During the last two years, since the beginning of the pandemic, a vast majority of office workers have adapted to working remotely. Organizations of all kinds have begun to market their products online, and as a result, we have all learned to live in an increasingly remote-first world. Looking back to the beginning of the pandemic, nobody realized that virtual meetings would become the norm. Nobody imagined the words “Let’s meet on zoom”, would become an everyday phrase.
This phenomenon did not escape internal and external auditors. Although considered to be a more traditional community, within months of the lockdown, they too began to better understand the positive effects of digitization and how it enhanced operational efficiency. The timing was spot on as management increasingly added pressure to use more technology in audits.
Traditionally, auditing was an event that involved a high degree of face-to-face contact and on-site work. Today, virtual internal audits are becoming considerably more popular. This saves time and costs and most importantly helps auditors shift their resources from data gathering and tedious manual work, to strategic tasks. All data gathering and analysis can now be done using technology.
Furthermore, as business models continue to become mixed / hybrid, it poses a new level of complexity for audit management. This reinforces the need to deploy innovative auditing tools that enable businesses to evolve with the growing changes of circumstances and regulations.
How does this work?
Datricks provides an innovative solution using AI technology to automate Audit, Risk and Compliance reporting, helping internal auditors and SOX teams attain risk-free continuous financial compliance. The solution automatically crawls through the company’s financial systems of record, with no human intervention, and discovers, evaluates, and prioritizes risks for financial teams to act upon rapidly and efficiently. All this, as well as virtual team collaboration can be managed remotely, using secure technology.
Datricks is available as public SaaS, as a private cloud setup and even on-prem. Setup is seamless, leveraging automated connectors developed by Datricks. Once setup and analysis are complete, the teams will get the following:
– Automated process mapping with easy-to-understand visualization
– Easy to use queries and filters of business processes and functions
- Automated risk analysis with insights and alerts
- More than 600 predefined controls
- Anomaly detectors as well as rule-based alerts
- Continuous real time process and risk monitoring
- Daily digest of insights, alerts and statistics
Online / remote / virtual audits can achieve the same goals as on-site audits. In fact, by using the right technology, these can produce a much more accurate report, reducing human error and producing visualization that helps decision makers improve the business.
As we move away from the existing methodology, technologies like Datricks can help you achieve and receive more from your internal and external audits. With Datricks you can plan, execute, and manage your financial reporting projects using a single, easy-to-use solution.