Ideagen provides leading Dutch bank, Van Lanschot with automated audit management solution
Van Lanschot is the oldest private bank in the Netherlands with a history dating back to 1737
It specializes in independent wealth management and is dedicated to the creation and preservation of wealth for its private and institutional clients.
Private banking, asset management and merchant banking are the areas in which the bank excels.
How did Ideagen provide Van Lanschot Bank with an automated internal audit management tool?
When selecting an automated tool, the focus was on ease of use and a short implementation period, as there was an urgency to launch and complete the project as soon as possible.
Group Audit explored many providers in the market and chose Ideagen’s Internal Audit solution because of the fast turnaround that was achievable, combined with a competitive price.
Sophie Roozen, IT Audit Manager at Van Lanschot, outlined that Group Audit had identified a growing need for an automated audit management tool.
Historically, the Group Audit department documented audits in hard copy files in one location and the forthcoming relocation of the Audit Department meant that Van Lanschot would now be working across multiple offices.
How did Ideagen provide Van Lanschot Bank with an automated internal audit management tool?
When selecting an automated tool, the focus was on ease of use and a short implementation period, as there was an urgency to launch and complete the project as soon as possible.
Group Audit explored many providers in the market and chose Ideagen’s Internal Audit solution because of the fast turnaround that was achievable, combined with a competitive price.
Sophie Roozen, IT Audit Manager at Van Lanschot, outlined that Group Audit had identified a growing need for an automated audit management tool.
Historically, the Group Audit department documented audits in hard copy files in one location and the forthcoming relocation of the Audit Department meant that Van Lanschot would now be working across multiple offices.
The flexibility of Ideagen Internal Audit ensured it was possible to implement an audit tool in accordance with Van Lanschot’s existing audit methodology.
Consequently, it was no longer feasible to use this paper-based method and the department had to address the availability and access of the audit files for the entire team.
One of the key challenges that had to be addressed when selecting a solution was to ensure Van Lanschot was able to mitigate the risk of confidential information being compromised through the transferring of hardcopy files from one location to another.
This established and confirmed the need to explore the market for an effective automated audit management tool.
The fundamental issue of working across varied offices and requiring one centralised and secure electronic location for audit files was solved through Ideagen, making collaborative working from various sites possible.
Moreover, the flexibility of Ideagen ensured it was possible to implement an audit tool in accordance with their existing audit methodology.
Ideagen has improved the effectiveness of the teams and optimised the audit process by enabling the sharing of audit files, facilitating progress monitoring, and supporting a structured review and approve cycle.
Benefits
The tool facilitates a structured approach of the audit process and its different phases, which helps ensure they easily follow their own audit methodology.
The overview of all the findings across the different audits enables centralised reporting.
The monitoring of the audit progress (by recording milestones and analysing key dates), means auditors and managers can easily see if an audit has been completed, is on time or is overdue.
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Contact Ideagen for more information on how Ideagen Internal Audit could help your organization.