For Enterprise wide ‘on-premise’ implementations.
TRACe Governance
TRACe Enterprise is a fully integrated solution, uses a single core set of control material, mapped to all of the primary governance factors being monitored. The use of a single framework also has the benefit of reducing the possibility of duplicated remedial actions.
TRACe aims to synchronize information and activity across Governance, Audit, Compliance and Data capture in order to operate efficiently, information sharing, report preparation and circulation. All these avoid wasteful overlap and delay.
TRACe Risk
TRACe Risk module is the set of processes through which management identifies, analyzes, and, where necessary, responds appropriately to risks that might adversely affect realization of the organization's business objectives. Organizations can define and manage a wide range of risks (e.g. Information technological risks, commercial/financial risks, security risks, control risks etc.), external legal and regulatory compliance risks using TRACe.
Within the overall risk management and control framework of the enterprise, various deficiencies that are identified are to be resolved by the management responsible for addressing the issues. For all deficiencies identified either through an audit process or through risk management activities, the responsible management shall define a strategy to solve the deficiencies, indicating action plans, person to act and due date. These identified deficiencies that can affect the Business Unit / business line should be effectively tracked, monitored and reported in a timely manner. Using TRACe the organisation has the ability to set and implement its strategy to achieve its objectives set.
TRACe Audit
Audit module in TRACe addresses end to end audit activities
TRACe Audit module helps the Internal Audit Department(IAD) of an enterprise to adopt risk based audit approach in all phases of the audit engagement. This approach aims at maximizing the impact of the audit activity by directing IAD audit resources towards audit objects having the highest risk which may have the impact and threaten organization's path to achieve its business objectives. This approach helps IAD to maximize value for the organisation, given the available budget and audit resources.
Select the right audits with the highest priority by way of a Risk based Annual Audit planning exercise.
Set the right focus in every audit towards risks that may cause the most damage to the audit objectives.
TRACe Compliance
Compliance with the company's policies and procedures, laws and regulations, strong and efficient governance is considered key to an organization's success.
TRACe Compliance means conforming with stated requirements. At an organizational level, it is achieved through management processes which identify the applicable requirements (defined for example in laws, regulations, contracts, strategies and policies), assess the state of compliance, assess the risks and potential costs of non-compliance against the projected expenses to achieve compliance, and hence prioritize, fund and initiate any corrective actions deemed necessary.
TRACe Data capture
- Facility to capture data for audit from the main accounting system and selection of samples using sampling methodology.
- Data can be captured by Excel sheets or directly developing interface to the main accounting system.
- TRACe has been integrated with Intacct to capture transactions for audit from the cloud based accounting solution