MAR Testing and Reporting Software

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Strengthen your Finance Management program with LogicManager’s risk-based testing and reporting software for model audit rule (MAR).

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Why a Risk-Based Approach to MAR is important:

LogicManager’s MAR Testing and Reporting Solution

Here’s what you can expect with LogicManager’s MAR Testing and Reporting solution package:

  • Access a variety of financial risk assessments, compliance assessments and control libraries housed within LogicManager’s centralized platform to review past work and provide observations and recommendations as needed.
  • Tests can be linked to multiple controls across different business units, departments, assets and more to build relationships. This allows you to understand how a specific control impacts the organization as a whole.
  • Creating a standardized testing process allows you to compare information using the same criteria and language. This also makes it easier to draw connections between tests and controls, preventing a siloed approach and duplicative work.
  • Testing can be configured on recurring automated frequencies to easily engage test owners and collect information. Through automation, your organization can ensure each test is completed and accurate information is collected to meet due dates and satisfy board reports.
  • Working with your LogicManager Customer Success Representative, replicate any template you’ve previously been using in our report tool. This allows for minimal disruption in your existing processes.
  • Our robust reporting engine helps facilitate your report creation. Here are some examples of commonly used reports for the Model Audit Rule:
    • Mitigation Dashboard: Provides a visual representation of your current controls including their status, frequency and type. It also displays your top 10 controls by Residual Index and by number of risks mitigating in order to help you identify the most critical controls within your organization.
    • Narrative Testing Result Report: This allows you to select a specific testing result and see all of its associated details, including any related mitigations and issues found, in a narrative format that is optimized to be exported into PDF.
    • Testing Calendar: Provides a calendar view of all of the testing that needs to be completed in the current year as well as who needs to be completing this testing in order to help you plan your resources appropriately.
    • Last Test Results: Displays the most recent result of every monitoring activity with their relevant details. The status column will show overdue tests in red, new tests in orange and in progress tests in yellow to allow for easy tracking.
    • Testing and Open Issues Dashboard: Provides a dashboard view of the information from the most recent round of testing, including charts on the status and conclusion of the results. It also provides detailed information on any open issues.
    • Issues Summary: Shows the breakdown of your issues by their status and priority. Also provides a supporting table with key information on all of your issues.
    • Taxonomy Narrative: Allows you to choose one audit and view everything recorded for the audit in the Taxonomy section of LogicManager.

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Achieve MAR Testing and Reporting with LogicManager

Streamline your processes

LogicManager includes a variety of ways to automate your tasks, such as workflows, notification scheduling and AI suggestions.

Gain the advantage of GRC

While this package is a point solution, it lives within LogicManager’s fully integrated GRC platform. This means you’ll break down departmental silos and be able to draw key connections across your enterprise.

Maintain a centralized repository

Keep all of your processes and documents in one place. This makes it easier to engage with other employees at your organization and find important information quickly.

Satisfy auditors

With LogicManager, your work is time stamped and performed on a foundation of risk management best practices. This helps you stay prepared for a surprise audit.

What is MAR Testing and Reporting?

Many insurance organizations are mandated to provide documentation on their adherence to the Model Audit Rule (MAR): a financial reporting model. Having a testing and reporting process in place that is both mature and effective allows your organization to understand trends and patterns year over year.

Through testing, your organization can understand how its controls have improved over time, or conversely if there is a negative trend that needs to be addressed. Reporting allows you to take your test results out of the system in a meaningful manner to key stakeholders. This provides a clear picture of the audit findings and makes the entire process more efficient.

Risks

It is critical for auditors to compile their information from audits (findings, test results, recommendations, etc.) in a clear, concise and accurate manner. Without a centralized system in place, this process can be lengthy and is subject to human error; in a manual setting, it takes time and resources to compile key information from various documents. As more information is manually collected, there’s naturally more room for human error.

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Request a Free Demo of LogicManager’s
Model Audit Rule Testing and Reporting Tools

Want to learn how LogicManager’s Model Audit Rule Testing and Reporting solution package can help transform your finance program? Start by requesting a free demo today.

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