5 Benefits of Automating Risk Management & Auditing Processes

If there is one constant in the ever-changing business marketplace, it is the need to comply with the regulations that govern your business data management. Whether imposed by a government organization or an internal company directive, meeting these compliance regulations and easily auditing the data around these regulations can be a daunting task if not handled efficiently.

By automating your risk management and auditing processes, you can:

  1. Save Time While Improving Data Quality: Even if you are using tools like Microsoft Office Word or Excel, using manual methods to fulfill compliance processes means you are losing valuable time, increasing your risk of errors, and making accurate and timely reporting more of a challenge. When auditing processes take place automatically in the background, your people can perform business processes more efficiently without having to stop to manually capture change history or enforce paper-based controls.
  2. Easily Meet Data Storage Requirements: Many organizations are required to store change history information for a given period of time both online and offline. By automating the process of moving data offline, you can save time and reduce the potential for error. By implementing strict controls over your data through automated processes, you can separate your change history from your live data which improves your overall data management, while enabling you to meet requirements.
  3. Maintain a Clutter-Free and Manageable-Sized Database: If your business systems are tracking and storing history on too many processes, your database can become large and cluttered very easily. Instead, if you establish a means to automatically track change history only on specific business processes, you can more easily maintain your database and report on the data it contains.
  4. Retrieve Regulated Information Efficiently: In order to provide information to regulatory auditors in a timely manner, it needs to be well organized and properly stored. The longer it takes to produce regularly requested data, the more skeptical of the data accuracy regulators may become, leading to costly and time-consuming audits. By automating your data processing, storage, and reporting functionality, you can build the trust of regulatory auditors by delivering the information they regularly request quickly and correctly.
  5. Enable Preventative Controls in a Timely Manner: If handled manually, preventative controls required to prohibit unauthorized changes to your business data can be a hindrance to productivity. By automating the process for gaining approval or authorized signatures through alerts and enabling online approvals that can be granted anytime and anywhere, business processes keep running smoothly. Additionally, automating these processes leads to better tracking of changes in the system for reporting and auditing purposes.

Ultimately, the best way to eliminate the risks associated with your risk management and auditing is to automate your compliance processes.

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