Bank Holding Company Streamlines Audit Reporting
As a multinational financial services institution and one of the world’s largest banks by total assets, this company is subject to rigorous internal and external compliance reporting requirements, including NAIC MAR SOX, Dodd-Frank and MiFID II.
Their existing reporting processes relied on inefficient, manual efforts that often resulted in inaccurate or unreliable reports. With the implementation of Data360 Analyze, the company automated and streamlined both internal audit and external compliance reporting and improved data accuracy, resulting in a dramatic increase in reporting accuracy, and a dramatic drop in the resources and time required to produce reports.
This financial services giant produced a wide range of internal and external reports to meet compliance demands, beginning with quarterly board reporting. These board reports were critical, as they detailed the findings of the company’s internal audit department and helped assess and mitigate institutional risk—yet the timeliness and accuracy of these reports were increasingly threatened by growing volumes of data, limited audit department resources and laborious reporting processes. Due to the manual effort required for data extraction and the increasing complexity of supporting systems, audit accuracy was declining each month, accompanied by increasing user mistrust of report accuracy.
Company reporting was largely a manual process, with specific analysts tasked with particular report completion. Reporting processes were rarely documented, so if the designated analyst was unavailable to complete an assigned report, the results could be inaccurate, incomplete or delayed.
If data errors did occur, they often went undetected, or required time-consuming manual correction. Unfortunately, these corrections did not address the root cause of the errors, so they continued to recur with every reporting cycle.
Read more about how this financial services organization used Data360 Analyze and delivered a marked improvement in audit reporting accuracy, helping to build user confidence in the quality and reliability of reports.