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Audit Observation Tracking Consolidated & Automated using Risk Hawk

One of the leading banks needed to keep track and manage all of their audit observations to ensure that nothing fell through the cracks in the entire post-audit remediation process.

Issues faced with manual tracking of audit observations

  • The bank had previously suffered significant losses as a result of inadequate and inefficient tracking of audit observations.

  • Manually tracking audit observations through constant emails and excel files was difficult and resulted in process inconsistencies.

  • Manual follow-ups and chasing were taking huge time with no visibility of status for senior management and there were no deadlines or escalations enforced due to which the whole process was delayed and several action plans were left incomplete.

Risk Hawk to the rescue

  • Flexy workflows were implemented in order to track the audit observations accurately.

  • Automating the assignment of action plans based on the department and escalation of action plans to the senior management in case of any overdue helped resolve timeline slippage issues.

  • The tool's consolidated dashboard display made it easy for the senior management to keep tabs on the progress of the entire process.

  • Pre-defining and automating most of the tasks in Risk Hawk resulted in a decreased manual effort by more than 40%. As the system further beds in the business, it is expected to reduce manual effort by more than 75%!

  • The bank was able to record all the observations along with the task done for each observation in Risk Hawk itself which were then used for future audit planning and board reporting processes, providing easy accessibility without having to chase or search different emails, documents, systems, etc.

Thus, all the audit observations are now diligently tracked, and tasks for the same are completed on time which resulted in improved business performance and also helped the bank improve its profile in front of regulators and other stakeholders.


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