Effective risk management and compliance with government regulations are driving the need for ongoing auditing. For companies that are regulated by the FDA or are following quality standards such as ISO 9000/14000, regular audits are essential to reduce the risk of non-compliance. However, audit management is becoming increasingly challenging, given the growing complexity of businesses and the number and types of audits that need to be conducted. Companies are fast realizing that point solutions and spreadsheet-based systems are no more suitable for managing internal audit programs.
MetricStream Audit Management Software Solution
MetricStream Audit Management Solution is designed to help companies manage a wide range of audit-related activities, data, and processes in a single, comprehensive framework. The audit management software provides the flexibility to support all types of audits, including internal audits, operational audits, IT audits, supplier audits, and quality audits. It also provides end-to-end functionalities for managing the complete audit lifecycle - from audit planning and scheduling, to the development of standard audit plans and checklists, to field data collection, to the development of audit reports and recommendations, to the review of audit recommendations by auditees and the Management, to the implementation of audit recommendations.
Advanced capabilities such as built-in remediation workflows, time tracking, email-based notifications and alerts, risk assessment methodologies, and offline audit functionalities allow organizations to implement industry best practices for efficient audit execution, and ensure integration of the audit process with the risk and compliance management system.
Benefits of the Solution
- Enables systematic and workflow driven audit processes across the enterprise with standardized data collection to eliminate audit errors and inconsistencies
- Facilitates a closed-loop audit cycle for recording findings, developing recommendations, and implementing action plans
- Provides complete visibility into audit processes and metrics for better risk management and assured compliance
- Strengthens the efficiency of the audit staff, enabling them to be focused on value-oriented functions such as analyzing and recognizing trends in the audit data
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