Wizly Compliance & Audit Management
Compliance and audit are two sides of the same coin and play complimentary roles. Compliance seeks to identify if the organization has met its legal obligations, examining policies, processes and procedures in relation to applicable legal and regulatory obligations. Audit is carried out to monitor the organization and identify deficiencies in a company’s policies, processes and procedures.
The Compliance function, participates in discussions with the management related to business strategy and direction, and defines what needs to be in place to achieve its objectives in a compliant way. Audit takes these objectives and looks back to see if they were achieved in accordance with the defined company’s policies, processes and procedures.
The Wizly Compliance & Audit Management encompasses aspects of both audit and compliance, ensuring that both work together to play an essential role in the effective corporate governance of an organization.
The Wizly Compliance & Audit Management is based on the PRISE© Methodology, a best practice methodology for Strategy Execution. PRISE© integrates Processes, Risks, Initiatives and Strategy to ensure successful Strategy Execution.
The methodology provides a replicable roadmap to Strategy Execution, and takes us from the “What to the How”. It addresses the pitfalls of having different Management Frameworks run in silos, independent of each other and it provides a holistic view of all management information enabling better decisions.
Wizly enables the quick and easy configuration of the required forms to capture the metadata of regulations, controls, risks, actions and other required elements of the organizational compliance and audit management system. Workflows can be set up using the Low Code BPM engine to reflect the required approval processes. A visual workflow provides the users with an end to end view of where the transaction is, in relation to the overall process flow and what are the next steps.
Documents can be attached to each object (e.g. risk, control) as evidence. Wizly provides a strong system audit trail, ensuring that every version of each object is logged and different versions can be compared. This enables learning on how each risk or control has progressed through its life cycle.
Advanced Insights allow users to visualize relations between the elements within the Compliance & Audit Management system, revealing cause and effects which can be published using powerful reporting features. Integrated action planning and chat functionality enable collaboration to successfully deliver effective compliance.
» Maintain a repository of applicable regulations
» Identify Internal Controls
» Assign Owners to Controls
» Associate Risks against Controls
» Manage Actions and Treatment Plans
» Track Actions to completion
» Monitor and Report on Risks and Controls
» Align and Monitor Controls
» Automate the Audit Process