execution, work-paper management, audit issue monitoring and followup, issue tracking, document management, etc was key to success for the bank.
Challenge: Currently, the Internal Audit Group supports the bank’s internal audit processes, from risk assessment to issue tracking, with multiple point solutions and software applications which includes in-house developed applications, legacy applications as well as vendor solutions. The bank’s plan is to replace the existing silos of disintegrated internal audit systems with a new, fully integrated and state-of-theart solution that would foster oversight and transparency and ensure compliance with the banks standards. Click here to read more…
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