Samiksha Audit Management Solution
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Efficient Audit Management: Empowering Risk Mitigation with Samiksha
In the three lines of defence model for ERM, the internal and external auditors are responsible for the crucial task of ensuring effective risk management in the third layer of defence, thereby offering assurance to all stakeholders.
In today’s business landscape, characterized by intricate operating environments and heightened regulatory demands, the importance of streamlined and successful audit management is more critical than ever. Audits have grown in complexity and duration, thanks to escalating expectations from stakeholders and regulatory bodies. Consequently, there is a growing imperative to automate the audit management process to meet these evolving challenges.
In this context, our powerful audit management tool, Samiksha (a word derived from Sanskrit, meaning “review” or “critique”), has been crafted to assist organizations in consolidating various audit-related tasks, data, and workflows into a unified and all-encompassing framework.
Unlocking Auditing Excellence: Samiksha's Transformative Benefits
Proactive Risk Identification
Early identification and assessment of risks enable organizations to take proactive measures and put in controls / remediation actions / mitigation actions ensuring effective risk management. This essentially helps auditors provide assurance to the Board and other stakeholders about effective Enterprise Risk Management.
Increased Efficiency and Productivity
By automating manual tasks and streamlining workflows, Samiksha boosts efficiency and productivity. It frees up valuable time, allowing auditors to focus on more strategic tasks and improving overall productivity.
Data-Driven Insights
MIS Reports & Analytics can be deployed to identify and address potential risks based on historical data. Also, trends, observation ageing, re-opening of closed observations and other such crucial parameters can be used to effectively strategize the entire audit process.
Enhanced Accuracy and Reliability
Say goodbye to human errors and inconsistencies. Samiksha improves the accuracy and reliability of audit processes by eliminating manual data entry and providing standardized templates and checklists.
Key Features: Empowering Auditors with Samiksha
Entire Audit Lifecyle Management
Samiksha provides end-to-end functionality for managing the complete audit lifecycle including audit planning and scheduling, development of standard audit checklists and RCMs (Risk Control Matrix), audit execution, preparation & circulation of final audit reports and tracking the implementation of audit recommendations.
Customizable Reports & Data Analytics
Effective data visualization and reporting are essential for communicating insights and findings to stakeholders in a clear and concise manner. By presenting data visually through graphs, charts, and dashboards, auditors can enhance understanding, facilitate decision-making, and promote transparency.
Notifications, Reminders & Escalations
Samiksha facilitates real-time notifications, reminders & escalations, which can have a significant impact on audit processes. They act as the information highway, swiftly delivering crucial updates to audit team members and stakeholders. By keeping everyone informed in real-time, notifications, reminders & escalations help maintain transparency and accountability throughout the audit journey. With timely notifications, potential issues/delays can be addressed promptly, allowing for faster decision-making and smoother audits.
Audit Trail :
In any business operation, accountability and transparency are crucial. An audit trail acts as a guardian, ensuring that every action taken can be attributed to the responsible party. Complete audit trail is maintained for each activity thereby promoting a culture of responsibility, trust and transparency.
Additional Features
Templatization
There are defined templates, which can be used by the auditor while carrying out the audit.
Intuitive UI/UX
Samiksha has been designed paying attention to minute UI/UX details thereby making the user experience very intuitive and seamless.
Effective Collaboration
Samiskha fosters collaboration among audit teams and stakeholders through a common platform and communication mechanism.
Consistent Processes
As there are standardized workflows defined in Samiksha, it ensures consistency across different audits.