One of the challenges for Internal Audit is that the corporate data is scattered and unavailable. Many business activities are performed in silos with no interconnection with other activities. Business processes are described in separate systems, incident reporting in several isolated systems, risk assessments in Excel spreadsheets.

Most of the time spent is searching for data instead of suggesting improvements or developing the business.

iFACTS is the single point of organizational data entry providing the Internal Audit with a new platform to start the work from. Everything is in one database and the search and report functionality will instantly give answers to audit controls.

iFACTS integrates all business activities such as Project management, IS/IT, Quality management, Environment, Incident reporting, Risk management or Business continuity.

A typical audit day at Subsidiary X:

• You log on to iFACTS and are presented with the ONTRACK dashboard for Subsidiary X.
• A list is displayed showing all events (incidents, follow-up, nonconformities, business intelligence etc) that are red. You analyze these.
• You check the top five Compliance indexes and that the follow-up work is on plan.
• You check all the organizational assets (Project, IT, Facilities etc.) by reviewing the performance score 0-100%.
• You check the top risks in Risk Portfolio making sure that they are in accordance with the defined Risk Appetite.
• You perform a number of special searches of interest:
  - IT-systems no system owner appointed
  - Projects with budget +€10 million compliance level below 60%
  - Business activity dependencies status red

Finally you send an email to the CRO and the CIO

"Thanks, I like it!"