The central team can track the auditor’s location in real-time from the time they check in to the branch, start the audit, through the progress of the audit, to the time the audit is submitted. This tight tracking reduces the need for frequent follow-ups and calls just before the audit.
Auditors can updateinformation in real-time using the mobile app. They can enter data about goldassets, customer information, and loan details directly into the audit systemduring their field visits. This real-time update minimizes errors and delayscaused by the cumbersome manual data entry and managing paper-based records.
With mobile app-based audits, the auditors from multiple vendorscan be managed from one central system. This makes it easy to scale the auditoperations without any risk.
The latest regulatory requirements can easily be updated from the central applications. This instantly transfers the checkpoints to the auditor’s app ensuring that every branch and transaction complies with these regulations, reducing the risk of legal penalties or reputational damage.
Using immediate learnings from branch audits, the audit checklistcan be expanded for the remaining branches. The digital system makes it easy toimplement real-time risk assurance improvements.
The efficiency added by Audit360 helps Gold Loan NBFCs cover sufficient risks. It makes the Audit process easy to scale. This helps businesses plan for faster growth.
The system can manage audit schedules, track the progress of ongoing audits, and provide reminders for upcoming audits. This helps with better planning and utilization of resources, ensuring audits are conducted on time.
By automating many ofthe manual tasks associated with managing audits, the system saves time andreduces operational costs. It also minimizes the need for physical storage &transit for paper-based records.
Audit360 providesreal-time reporting. The moment the audit is completed, it is available forreview. Instead of waiting for audit records to arrive by mail, you can reviewthe audits and finalize them for reporting as soon as they are submitted. Auditreports and dashboard charts are automatically generated.
Improvement in Reporting Speed
Timesaving for CAE in Reporting
With Audit360 all the steps of the gold audit process - from allocation of audit to capturing observations to finalization – are performed digitally. You can capture all the verifications of the gold jewelry and branch processes using digital checklists.
Branch Audit / Jewelry Verification
Auction Process Audit
Surprise Audit Processes
Any discrepancies that need to be addressed are quickly identified and automatically routed for branch resolution or fraud unit action.
The status of the resolution and closure of the audit observation can be tracked centrally.
You can easily manage multiple vendors digitally by conducting the review of audits centrally. There are no logistics delays.
You can easily ensure all outsourced agencies follow the standards uniformly. You can ensure all audit steps are followed. This helps you scale up processes fast.
Capture packet details, gold weight, carat specifications, and more using the app. Differences are automatically calculated. Process audit checklists can be detailed.
The app allows you to capture photos and videos of the jewelry along with every checkpoint. The app restricts capturing evidence in real-time.
Track the geo-location of the auditor to ensure the audit is being performed at the branch location.
Audit360 ensures the utmost security of data access. Unauthorized access is prevented by 2-factor authentication & data encryption.
The audits are automatically assigned to the auditors on the app. A digital audit trail of all the actions is available.
The app can operate in offline mode without missing out on the security features. The data is automatically synchronized with the right time stamps and geolocations.
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Ans: Audit360 helps CAEs assure compliance with ease. The report preparation time is reduced by 75%. End-to-end automation removes the hassles of managing manual operations. The CAE can focus more on decision-making, analyzing trends, strategizing, providing risk and compliance assurance, and planning for growth rather than tackling operational problems. The CAE gets more control over the reporting. Many of the data and reporting uncertainties are done away with in Audit360.
Ans: The Audit Committee can get more confidence from the InternalAudit reporting. This means better protection of shareholder value. In AuditCommittee reporting the members can slice and dice reports, and drill down tothe last transaction if need be, which gives them the ability to see trends& summaries thereby feeling more confident about the risk control. Theyhave tools at hand to provide better analysis and action items in a singlesitting.
Ans: Yes, Audit360 is perfect for risk-based audits for Gold Loans. 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 using Audit360’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 is a SAAS product. It can scale as per your needs. Moreover, Audit360 provides all the basic workflows and digital features that are needed in a large operation's internal audit execution.
Large Gold Loan Audit operations make use of outsourced vendors. Audit360’s digital workflow makes it easy to manage multiple vendors.
You can bring in any execution strategy – sample-based or covering100% of transactions. Audit360 takes care of all types of workflows.
Ans: The digital audits and checkpoints allow reports to be available in real-time. Since all data flows in a single application and the statuses are captured in real-time, the views get updated automatically. The dashboards are updated in near real-time with a 1 or 2 hr. delay.
Ans: Audit360 uses a third-party engine for dashboards. You can create dashboards that help you discover trends in near real-time like top transactional issues in branches, which would otherwise be very difficult to capture and report on. The end-to-end digital audit execution makes it possible to provide precise reporting in near real-time for complex audit operations.
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 days for a medium-sized gold loan operation.
Ans: Audit360 provides 3 types of plans based on the deployment model – a SAAS model, an on-premise model, and a hybrid model.
SAAS is the most preferred model. Here a multi-tenant cloud instance of Audit360 is provided.
Large banks prefer on-premise deployment where the instance is deployed in the organization’s servers.
In the Hybrid model, Audit360’s IT team manages a standalone cloud deployment of Audit360.
Ans: Audti360 provides chat-based, email-based, call-based, and ticketing support with dedicated and shared resource options.
Ans: Yes, Audit360 has a defined process for building custom features. Once customization is accepted either it is made part of the go-live or one of the releases as agreed with the client.
Ans: Audit360 comes with many standard features that take care of 80% of a Gold Loan Audit need. However, there are times need you need certain variations in the features and workflows. Instead of going through a customization process, Audit360 has built features that can be made available at an additional cost. This turns out to be cost-effective for the NBFC or Bank. If you would like to know more about Audit360’s standard and premium features, ask for a demo.
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