Why Implement an Effective Audit Management System?

The increased business scrutiny and the new and pending regulations emerging from an array of laws including Dodd-Frank, Bank Secrecy Act/ Anti- Money Laundering, and the Foreign Corrupt Practices Act has resulted in greater complexity in audit management and it is creating new and emerging risks for the organizations, which if not managed properly may lead to reputational, regulatory and financial impacts.

Organizations today need to move towards automated and integrated audit management solutions for addressing these challenges. They need an intelligent automated system that vigilantly maintains a state of effective internal control and adds measurable value while helping management understand the organization’s risks on a strategic level.

Effective Audit Management System provides a holistic and highly integrated approach to manage the entire life cycle of an organization’s audit management processes. It supports organization’s governance and risk management policies and dramatically reduces the time and effort involved in preparing for and conducting audits. It also simplifies the day-to-day work by standardizing methods and automating repetitive tasks – thereby boosting the performance and effectiveness of the entire auditing process and helps in smarter and faster decision making.

Predict 360’s Audit Management Software is an artificial intelligence (AI) enabled web based solution that provides end-to-end functionality for managing complete audit life-cycle including audit planning, checklists, field data collection, development of audit reports and corrective and preventive action recommendations. It is based on the Institute of Internal Auditors (IIA) standards.

About the company

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.

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