Time-saving in reporting
Time-saving in issue tracking and closure
Overall efficiency improvement of the process
Coverage of File Audits
File Audits
Branch Audits
Functional Audits
Vendor Audits
IT Audits
With digital audits, you can include compliance-specific checkpoints in audits, identify issues, manage closures, and report on compliance requirements with ease.
You can include external observations from board meetings, audit committee meetings, monthly meetings, and RBI visits in the audit cycle. Track due dates, resolve issues, and report on closures with ease.
Audit360 comes with a Risk Register module. Based on the risk register you can configure digital audits and report audit scores. You can also build custom risk-based reports.
You can set up dashboards for different requirements - external auditor review, board reporting, MD review, etc. Dynamic filtering in charts helps you meet unplanned reporting requirements on the fly. You can drill down to the last checkpoint and show supporting evidence with ease.
Easily configure digital checkpoints and audits for loan files, internal controls, and branch audits without any limit. Include checkpoints for regulatory and policy compliance. Define workflows, set TAT for resolution, and configure performance scores from a single application.
You can allocate loan files to auditors on an ongoing or monthly basis. At the same time, you can schedule branch audits for the audit cycle. Centrally track file audit status and branch audit progress in real-time.
To ensure the audit process stays on track and all issues close on time, Audit360 provides automated maker-checker and issue management workflows. You can set up automated reminder emails, escalation matrix, TAT for closure, and issue resolution tracking with ease.
Audit360 provides real-time conformance and compliance reports out-of-the-box. You can track and filter Issues by geography, branch, and issue type. Issue aging, branch performance, and file performance are computed and reported automatically.
You can prioritize audits for files that are most likely to have discrepancies.
Audit360 can connect directly with LOS and LMS systems through APIs to pull disbursement files for audit without any delay.
You can get started with digital audits quickly and scale the automation at minimal cost.
Audit360 provides a feature-rich mobile app that can be used to conduct field audits for processes like verification, collections, customer visits, and project inspection. With end-to-end digital execution, you get tight control on field audits just like any other audit.
Improved reporting speeds for audits.
Digitizationof field audit process.
Reduction in the central team’s effort.
Scope
• File audits for pan-India operations
• Continuous file allocation to auditors
• Workflow configured for issue resolution by branches.
• Standard reports & dashboard
Improvement in internal audit efficiency
Scope
• File audits for pan-India operations
• Monthly file allocation
• Workflow configured for resolution by process leaders.
• Branch performance measurement
Improvement in internal audit efficiency
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Ans: Yes, Audit360 is perfect for risk-based audits in HFCs. While risk assessment must be done outside Audit360, the findings of risk assessment can finally be maintained in Audit360’s risk-register module. This becomes an input for audit planning and execution. The audits can then be conducted usingAudit360’s checklist-based audit. Once the audit cycle closes, the risk register is updated.
Ans: No. There is no limit. You can create any number of checkpoints and audits in Audit360.
Ans: Yes, Audit360 can be used by any size of HFCs.
Ans: During the kick-off meeting with the stakeholders, success criteria are documented. After this, we gather information from the internal audit team and prepare the configuration requirements. We carry out user training along with the configuration setup. This gives a hands-on experience to users as we roll out the system.
After going live, we provide a few weeks of handholding to users, after which customer support is enabled.
Ans: If all information is provided on a timely basis Audit360 can be made to go live in 10 working days for a large HFC.
Ans: Typically, the SAAS plan works best for HFCs. But if you have a bigger scope of internal audit implementation and want Audit360 to be deployed internally, then on-premise plan is also available.
Ans: You can add any compliance checkpoints, for example, CERSAI check, Central Bank regulations & NHB guidelines can be included seamlessly in the audit checklists.
Ans: Audit360’s resolution workflow is flexible and can be configured based on your resolution process. One configuration option is to assign audits to respective branch managers for resolution. This can be automatic. Another option is where auditors can assign individual checkpoints for resolution to a process manager. A single checkpoint can require resolution from multiple process owners.
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