With the global business environment changing so rapidly, driven by economic, technological, and regulatory changes, companies face increasing levels of risk. As a result, management and audit committees continue to challenge internal audit (IA) functions to be more effective, efficient, and innovative, and to help organizations address the risks they face today as well as anticipate emerging risks.
An optimal mix of processes, people, and technology is critical to achieving that goal. With technology such as SAP Audit Management — an SAP solution for governance, risk, and compliance (GRC) devoted to audit functions — businesses can optimally support the efforts of IA organizations. Let’s look at three key benefits businesses can realize with SAP Audit Management.
1. Improved Decision Making
With the volumes of data present in enterprise systems and produced in business processes, companies need to make effective and timely decisions. SAP Audit Management allows for improved decision making, enabling you to prioritize your activities on risks that matter. The solution includes automated and comprehensive monitoring of risks across the entire audit process, from the identification of a risk to its mitigation.
SAP Audit Management integrates multiple GRC processes and mandates, supporting all relevant regulatory requirements while improving collaboration and reducing duplication. These capabilities come together with embedded analytics within the planning and execution phases of IA processes, allowing organizations to focus internal audits on high-risk and unusual areas. It also allows you to manage your resources and their competencies, so the right people are performing the right tasks and the potential effects of making resource changes are revealed.
Improving the efficiency of your people and the overall integrity of the audit process is essential.
2. Lowered Reaction Time
SAP Audit Management enables you to detect risks as they occur and, in some cases, prevent risks from occurring at all. Predictive modeling and continuous monitoring also help identify trends that may be missed using traditional sampling techniques. With these capabilities, you can react to significant risks as soon as they arise, adjust your audit plan, and understand the effects of these adjustments. This reduced reaction time improves the agility of your risk management processes, allowing you to effectively respond to business needs.
3. Optimized Audit Process
Improving the efficiency of your people and the overall integrity of the audit process is essential. SAP Audit Management provides continuity and automation of previously fragmented and manual IA processes, reducing the risk of human error. It also boasts a better user experience with an intuitive interface, interactive screens, and easy audit report generation. With a better user experience, members of the IA team can become more efficient and effective.
Technology Enables Process Improvement
SAP Audit Management can help improve your IA functions, but you also need to look beyond the technology. Perform a current-state diagnostic of your processes and develop a business case, taking into account your long-term vision and objectives. Then consider GRC broadly, focusing not just on IA process optimization and resource management, but also on integration with other areas. Doing so will enable you to leverage the technology’s potential to its fullest, helping the organization improve its risk management practices and the IA function meet its goals and objectives. Learn more at www.ey.com/US/en/Services/Advisory.