Data-driven Audit
Many businesses are seeking strategies to both attract and keep talent. Effective strategies for luring and keeping employees include offering flexible scheduling options, competitive pay, and similar activities. Another strategy to increase the appeal of the profession to potential employees is to conduct data-driven audits.
Many professionals may believe and they do that data-driven audits bring value to clients. A data-driven audit, however, also helps auditors because it lessens the most tedious aspects of their jobs and makes them more productive while maintaining and enhancing audit quality.
Read MoreDespite the limits of AI mentioned above, several aspects of the audit can already be automated or executed in parallel, leading to a quicker completion of each audit step. Continuous (e.g., monthly, quarterly, or another relevant timeline) or real-time (e.g., as transactions occur) auditing and reporting may become common.
The pace of reporting by a customer naturally restricts how quickly the auditor may offer their assessment after a period end. If controls are designed and functioning effectively, the auditor’s use of AI tools may result in the auditor’s AI tool continuously identifying material transactions as they are posted and automatically performing procedures to validate those transactions (e.g., tying to bank transaction detail, assessing against contract terms), so the auditor only needs to manually review non-material transactions. Automated audit capabilities can concentrate on the audit’s higher-risk areas thanks to automated audit capabilities. Additionally, the improved business insights that our audit teams provide to the audit enable you to view your company from a new perspective.
You can use data audits to determine the quality of your data and what can be used for insightful analytics. Through straightforward data profile visualisations, we can help you quickly comprehend your data and trace its history across several platforms.
In comparison to gathering and preparing it for consumption, realising your data’s full potential is frequently far more difficult. We may assist you in standard using KPI and metric definitions and in coming up with new, more effective approaches to sort your hypothesis and data patterns into insightful conclusions.
VUEFRAME A3
Automate the accounts assessment process, Leverage data to provide business intelligence, improve the security of accounts data and much more.
For organizations looking to enhance the Accounts Assessments process, VUEFRAME A3 is the solution that enables management to automate the process through secured browser-based applications, leverage the various reports and dashboards to gain business intelligence and improve the efficiency of auditors.
Read MoreNeed for VUEFRAME A3:
Accounts are being assessed regularly but do we have an insight on
1. Consolidated view of the non-compliance organization-wide?
2. The most compromised and non-compliant process?
3. Branch-wise, zone-wise, region-wise consolidated non-compliance view?
4. Account-wise non-compliance across different audits for different assessment years?
5. The high amount of man-hours put by auditors to carry out the assessments?
6. Risk of low data security due to the use of excel spreadsheets for accounts data?
How Can VUEFRAME A3 Help?
Adding digital power to the audit team for accounts assessment can exponentially
increase efficiency, effectiveness, security(take away excel spreadsheet), and
informed decision-making. It can help in the following ways –
1. Integrated with the Audit management system
2. The central repository of accounts data for necessary assessment and business
intelligence
3. Manage complex reporting
4. Eliminate excel based working and provides data security
5. Saves time and effort through automation
6. Push only non-compliant data to AMS for further action which improves the
performance and reduces database usage
7. Manage voluminous data with the use of the latest frameworks
8. Abiding with the data protection act by not using excel
9. Operational intelligence by reducing the load on the server
10. Intelligent data integration for efficient business working
11. One-stop integration of VUEFRAME A3 in your AMS system
VUEFRAME – THIRD PARTY RISK MANAGEMENT (TPRM)
VUEFRAME Advanced TPRM Solution is a comprehensive framework designed to help your organization leverage digital power to effectively manage processes and meet strategic goals.
Claptek’s VUEFRAME Advanced TPRM solution exponentially increases the efficiencies and effectiveness of your TPRM life cycle by analysing data for exceptions and making intelligent inferences.
The primary benefit of VUEFRAME is that it automates task assign and sends it directly to business users saving Centralized Team time to follow-up.
Gets you control of the complete TPRM lifecycle through a consolidated system making it easy to manage the end-to-end TPRM process.
Supports better decision-making by identifying emerging risks, documenting the full trail of activity and improving transparency & collaboration.
Read MoreVUEFRAME – THIRD-PARTY RISK MANAGEMENT (TPRM)
• Master Setup – Master Setup is the core of the application configuration
• UAM – User Access Management
• Onboarding – As per the onboarding requirements, Questions are configured with workflow for approval.
• Review Planning – Based on Onboarding the centralized team will plan the reviews with approval.
• Review – Approved Review plan with trigger the review and auto-assign as per the workflow.
• Contract Management – Contracts can be managed through this module.
• Incident Management – Incidents can be logged in this module. This will be linked to the onboarding and can be tracked while the Review process is going on.
Key Features of TPRM
- Bulk upload and download of records for record creations and general view.
- Weightage/score based questions and answers for automated calculation for risk analysis.
- Configurable workflow management with the auto-assignment of tasks to the users.
- Delegate tasks and reassignment of tasks as per roles and rights.
- One view of the onboarded vendor with his till date reviews/incidents/contract maintaining the logs for changes and management actions.
- HRMS setup can be managed by the central team just by uploading the template which can auto-assign tasks as per the workflow.
- Smart dashboard for users and higher management for pendency tracking.
- Customized email notifications for tasks and reminders as per requirements.
Capital Market
The Capital Markets product line helps countries create strong capital markets that can support economic expansion and monetary stability. This support entails helping to develop markets for deep and liquid government bonds, markets and products for corporate financing (such as equity and corporate bonds), as well as products and solutions to mobilise financing for strategic sectors like infrastructure, housing, and SMEs, including financing for innovation (including through the development of a PE and VC ecosystem), and derivatives markets as a whole.
NBFI industries are incredibly different, going from enormous global companies to small, independent organizations that offer financial services just as an auxiliary part of their essential business. The scope of items and services offered and the client bases served by NBFIs, are similarly assorted. Because of this variety, some NBFIs might be at lower risk and some might be at higher risk for money laundering
Read MoreBanks ought to evaluate the risks presented by their NBFI customers and direct their resources most fittingly to those accounts that represent a more critical money laundering risk.
The accompanying elements might be utilized to help with recognizing the general risks inside the NBFI portfolio. Nevertheless, the management ought to weigh and assess each risk evaluation component to show up at a risk assurance for every client and to focus on oversight resources.
NBFIs are for the most part commended inside the financial sector for offering a more noteworthy scope of the decision to individuals with financial opportunities and concerns.
The role of NBFIs is by and large to allocate surplus resources to people and organizations with financial shortfalls, permitting them to supplement banks. By unbundling financial services, focusing on them and representing considerable authority in the necessities of the individual, NBFIs work to improve competition in the financial sector.
We focus on delivering excellent solutions for the growth of the capital market. Effective capital markets require an enabling policy and regulatory environment, as well as the coordination of a strong regulatory framework with institutional capability.
We offer advisory services of assistance to organizations at various degrees of improvement. This remembers exhorting state-run services for administrative and strategy structure for by and large capital business sectors advancement (government security markets, corporate business sectors, institutional financial investors and funds).
Capital markets business space remains at an expression point. Quick change driven by troublesome innovations, for example, blockchain, robotization, and man-made consciousness have turned into a need of great importance. Factors including contracting incomes, inflating expenses, and compliance further adds to the challenges.
Capital markets sectors are a staple of the worldwide economy. They give a field in which financial investors hope to put saved assets as a trade-off for compensation. They can funnel their capital towards individuals and organizations who need the capital presently to extend. This is the essence of how an industrialist, market-based economy grows.
Capital markets business is the trade framework stage that transfers capital from financial investors who need to utilize their abundance cash flow to organizations that require the capital to fund different undertakings or investments.
See how our solution can work for you.