Audit Management with GRC

Audit management is one of the most central topics to GRC practices from different perspectives, including those from organizations like ISACA, for creating synergy between different use cases. The most common audit management use cases that are being utilized within GRC Platforms are: 

  • Internal Audit Management
  • External Audit Management
  • IT Audit Management
  • IIA Compliant Audit System
  • Quality Audits
  • Process Audit Management
  • Project Audit Management
  • Technical Audits

Related GRC Software Features

GRC Platforms have several functionalities to kick-start and manage different audit management processes. Some of relevant GRC software functionalities are listed below: 

  • Audit entity management
  • Audit planning
  • Audit engagements
  • Program and procedure libraries
  • Resource and time management
  • Audit quality and feedbacks
  • Audit workpapers
  • Finding and Resolutions

Process Level Benefits

Implementing audit management process with a GRC software provides rapid benefits on the maturity of the definition, execution and monitoring of the risk processes. Here are some process level benefits listed below: 

  • Centralization of audit documentation and processes
  • Ability to roll up audit status for all organization and assets
  • Efficient audits by resource and time management
  • Visibility on audit resolution and remediation tracking
  • Audit quality improvements by standardization and self-assessment

Integrated GRC Benefits

Implementing audit management process with a GRC software comes with multiple benefits for other relevant processes such as Compliance, Risk, Security, Privacy  and Business Continuity Management. Some of these benefits are listed below: 

  • Alignment with other risk frameworks and processes
  • Ability to leverage data captured within risk and compliance
  • Improved integration of third party audits
  • Improved mapping to objectives, hierarchy and assets
  • Holistic overview and reporting of audit, risk and compliance information

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