Challenge
Christine, six months into her first Chief Audit Executive role, leads a team of eight and uses a major GRC tool. She realized that the business value her team delivers is not adequately quantified or effectively communicated. As a result, Internal Audit is largely perceived as a back-office compliance function by Operations and the C-suite.
Current Approach & Problems
Historically, Internal Audit efforts were categorized as SOX, Compliance, or Internal Audit, without clearly articulating how that work supported critical business objectives or major initiatives. At best, this correlation was implied rather than explicitly measured.
Her existing GRC tool does not allow the team’s efforts to be categorized and quantified across multiple dimensions, making business-relevant planning, tracking, and reporting extremely difficult.
Audit Prodigy Solution
After implementing Audit Prodigy, Christine found that:
- She can quantify her team’s effort in support of critical business objectives at the planning stage and track actual effort throughout execution.
- She has real-time, color-, risk-, and severity-coded visibility into all projects, including mobile access, enabling immediate corrective action.
- She can generate reports and export up-to-the-second data into spreadsheets for Audit Committee and CFO presentations with a single click.
- All stakeholders now work from a single, secure version of truth backed up in the cloud.
Results
- Christine’s team collaborates more effectively across the organization and clearly demonstrates business support to the CFO and Audit Committee at both project and phase levels.
- Real-time visibility and a single source of truth have increased productivity and significantly reduced execution surprises.
