Customer Value Story: Streamlining Audit Management

A LogicManager customer in the banking industry, despite a small auditing team, faced challenges managing audit tasks efficiently using spreadsheets. LogicManager’s solution streamlined task delegation, automated workflows, and saved significant time, allowing the bank to focus on strategic objectives and maintain a complete audit trail for regulatory compliance.

Company Profile

This LogicManager customer works for a savings bank and has been using the product for almost two years now. Working in the banking industry, they are subject to an extensive and exhaustive list of regulations, audits, and compliance frameworks.

Challenge

While the bank itself is of a fairly large size, the auditing department only consists of two individuals. With such a small number of folks in the department itself, managing all of the complex tasks that come with the audit management responsibilities becomes a significant challenge. Not only do you need to delegate who is responsible for a certain task, but that task progress needs to be updated, tracked, and documented as part of the full audit trail. Additionally, working within the audit world without a comprehensive software usually means a reliance on spreadsheets. Spreadsheets are an inefficient means to completing auditing tasks and come with a number of challenges relative to access control and change management.

Solution

Leveraging LogicManager for task management of audits has led to a much more streamlined and efficient process. Tasks are clearly delegated to users within our software and are marked with upcoming deadlines. Once a task is completed, our automated workflow will move it down to the next relevant stakeholder in the process to complete their task, removing the need for copious emails and lines of communication.

Business Outcome

Our software has delivered significant time savings into this auditing department. By eliminating a large amount of manual work and data entry into multiple systems, the auditing department is able to tackle quite a bit more work and keep their focus on strategic objectives as well. Our risk-based approach is all about ensuring that you’re able to focus on the big-picture, high-risk items and prioritize solving those issues. With LogicManager, this savings bank is able to centralize their data, automate workflows, manage complex tasks, and provide a complete audit trail to regulatory bodies.