Thomson Reuters has expanded its Connected Risk platform to include an Audit Management (AM) solution to help enable firms to assess risks and increase the efficiency of the auditing process.
The solution offers streamlined scope definition and collaborative electronic work-papers to help audit teams with maintaining structure to their work and applying creative thinking when presented with emerging risks, new business development, and other activities beyond routine processes. This takes place on an open platform that allows customers and partners to tailor solutions to meet specific risk-use cases.
By leveraging the Connected Risk platform, audit professionals can perform and update risk assessments to reflect the impact of business disruption. They can adjust audit plans in cycle to reflect changes in risk profiles, and assessments can be informed by the broader risk business through use of the underlying Connected Risk platform's data mapping and aggregation capabilities.
Audit professionals can also execute streamlined, collaborative audits underpinned by electronic work-papers and subsequent audit findings management, which is all tracked and reported through the integrated dashboards and reporting engine and/or integrated into existing business intelligence tools.
The Audit Management solution drives a consistent application of assessment processes across the organization, using tailored workflows and automated monitoring. This is underpinned by role-based security and audit trails, which provide a robust platform for collating, managing and reporting risk data.