American Multinational Conglomerate Company in Control of Internal Audit, SOX and Risk with BWise

CUSTOMER CASE STUDY

SolutionA flexible and integrated GRC solution to support the end-to-end internal audit, internal control and risk management processes.

BenefitsSAI Global helped systematize the internal audit processes across the Corporate Audit and Financial Services division Audit teams and allowed the integration of the internal control and risk functions into a common platform.

The company is an American multinational conglomerate company with Headquarters in Boston, Massachusetts.

Background

GRC ChallengesBetter management of risk across its financial and non-financial business segments, integration with in-place systems supporting Corporate Audit program, while also supporting traditional audit team operation in its Financial Services division, reliable reporting and support for expansion into the Internal Control and Risk Management departments.

The company was founded over 125 years ago by several entrepreneurs. The company employs over 200,000 people today and operates globally in industries ranging from Aviation, Transportation and Energy to Finance, Insurance and Software.

The challengesSelecting an Internal Audit software solution was driven by several factors, including: growing challenges in risk management generally; a desire for improved audit committee reporting and; growing regulatory objectives in the business due to the entity being deemed a Systemically Important Financial Institution (SIFI). The company also had less than six months to meet their initial “go-live” date.

This organization set out to select a single software tool to centralize and structure all audit data and processes and to provide consistent and easy access to the information for both Corporate and Financial Services division Audit teams. Corporate Audit required integration with their homegrown career development tools to ensure staff received broad exposure to business processes and audit types. The Financial Services division needed to be able to record Audit staff skills within the new system to support effective audit planning and resourcing. While the Audit teams also followed somewhat differing methodologies and the mix of audit types (operational, finance, IT, etc.) was different, the selected tool was also required to support reusable and editable standard audit programs.

The solutionBWise supported them in the operational deployment of their internal audit initiatives across the Corporate and Financial Services division audit organizations. The BWise GRC Platform and experts helped systematize the complete internal audit management cycle, including audit universe management, scoping, yearly and individual audit planning, audit preparation, auditee notification, workpaper management, audit reporting and findings follow-up.

Moreover, the company is now able to communicate on their risks through advanced reporting and can share information in real-time.

In subsequent phases, the company has greatly extended their BWise solutions with: BWise Internal Control supporting their global SOX compliance process; BWise Risk Management supporting their Operational Risk program (including KRI management); and BWise Compliance Management supporting the Treasury process compliance and control management.

BenefitsGiven the size and complexity of the organization, configurability and integration support were two primary considerations driving the selection of a tool. The company’s team is able to manage the configuration of the platform and has executed most of the internal control, risk and compliance add-on configuration themselves. That BWise is configurable has greatly reduced the organization’s long-term cost of ownership, which was a primary consideration over customized vendor offerings or in-house development, although BWise is integrated with some internal systems.

SAI Global is also responsive to requests from customers for product enhancements and this organization has been both the initiator and the beneficiary of many enhancements to and new releases of the BWise platform, all of which they are entitled to under their maintenance agreements and which can be implemented with far less regression testing and other costs than customized software.

For more information, visit www.bwise.com.

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About SAI Global SAI Global helps organizations proactively manage risk to create trust and achieve business excellence, growth, and sustainability. Our integrated risk management solutions are a combination of leading capabilities, services and advisory offerings that operate across the entire risk lifecycle allowing businesses to focus elsewhere. Together, these tools and knowledge enable clients to develop an integrated view of risk. To see our tools in action, request a free demo.

We have global reach with locations across Europe, the Middle East, Africa, the Americas, Asia and the Pacific.

For more information visit www.bwise.com or www.siaglobal.com/risk.