How DATAVLT will improve the Auditing?
Firms around the world have begun to utilize data for achieving a competitive advantage while managing operations with strategic plans. These are among the top issues for board members and top management executives worldwide in terms of risk. The management is faced with growing demands for deeper insights into strategic risks, data analytics and robotics have become top priority for audit executives.
DATAVLT understands that these executives are looking to offset mounting workload from their teams. By leveraging DATAVLT’s data analytics strategies, audit executives can boost efficiency while improving the quality of evaluating risks and controls as well as meeting the demands of the board members.
DATAVLT’s data analytics with predictive learning can be used in three ways:
- In terms of planning, the data analytics can be used for effective risk profiling.
- The execution of audits can be quick and effective by monitoring and keep watch over indications of fraud, recognizing patterns to reduce future risks.
- DATAVLT can enhance and quantify risk in a real-time exception management and root cause investigations to provide a better understanding of avoiding future breaches.
- DATAVLT’s data analytics with predictive learning will gain footholds into internal auditing. This will allow departments to seek improvements, efficiencies, and insights that can be hidden and unstructured and unused.
We have listed some points on DATAVLT can improve Audit system:
- Chief Audit Officers will recognise the need for data analytics as well as predictive analytics in auditing across organisations and industries.
- Companies will seek opportunities to expand audit’s knowledge of sophisticated data analytics and predictive learning allowing organisations to be more precise understanding of possibilities with analytics.
- DATAVLT will create an influential tone for positive steps towards a strong audit data analytics, in addition to the assessing future risks with predictive learning.
- DATAVLT will bridge the gap between the operational auditors and analytics function, encouraging the use of analytics for the whole team.
- Ensuring the organisations implement protocols that will govern extraction of quality and reliable data.
- Companies will implement steps for the success of data analytics and consider effective ways to measure success of the data analytics efforts.
DATAVLT’s blockchain will make the data scalable, safe and secure while adding value to the management. This will be the best way to measure success for the management and other key stakeholders. In addition, data analytics with predictive learning will boost of internal & external audit department’s reputation by building a strong business case with DATAVLT.