Internal Assessments & Audits

Conducting internal assessments and internal audits provides an organization with the information it needs to evaluate and remediate potential regulatory compliance issues and operational risks. Assessments and audits are powerful tools for analyzing operational processes, identifying discrepancies, and establishing risk mitigation and corrective action plans.

TrackWise Internal Assessments & Audits Solutions

TrackWise software improves operational control by standardizing and automating internal assessment and audit programs. It enables companies to implement practical risk management strategies, avoid costly compliance issues, and take proactive steps to reduce their overall risk exposure.

TrackWise enforces a systematic, repeatable workflow process, which manages the key elements of the evaluation including risk assessment, scheduling, report generation, corrective action tracking, and monitoring processes. With TrackWise, organizations can capture, store, and interpret critical compliance data resulting from audit activities for the generation of key risk indicators and key compliance indicators.

Flexible checklists and questionnaire templates enable companies to streamline the assessment process by standardizing evaluation criteria and providing integrated rating and scoring calculations. Discrepancies and corrective action plans are linked to the assessment and are tracked through resolution to create a closed-loop process. Integrated reporting and dashboards provide real time information upon request.

Benefits

• Gain real-time risk visibility through interactive dashboards, enterprise reporting, and flexible escalation rules.
• Establish risk scores based on results from current and prior evaluations, regulatory guidelines, and other criteria.
• Improve control by eliminating paper-based assessment processes and managing internal assessments and audits within a scalable web-based tracking system.
• Streamline the internal assessment process by automating workflow and enforcing business rules.
• Reduce the time and costs associated with internal assessment and audit processes.
• Implement a risk-based approach by using assessment scores as indicators for additional controls and for determining frequencies for subsequent assessments.
• Resolve compliance issues faster by managing and tracking discrepancies and related corrective actions through a closed-loop workflow process.
• Improve the assessment process by using the TrackWise Audit Manager™, an integrated tool that enables the creation and maintenance of an on-line internal assessment library.
• Create a proactive follow-up process by automatically scheduling follow-up assessments to ensure that risk profiles are always up to date.