AuditMap is the preferred choice of internal auditors from around the world. Our AI engine automatically reviews all the relevant documentation to identify risks and risk trends across your organization.
The AuditMap Risks Engine analyzes all uploaded documents for indicators of risk that will help you plan and conduct your audits.
Upload & Analyze
Your team uploads your audit reports and other documents to the platform. The AI engines then analyze every sentence to flag key sentences.
Identify & Categorize
The system pinpoints risks, controls, and recommendations within your reports for you to review. Evaluate your risks and controls against industry best practices..
Engage & Export
Condense and share the most urgent findings identified to inform stakeholders. Discover the red flags that require corrective and preventive actions. Review the performance of programs and activities over time.
While many areas of concern historically always take priority, emerging and atypical risks may be missed or ignored, as less interesting functions could be left unaudited. The risk trends and quantification against relevant documentation allow for a clear historical coverage gap of all past audits. Reporting on the number of risks and relevant documents (per year) will advise auditors on recommended levels of effort for better outcomes.
The banking risk landscape is changing fast, and internal audit teams are hard-pressed for resources and competencies to meet the assurance demands of its stakeholders. Additionally, rapidly changing teams may leave poor knowledge transfer within the organization. By consolidating all of your past reports, AuditMap identifies key findings and observations, giving you the ability to review an entire department’s history in a just a few hours.
Corporate communication becomes more difficult in the banking industry, as auditors need to keep balancing corporate objectives against regulatory obligations. The ability to identify risks and improvement recommendations from previous and present audit reports can then be communicated with all relevant management teams. Internal auditors and risk managers can now revisit and navigate all past opportunities for improvement.
Review risks and risk trends of your team and other departments’ programs to capture lessons learned and potential coverage gaps. Combining with emerging risks, AuditMap can support your team through your next audit cycle.
Our artificial intelligence models are designed to work in conjunction with modern auditors, not replace them. Humans will always have the final say on every risk identified.
Understanding the uniqueness of your audit universe requires depth of knowledge and experience. Let the AuditMap team integrate your universe in our platform’s automated workflows, and expand your visibility through time and through functions.
What risks beyond your master risk register recur every year? What areas of your organization have not been audited recently? Dynamically build your risk register by retrieving and filtering historical issues and threats to your organization, so that you may offer the utmost quality of service to your citizens.
Review all of your internal reports to identify unmitigated risks and trends relevant to your organization. Sort by year, type, and topics.
Review public filings of industry- and sector-specific public companies for the latest awareness of emerging risks.
Identify all reported controls from your standard operating procedures to ensure effectiveness and coverage of your operations.
AuditMap automatically identifies risks and risk trends within internal audit reports without the need for manual tagging of labels. Instead of identifiying keywords, AuditMap automatically classifies sentences based on various proprietary algorithms, including sentences structures preferred by internal auditors when discussing risk.
The advantages of using sentence classifiers as opposed to keywords is the additional flexibility when handling never-before-seen topics. This means that if a new topic or branch of the organization will be automatically classified even if it has never been present within the AuditMap ontology universe.
Working closely with our clients, we identified two major usage phases with our platform.
First, there is both excitement and dizziness from the ability to navigate all of the documented risks and coverage gaps within the organization; this phase is usually only a few weeks long, at which point clients rely more and more on the speed of the platform to make real-time decisions.
Second, due to the transformative nature of our approach, clients soon realize that all behaviours are no longer necessary; for instance, a dynamically generated risk register does not require continuous manual effort, just like a dynamic risk and control matrix is no longer a work product set in stone.
Our platform allows the encoding of key pillars of certain industry standards and risk management frameworks. This means that we are able to retrieve risks and risk trends against particular objectives and controls.
However, it is important to remember that many of these standards call for ongoing vigilance, monitoring, and adaptation. Here are a few examples:
AuditMap accelerates and alleviates the tediousness of navigating historical risks, which means that you can go back doing what you do best – being human.
By its very nature, risk is a probability. It is not a binary state. Our platform categorizes the following statements under the risk category:
AuditMap provides the ability to navigate documentation against topics and entities, which can be mapped out to the prescribed audit universe.
However, our recommendation is to encode the audit universe after a few months of usage of the platform, so that audit coverage gaps may be identified, risk trends established, and the structure of the existing audit universe assessed.
Many audit compliance platforms today focus on the manual entry of risks in order to create dashboards and reports. Our tool retrieves risks from internal reports and public sources to provide better risk awareness. Most of our clients use both tools of the same time, where reporting is done on their existing audit compliance platform, and audit planning support is provided through our tool.
We already have integrations available for many audit compliance platforms. Contact us to learn more.
No. AuditMap comes with a set of models that can identify risks and risk trends without any retraining need.
Sometimes, our clients ask for additional customizations, such as unique risk management frameworks. This is on a case-by-case basis. Please contact us to learn more.
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