Internal and external audits aid in sound governance and provide an independent review of data and operational processes. However, audits can be time consuming and often require the accumulation of mountains of data and documents for review. PRISM simplifies the data gathering process and makes information easily accessible to any audit personnel at any location.
PRISM allows the creation of a separate portal in which documents and information can be made available on a restricted basis. With a few clicks, the specific set of documents and data can be identified and posted on this newly created portal for exclusive access by auditors.
Paper based auditing is expensive and time consuming.
PRISM isolates audit materials and makes them available to auditors in a very efficient manner without requiring oversized emails, printing or manual intensive labor.
Generally there are many people involved in the audit, at times reviewing different data. As such, it can be cumbersome to keep track of who requires which documentation, and track the information provided versus what is still needed. This can be even more challenging if there is turnover during the process. With PRISM, a separate portal can be created specific to the audit. All personnel and auditors can be provided access to the portal, allowing full transparency of which documents have been made available and which are still required.
Documents are collected and categorized as they are available in a timely matter during the course of each year. As such, PRISM oftentimes already houses the documents and data required for audits. An authorized user then simply provides auditors access to the required documents, at a document level, simplifying the data gathering process.
Oftentimes, documents and data required to complete audits are confidential with restricted access. PRISM helps to maintain confidentiality by strictly limiting, at each document level, whom has access. Additionally, when a user is granted access to PRISM, their access can be automatically revoked once the project has completed using the access expiration tool.
PRISM's integrated process management tool allows users to collect data from their money managers and vendors for audits and compliance. For instance, data can be collected from a user’s money managers to prepare Form 5500. PRISM's advanced process management tool allows users to create online custom data forms, electronically distribute the forms to all parties identified in the CRM database, monitor their response and send reminders as necessary. When all data is collected, PRISM's advanced reporting tool allows the aggregation of data as well as analyze data in a multi-dimensional way.
PRISM's advanced cataloging and search process facilitates a quick and efficient way to provide auditors with all of the documents necessary for an audit. PRISM allows the documents to be isolated on a separate portal specifically for auditors, making it easy to track which documents have already been made available and monitor progress with the audit overall.
PRISM's advanced data management and reporting system can create various custom reports required by the auditors. Audit preparation can be resource intensive, but PRISM makes it easy to collect, prepare and present all data and documents necessary for all types of audit purposes.
PRISM’s CRM and Pipeline Management tools provide a centralized solution to monitor the progress of the audit. All audit tasks and activities (e.g. meetings, conference calls etc.) can be documented and logged so that the process is transparent and organized. Additionally, meeting notes, outstanding tasks and activity reminders can be input into a centralized location so that all required personnel can be kept informed.