U.K.-based insurer Aviva has selected Wolters Kluwer's Audit, Risk & Compliance TeamMate audit management system to help increase the efficiency and productivity of Aviva's audit management process.
Like other complex multinational organizations that have grown rapidly, Aviva was faced with a network of different IT infrastructures and models. Jonathan Chapman, audit director for Aviva, started looking for a more efficient system that could support the work of Aviva's audit teams operating in 22 locations across 15 countries.
“We needed to move away from focusing on making the systems work to using the systems to make internal audit effective across the entire organization,” said Chapman. “In the past, we spent far too much time discussing the system and not the outcomes.”
After considering various options, his team unanimously selected TeamMate to help streamline its disparate systems into a single audit management system. Working with TeamMate has enabled Aviva to pull together all of the information needed for its monthly audit reports in a matter of hours. This is a tremendous improvement from the 10 days it previously took.
To realize such efficiencies, the TeamMate solution has helped eliminate redundant or unnecessary data collection by as much as 40 percent. And the solution has helped Aviva to make the information collected more flexible, enabling the insurer to look at detailed information by region or business area or consolidate data from several regions.
The TeamMate audit management system helps improve an organization's audit process including: risk assessment, scheduling, planning, execution, review, report generation, trend analysis, audit committee reporting and storage. By providing an integrated paperless strategy for managing audits, TeamMate's audit software eliminates the barriers associated with paper-filled binders and disconnected electronic files, driving efficiencies into all facets of the internal audit workflow.
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