Unified Collaborative Platform for Audit Risk and Compliance Management
Audit Risk and Compliance Platform ARCPaaS - SafePaaS
ARCPaaS (Audit Risk and Compliance Platform-as-a-Service) enables organizations to establish a unified platform to efficiently manage enterprise-wide Governance, Risk and Compliance (GRC) processes. Executives, Business Process Owners, Internal Control Managers and Auditors can improve overall productivity by collaborating across key GRC tasks such as risk assessment, control activities, independent audit, remediation and management certification tasks. GRC Monitor, available with ARCPaaS, provides role-based dashboard to ensure that management can make timely and accurate decisions based on complete insight to proactively mitigate risks timely, accurate and complete response to risk events.
Manage Audit Risk
You can schedule projects and resources so there is a clear visual demonstration of personnel assignments and tracking of projects in an annual plan.
Audit Analytics with Interactive Dashboards and Reports Use interactive dashboards for real-time corrective action modeling and allow business managers to explore risk exposure in an ad hoc manner. You can easily access audit dashboards remotely over a smartphone or any mobile device.
Audit Analytics extracts data from ERP systems such as SAP, Oracle E-Business Suite, PeopleSoft, and J D Edwards to improve testing effectiveness and findings across the enterprise in a single integrated solution. Dataprobe™ collects audit samples from ERP systems and stores control evidence.
Establish ERM framework. Monitor Enterprise Risk and KRI’s to reduce frequency and severity of loss events. Take action in real-time. Perform root-cause analysis with ad-hoc reports. Reduce inconsistencies in procedures. Make better decisions by adding context and perspective to data from multiple sources.
Compliance Manager enables you to reduce regulatory compliance costs and penalties. You can transform compliance “silos” into a single enterprise platform which results in lower testing time with standardized templates for self-assessment and management certification. Integration with ERP controls also enables you to streamline compliance with continuous controls monitoring.
Why does your organisation need SafePaaS Audit Risk and Compliance?
Organizations are facing disruptive risks: globalization, transformative technologies, and complex regulations.
Business and Economic Risks
The global economic environment has become extremely complex, where risk can be rapidly heightened or diminished depending on geological factors. Companies face economic risks as they enter emerging markets or react to geopolitical risks such as the massive demographic shift. Auditors need better insight into new risks, to continuously monitor effectiveness of existing controls and to design new controls to mitigate untreated risks.
Technology and Data Protection Risks
Technological innovation is challenging business models that have been the industry standard. Consider the effect ride sharing has had on the way the taxi industry has been operating for decades or how internet-based streaming services have changed the way television programs are purchased and consumed. Auditors are being asked to assess technology risks such as cyberattacks on corporate data and business systems that enable significant enterprise processes.
Regulatory and Reporting Risks
Financial and reputational consequences of non-compliance with regulations is significant. However, the regulation standards are continuously being revised. Financial reporting guidance on the classification of revenue, leases, and measurement of financial assets is changing across the globe. In addition, disclosure of non-financial information beyond the traditional annual report is becoming critical to the audit committee’s reporting oversight mandate.