The ever growing competitive landscape, diverse and complex business demands, increasing online threats and frauds, and compliance have resulted in banks getting increasingly inclined towards implementing modern and interactive technologies.. The top line decision makers and leaders in today’s competitive world are eager to streamline the overall banking processes and enhance efficiency to attract and retain customers globally. Additionally, they also aspire for faster responses and effective data analysis to arrive at actionable insights.
Hyperautomation is highly effective in eliminating human induced errors, reducing complexities in processing requests and performing repetitive tasks. Auditors often face a multitude of challenges related to data collection and preprocessing. This is because raw data is normally inconsistent and incomplete and hence needs to be converted into auditable form. As audit and compliance needs a high level of documentation, it is an ideal candidate for automation.
Impact of hyperautomation on audit processes
Use of hyperautomation for audit increases productivity and saves valuable time via segregating report corrections and ensuring data accuracy. By applying suitable rpa tools, banks can automate time consuming tasks of copying and pasting data., reconciling those and cross checking their validity. With automation in place, auditors can avail more time for high priority audits. This will further enable banks and other institutions to experience effective compliance and reduced risks.
By implementing automated control testing internal audits can happen by considering the entire data population instead of samplings. This will help the management to monitor audit controls purposefully and conveniently.
Advantages of hyperautomation in audit and compliance
Tracking and executing internal audits: From automating data collection to executing the audit plan, hyperautomation is apt in gathering evidence, tracking progress and identifying issues.
Monitoring and reporting audits: Automated report and dashboard preparation, populating audit committee report templates, preparing and delivering internal audit balanced scorecard, monitoring key risk indicators and gaining real time insights on futuristic prospects are few areas where banks can stand out using the most viable automation technology.
Managing audit data quality: Data validation is a significant task which auditors need to perform accurately. In the current competitive environment, automating master data is essential to have detailed and complete information.
Providing audit alerts and notifications: Carrying out periodic audits is vital to minimize fraud and threats for banks. From identifying open audit items to notifying concerned parties in case of errors, sending notifications in case due dates are not met are some activities which are now being done via robotics.
How Neebal can help
At Neebal we focus on automating business processes across industries. Our experience with automation has benefitted enterprises across BFSI, Pharma, Healthcare and Agro industries. Our teams have over a decade’s experience in ideating and implementing purpose-built outcome-oriented technology solutions based on Hyperautomation and RPA.
If you are from the BFSIsector and are worried aboutyour audit and compliance processes, feel free to consult us and automate your systems to achieve the desired results.
Conclusion: Are you in search of hyperautomation companies to simplify your audit processes? Reach out to us with your specific requirements and experience the latest technologies to enjoy seamless control over all types of financial transactions.