BCT Digital, a global Fintech company specializing in regulatory technology, has launched ‘rt360 Audit Management’, to help businesses align organizational goals and objectives with their audit program. The solution, which is an addition to the company’s rt360 GRC product suite, allows enterprises to define audit universe and map auditable entities based on periodic Risk Assessment of the business. Auditable entities include business units, processes, among others. The application can link various attributes such as organization hierarchy, location, legal entities, risks etc. from libraries of risks through the entity mapping feature.
Audit programs enable the organization to monitor the conformance of their processes to the regulatory requirements, identify the risks early and provide more insights into the effectiveness of the controls in place.
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The application comes with distinctive features. It allows users to change/edit the audit universe at an ad-hoc or periodical basis due to changes in process, business, systems, among others. It also helps in scheduling resources, conducting audit fieldwork based on pre-devised plans or on an ad-hoc basis. The application further generates draft and final audit reports, with flexible workflow configurations enabling to send the Audit report to relevant stakeholders for sign-off. This helps the enterprises to conduct integrated audit management, perform advanced analytics, and secure data insights.
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Jaya Vaidhyanathan, CEO, BCT Digital said, “We are elated to launch our distinctive rt360 Audit Management solution as a part of our rt360 GRC product suite, which aligns business objectives & strategies with their audit programs in the most effective way. At present, when data and technology have emerged to be the key aspects in a modern organization, the Audit department cannot work in silos. Collaborative working would be required to reduce the likelihood of risk, improve the controls implemented and to understand the key problems faced by the organizations early in the cycle. The extensive functionalities and the integrated approach of the application reduces audit cycle time, issue/finding resolution time, cost of performing and follow-ups thus driving continuous improvements rather than treating audit as a support function.
The rt360 Audit Management is a new addition to BCT Digital’s rt360 Governance, Risk and compliance (GRC), which has led the company to achieve distinctive recognitions. It recently ranked amongst Chartis Research’s top 100 RiskTech companies in its 2022 report. It was also named as ‘Category Leader’ in the RiskTech Quadrant for Model Risk Management solutions 2021.
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