Audit Incident Reporting

Most financial institutions have a Board Audit Committee that regularly meets and discusses all regulatory and compliance incidents and audit findings that have occurred in the bank. They are responsible for oversight of all cases at the corporate level, and must track and investigate the institution’s responses to audits as part of due diligence for the company. Their responsibility includes risk assessment and ultimately approval of corporate response to any situations that arise.

A comprehensive system of incident description, actions, associated communications and paperwork, and ultimately response, must be maintained by this committee. The AppForms Audit Incident Reporting Solution meets this need for bank Board Audit Committees.

• Creates a central repository for all information and documentation associated with each audit incident or case.
• Assigns an ID to every case and is accessible for a status check at any time.
• Automates email notification for anyone wishing to be alerted to updates to cases.
• Builds in permission-based ability to add information to a case.
• Creates an audit trail tracking all actions and additions to each case file.
• Generates reporting on individual and aggregate case status and outcomes in real-time.