Products

Case Studies

About

Book a demo

Products

Case Studies

About

Book a demo

The digital revolution has bypassed Financial Services Internal Audit

Much is made of the digitization of financial services. Huge investments have been made in the last decade that have transformed the front end of the industry. The children of today may live their entire lives without ever seeing the inside of a bank branch and people of all generations now seem content with managing their wealth in a virtual environment.

Even with all this transformation, however, much of the digital promise remains unfulfilled. Behind the web and mobile channels, very old ways of doing things still exist.

Focusing on the internal audit process, financial audits within financial services follow the same planning and execution methods in place since the availability of the spreadsheet. The audit procedure can be summarized as:

“Get sample data from a reliable individual, check the accounting, reconcile the numbers.”

What you’re given vs what you should have

Internal financial audits begin and end with data. Often this is provided from a source that may be several systems away from the original system of record. A digital solution must enable rapid onboarding of complete data sets directly from the source. It must do so in a fashion that enables rapid mapping by non-technologists (ie. financial auditors).

Finray is the answer

The digital revolution has bypassed Financial Services Internal Audit

Much is made of the digitization of financial services. Huge investments have been made in the last decade that have transformed the front end of the industry. The children of today may live their entire lives without ever seeing the inside of a bank branch and people of all generations now seem content with managing their wealth in a virtual environment.

Even with all this transformation, however, much of the digital promise remains unfulfilled. Behind the web and mobile channels, very old ways of doing things still exist.

Focusing on the internal audit process, financial audits within financial services follow the same planning and execution methods in place since the availability of the spreadsheet. The audit procedure can be summarized as:

“Get sample data from a reliable individual, check the accounting, reconcile the numbers.”

What you’re given vs what you should have

Internal financial audits begin and end with data. Often this is provided from a source that may be several systems away from the original system of record. A digital solution must enable rapid onboarding of complete data sets directly from the source. It must do so in a fashion that enables rapid mapping by non-technologists (ie. financial auditors).

Finray is the answer

The digital revolution has bypassed Financial Services Internal Audit

Much is made of the digitization of financial services. Huge investments have been made in the last decade that have transformed the front end of the industry. The children of today may live their entire lives without ever seeing the inside of a bank branch and people of all generations now seem content with managing their wealth in a virtual environment.

Even with all this transformation, however, much of the digital promise remains unfulfilled. Behind the web and mobile channels, very old ways of doing things still exist.

Focusing on the internal audit process, financial audits within financial services follow the same planning and execution methods in place since the availability of the spreadsheet. The audit procedure can be summarized as:

“Get sample data from a reliable individual, check the accounting, reconcile the numbers.”

What you’re given vs what you should have

Internal financial audits begin and end with data. Often this is provided from a source that may be several systems away from the original system of record. A digital solution must enable rapid onboarding of complete data sets directly from the source. It must do so in a fashion that enables rapid mapping by non-technologists (ie. financial auditors).

Finray is the answer

Get your data

We designed Finray to let you map and load vast amounts of source system data in hours, not days, with fewer technical skills than required to operate Excel and no limits on the number of rows.

Execute Audit procedures

Finray will let you select the data for analysis, filter the data, create the business rules, and then define the outputs. Once created, these can be reused for each audit.

Finray’s use can be extended into the audit of internal controls. When you have the data, you can understand easily, for instance, traders over their limits, loans that do not conform to lending policies, and many others.

Reconcile everything

The Finray solution includes data targets for Front Office, Back Office, and the General Ledger. Nothing provides more assurance than being able to reconcile across systems.

Report and retain

Dashboards, pivot tables and detailed reports can all be created by non-technical users.  Your audit history is maintained within the solution until archived. Your procedures are now digital.

Find out more

If you are looking at ways to increase the value and reliability of your audit results and at the same time driving down costs, we’re here to help! Leave your details, we’ll be in touch.

By proceeding you confirm that you are happy for us to store and use your contact details for the purposes of sending you alerts and information.

By proceeding you confirm that you are happy for us to store and use your contact details for the purposes of sending you alerts and information.

By proceeding you confirm that you are happy for us to store and use your contact details for the purposes of sending you alerts and information.