Internal Auditors
ThinkRisk is the first integrated SaaS platform designed to elevate Internal Audit and Compliance function through autonomous transaction quality monitoring.
Reduction in Manual Work
Hours saved in SOX Control Testing per process area
Average Recovery per Customer within 6 Months
The Problem
Growing data, complexity of transactions and disconnected silos, combined with sampling-based assurance and changing compliance needs make managing risk and governance difficult for Enterprise Audit and Compliance Teams.
Manual processes along with existing workflow and reporting tools are not designed to create the data-driven assurance that finance leadership needs from the Audit and Compliance function, nor at the scale and complexity of modern distributed finance ecosystem.
What ThinkRisk Provides
ThinkRisk provides deep data-driven risk insights and integrated automation that is relevant for Audit and Compliance teams in real-time to make informed proactive decisions across the whole audit life cycle - from risk assessment to execution, SOX testing, real-time control monitoring, and issue tracking/resolution.
Audit and Compliance teams can now elevate their profile with businesses by leveraging ThinkRisk to do the otherwise manual and tedious data work. As a result, the teams become more efficient, effective and deliver better quality across the audit lifecycle, hence elevating the most precious enterprise resource - “Workforce Talent.”
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Before & After ThinkRisk
Before
Manual processes and sample-based testing add cost, delays, and inefficiencies across the whole audit lifecycle – from risk assessment to SOX testing to real-time control monitoring, to issue tracking. Workflow tools and manual data processes, coupled with limited analytical support makes monitoring of business risks and compliance very cumbersome, resulting in undetected risk proliferation.
After
Internal Auditors can now look to understand the risks across the enterprise in a single pane view. This combination of deep data-driven insights and human experience, facilitates better audit planning and scoping - which results in proactively addressing the risks that matters for the organization. Audit functions can now be a true business partner for the enterprise by providing detailed data-driven information and being proactive in developing mitigation strategies that support the business functions. Continuous controls testing provides a native view of the internal control health across the organization - reducing the overall compliance effort.
Capabilities for Internal Auditors
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Effective Risk Assessment & Audit Planning
- Automate and make audits more effectively with systematic data-driven risk profiling.
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Modernize Controls Testing & Monitoring
- Real-time status monitoring Dashboard for operating effectiveness of key data-driven controls.
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Reduce Cost of Compliance
- Cut the cost of compliance with automated Transaction Quality Monitoring and end-to-end issue tracking.
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Elevated Workforce
- Upskill your workforce by empowering them with insights for audit planning and execution workflows.
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Increase Agility & Effectiveness
- Replace manual activities with automated risk profiling, detection, investigation and issue resolution/tracking.
Improved fraud detection and prevention. Now I can better substantiate the appropriateness of transactional activity and find higher risk records that can be analyzed for fraud. The business can now trust that internal audit is really looking for transactions that could be fraud, and that we really need the support for higher- risk entries.
The business can now trust that internal audit is really looking for transactions that could be fraud. They also now have the confidence that the numbers, the financial statements reflect what is really going on in the business, in near real-time.
TR has been a good piece of security we can run all our transactions through. Now we have confidence our internal controls and processes are working to prevent fraud and other issues - and we can communicate this to our Board and audit and risk committee. We can also trust the quality of our data. It's an extra level of comfort that things are under control.
ThinkRisk platform significantly reduces our time spent identifying anomalies as well as providing a higher level of accuracy. We hope to continue using the platform for many more use cases to increase efficiencies in our audit, SOX, and risk management process.
ThinkRisk not only brought the technology to the internal audit function, they also brought the audit background and expertise. And because they are not a big bureaucracy, we could be open about what we want and they could be more flexible.
We're working with ThinkRisk on contract approval management software to automate the process of capturing information out of all of our contracts. This it to provide Finance with the notifications of when they need to bill various sponsors and let us know in advance when contracts are due to expire as well.
For our external auditors as well, ThinkRisk provides them with insights into what we were doing through our last end of financial year audit. It gives them a level of comfort, as well, that we're on top of our cybersecurity and the integrity of the financials we're producing.
ThinkRisk designed for us the platform we needed so that we can needle, really needle our transaction samples and find the fraudulent ones.
As auditors leading this project, we were able to show the value ThinkRisk would bring to Finance. Audit hours would come down and there would be a lot more reliability of the information that is coming out. And you'd be able to address problems upfront, rather than waiting for them to blow up in your face later. You'd be able to deal with them in a more preventative, rather than corrective way.
Elevate the Audit and Compliance teams with data-driven insights, automation and lowering the cost of SOX testing across audit lifecycles.