Most Internal Audit departments are familiar with the Audit Management System concept, and many will also know some of the software packages available. These systems tend to be highly developed integrated modules that provide great functionality, but for many smaller audit teams the cost of these solutions means they are out of reach – and so are unable to move the audit process away from manual files and processes.

Audit-Tracker provides a genuine alternative for small internal audit teams:

• Capture key information relating to audits for subsequent reporting​
• Capture risk information that is aligned to your organisation’s risks and risk terminology
• Capture and track all remedial actions agreed with management
• Efficiently obtain updates from management across the organisation, using automated e-mail reminders, self-service technology and the ability to attached documents as supporting evidence
• Retaining a full update history
• Retain complete control over the closure of the action by the audit team
• Flexible reporting options, either using your existing reporting tools or visualisation tools
• Simple to use

Risk Management has a key role to play in helping an organisation’s management effectively manage their risks. The results of audits and reviews are therefore of interest to Risk Management to inform the risk process of unmitigated risks and exposures. Typically, we see two main models of Risk Management: • The Risk function has no formal software, and is capturing and monitoring risks and risk exposures using MS Office applications. • Risk management software is in use, but the organisations review teams do not capture the risks as part of their report/do not use the organisations standard risk categories; or do not consistently capture the materiality and impact of risk. Consequently, meaningful comparison or reporting is difficult and every report has to be read and manually converted by the Risk function to incorporate its findings into the organisations risk management system. While Action-Tracker is not a dedicated risk management system, it does have functionality that can assist Risk Management functions (when it is used by your organisations review teams):

• Capture your organisations risks or risk categories, as well as the impact and materiality ratings for all issues raised in the system.
• Enable the organisations managers (and the risk function) to have full visibility of all the actions relevant to their business area – improving the quality of local risk registers.
• Automate the process of obtaining updates on risk exposures.
• Produce configurable visual and narrative reports either by function or risk.
• Can be used to inform the Risk function or to track the remedial actions on the risk register.

Compliance teams within organisations are often split between Compliance Advice; and Compliance Monitoring. Although the purpose of each team is different, the required functionality is very similar.

Compliance Advice teams advise the business on regulatory compliance, including changes to regulatory requirements – which can mean significant changes to the way that an organisation is structured or operates. Consequently, there may be a need to track and monitor progress in completing the necessary tasks to ensure compliance is achieved. Typically, we see this achieved through manual update requests from the relevant business area representative.

Compliance Monitoring teams assess the organisation’s compliance with policies, processes, including regulations. The output of such assessments are remedial actions that need to be monitored and tracked until completed. Typically, we see this is achieved through manual e-mails and MS Office documents.

In both cases, Action-Tracker can:

• Capture key information relating to reviews for subsequent reporting
• Capture and track all remedial actions agreed with management
• Efficiently obtain updates from management across the organisation, using automated e-mail reminders and self-service technology
• Retain the full update history
• Enable complete control over the closure of the action is retained by the relevant Compliance team
• Provide flexible reporting options, either using your existing reporting tools or visualisation tools

Keeping abreast of the different reviews and findings that are undertaken by the different review teams across the organisation can be a challenge. Typically, each team maintains its own records, and so there is no central record where managers can see what has been raised, is outstanding, or what needs completing in relation to their area. As a consequence: • Commonality of themes or root causes across different reviews and teams are not visible; and • Managers can struggle to keep track of remedial work in their area of responsibility – potentially leading to agreed dates being missed. Action Tracker can assist by providing:

• A central repository, and single view, of all remedial actions across the whole organisation
• The ability to ‘normalise’ action priorities enabling meaningful discussions on the relative priorities of each action
• The ability to capture your existing risk management definitions and materiality ratings against each finding
• Automated e-mail reminders for all actions in your area as they approach the due date
• Flexible reporting options, either using your existing reporting tools or visualisation tools

Finance teams are generally the procuring function for External Audits, and are therefore seen as being responsible for monitoring and tracking the completion of any remedial actions – even those where the action owner is somewhere else in the organisation.

Typically, this process is managed using MS Office applications and updates are obtained manually.

Action-Tracker can:

• Capture risk information that is aligned to your organisation’s risks and risk terminology
• Capture and track all external Audit findings and the remedial actions agreed with management
• Efficiently obtain updates and supporting evidence from management across the organisation, using automated e-mail reminders and self-service technology
• Retain the full update history
• Enable complete control over the closure of the action is retained by the external audit firm or Finance team
• Provide flexible reporting options, either using your existing reporting tools or visualisation tools

Managers across your organisation and responsible action owners find resolving actions particularly challenging – managing the completion of review actions, with the business as usual activities. This is compounded by multiple review teams, and different methods of requesting and providing updates.

In addition, for some business areas where they are subject to multiple reviews, it can also be difficult for management to maintain visibility of everything that is outstanding, and so be able to effectively prioritise activities.

These can lead to managers being caught out in management or committee meetings for not having completed actions when due.

Action-Tracker can:

• Provide a single view of all open actions for your area, across all review teams
• Provide automated e-mail reminders for all actions in your area as they approach the due date
• Enable you to provide updates at a time convenient to you using self-service update functionality
• Enable you to provide update comments and upload supporting documents as necessary
• Provide flexible reporting options, either using your existing reporting tools or visualisation tools