Emails and Excel sheets are passé. Digital audit needs improved flow of information, managing audit recommendations and enforcing their implementation clearly synchronized on a multi-level structure.
Operating in a regulated environment, companies in the financial sector use technology to be able to effectively manage risk, especially when they operate on a global scale.
Santander is subject to the BION assessment to identify the scale and types of risks. The BION assessment consists of self-assessment forms comprising of 13 Excel spreadsheets and a total of 600 questions. We have supported the bank's self assessment process by implementing the user-friendly AdaptiveBION tool.
Setting up a consistent GRC management environment for an animal health company dealing with the requirements of the highly regulated industry.
How to choose the best vendor, build effective relations and foster cooperation a successful journey for all parts?
The audit of the future will be digital. This will be forced by the consequences that the coronavirus epidemic for businesses. Companies are undergoing major changes, someone has to effectively monitor the situation, assess risks and ensure regulations compliance.
Business-wise, one of the biggest challenges in times of any crisis is to pay attention to crucial aspects of your company, strengthen the compliance division, and ensure it is ready to function in a disrupted, digitized world. Verifying all mechanisms which enable the company to function in disruptive environments is the first step to take.
How to design processes in companies to make sure that these risks will be mitigated not only on the organizations’ level, but in relation to subcontractors/vendors as well? The short answer is: risk profiling.
New digital solutions are currently pouring into what used to be a rather conservative area: regulated industries, as they are in constant need of real-time reviewing of their progress to meet market regulations and synchronize information of their multi-level structure.
Vendor selection can be managed, introduced step by step and run for as long as you wish to avoid the risk of making bad subcontractor choices. Establishing the vendor management program in your company requires 8 steps.
Vendor rarely takes the bullet and it’s usually the buyer who has to bite it. Of course, you can go to the court and draw the consequences afterwards, but will your customers care? It’s the buyer who is responsible for his vendors performance.