Case Study: Business Relevance
Challenge: Christine, six months into his first Chief Audit Executive role, with a team of 8 and using a major GRC tool, realized that the business value her team is adding is not adequately quantified or communicated effectively. Her team is perceived mostly as a backoffice compliance shop by Operations and the C-Suite.
Current Approach & Problems: Typically, the Internal Audit effort, categorized as SOX, Compliance or Internal Audit, did not articulate correlation to critical business objectives or major initiatives – at best, it was inferred. Her current GRC tool does not offer a way to categorize and quantify his team’s effort multi-dimensionally, making business-relevant planning and reporting very challenging.
Audit Prodigy Solution: Christine leans that,
- She can now quantify her team’s effort in support of critical business objectives not only at Planning level but also track actual effort in a simple way
- She can see color, risk and severity-coded real-time status of all projects (including on her mobile) and take corrective actions right away!
- She can now run reports and download up-to-second data into a spreadsheet for Audit Committee and CFO presentations, with a single click
- Everyone has one version of truth, which is securely backed-up on the cloud
Results:
- Christine’s team is now collaborating effectively across the company and is able to demonstrate the team’s business support to the CFO and the Audit Committee – at Project and Phase levels, with just a few clicks
- With real-time visibility and a single version of truth, there is greater productivity and far fewer execution surprises