Overview
CladRysk® Risk Based Audit solution modernizes traditional audit activity with risk-driven measurement and control.
The non-compliance items are applied risk severity categories to not only alert the Financial Institutions about deficiencies in processes, functions, or departments but also prioritize and take appropriate actions based on the business or compliance impact.
The solution brings together systematic & consistent methodology to assess compliance in various business functions, test the quality of controls, and measure risks originating from failure of controls and/or non-compliance.
Key Benefits of CladRysk® Risk-based Audit :
- Provide real-time, objective analysis to enhance organization-wide risk management
- Capability to manage diverse audits spanning functional, regulatory, IT, and any other areas
- Use of statistical tools and analytics for better insight into audit outcomes & risk events
- Standardization of processes and documentation to handle audits at a higher frequency and/or broader coverage, as relevant for a Financial Institution
- Track non-compliance items through the audit cycles and ensure closure
- Manage non-audit evaluation or assessment by applying simple to complex parameters such as performance measurement, user training, etc.
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