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Achieving Operational Excellence and Resilience with WiseBOS Internal Audit Management

The recent Gartner’s 2024 Audit Plan Hot Spots Study highlights the critical challenges of organisational resilience. Surprisingly, organisations overlook resilience at the strategic level, therefore heightening vulnerability to disruptive events. Despite the moderate confidence in addressing resilience risk, the statistics reveal a concerning gap in proactive risk management whereby 34% of respondents have no plans to cover organisational resilience in their upcoming audit activities, and with only 28% tentatively considering it. With the evolving role of internal audits in integrated risk management, urgent action is required. It is imperative for organisations to remain agile, consistently assessing their strategies, and optimising the utilisation of audit and risk resources across the organisation.

Internal auditors operate in a continuous risk assessment cycle, continuously evaluating the establishment of adequate controls to mitigate risks across various processes and operations. They focus on identifying gaps, inefficiencies, inconsistencies, and regulatory compliance issues to strengthen the resilience and efficiency of organisational frameworks.

The complexity deepens as internal auditors navigate through a multitude of regulations and standards that vary across jurisdictions. The interpretation and effective application of these intricate regulations, along with understanding their operational implications, demand expertise and constant vigilance. Inadequate addressing of these challenges can result in compliance gaps, heightened regulatory scrutiny, and potential legal consequences for the organisation.

Thankfully there’s a solution! eBOS offers the WiseBOS Internal Audit Management solution under the umbrella of WiseBOS GRC (Governance, Risk, and Compliance). WiseBOS Internal Audit Management is a comprehensive solution designed to optimise and strengthen internal audit processes. Its key features include:

1
Comprehensive Audit Planning

This is the cornerstone of effective internal audits, outlining scope, objectives, and methodologies. Organisations systematically plan and schedule audits, define criteria, identify stakeholders, and align efforts with goals and regulations.

2
Internal Audit Management

Features efficient audit oversight, providing a centralised platform for the entire audit lifecycle. This feature fosters collaboration, ensuring that audits align with plans, standards, and regulations. Real-time visibility enhances accountability, enabling informed decisions to optimise internal audit functions.

3
Findings Management

Features systematic documentation and tracking of audit results. It streamlines recording, categorises severity, and assigns corrective actions, promoting transparency and accountability. This feature ensures that organisations proactively address issues, mitigate risks, and continuously improve processes.

4
Action Plans

Translates audit findings into improvements by assigning Actions based on findings. Organisations create and manage plans within the platform, promoting accountability with clear responsibilities. Automated notifications and progress tracking streamline remediation, enhancing the overall compliance and operational efficiency.

5
Audit Reports

Simplify comprehensive report generation based on the Audit Plan, Findings and Actions. This practical tool compiles and analyses audit data, presenting findings and recommendations clearly and concisely. Customisable templates facilitate tailored reports, supporting efficient communication with stakeholders, regulatory bodies, and senior management.

Our WiseBOS Internal Audit Management solution supports also the creation of multiple Internal Audit (IA) Universes, which are applicable to different audit plans. Each universe consists of several entities, processes, systems, and activities, each carrying a specific weight, which is considered when calculating the related risk levels affecting the overall Internal Audit results. The solution transforms conventional approaches by providing integrated features, going beyond compliance to offer real-time visibility and agile decision-making.

Get in Contact with our Team of Experts

To schedule a meeting with our team and to explore how WiseBOS Internal Audit Management can assist your organisation in achieving operational excellence and resilience, contact us today!