Facilitating Internal Audit Monitoring Through Digital Tools
At the heart of organizations—particularly regulated entities—the internal audit function is increasingly important. Acting independently and reporting directly to the board of directors, it performs a series of checks to ensure that activities comply with regulations and corporate governance. It is commonly referred to as the “third line of defense.”
"Through its audit program, the internal audit function can detect instances of non-compliance, for which corrective actions will be defined," explains Frank Roessig, Head of Digital Trust Solutions at Proximus NXT. "In this context, internal audit assigns a responsible party, sets a compliance deadline, and ultimately ensures that the corrective action is properly executed."
Ensuring Optimal Follow-Up and Risk Management
Depending on the size of the organization, tracking these procedures can be complex. Internal auditors must constantly monitor deadlines, collect the documentation related to actions taken, and ensure their quality. They are also responsible for regularly reporting to the board of directors on detected non-compliance, actions taken, and any outstanding recommendations.
"For the organization, monitoring progress is critical," adds Frank Roessig. "Regulatory non-compliance exposes the company to penalties. Moreover, a flawed process could hinder optimal operations. Today, to ensure effective follow-up, the internal audit team needs a digital tool tailored to its specific needs."
Streamlining Audit Tracking
In response, Proximus NXT has developed a solution to support internal audit in its mission. The platform uses the organization’s risk taxonomy to manage the entire follow-up process for identified non-compliances.
"The tool allows auditors to know at any time where they stand, thanks to dashboards that display responsible parties and deadlines for each action," says Frank Roessig. "Through this solution, internal audit can assign tasks, notify those responsible, and—most importantly—centralize all communications, review, and validate cases once completed."
Reducing Friction
Another challenge is reducing friction from the frequent back-and-forth between operational teams and audit teams.
"Using email alone can quickly become inefficient, especially when searching for messages and documents. With our collaborative solution, information is centralized, and exchanges and documents—such as those required to prove that each recommendation has been implemented—are easy to access," continues the Proximus NXT expert. "This prevents loss of information. Everything is centralized, tracked, and fully auditable."
Ensuring Maximum Transparency
Transparency is another major advantage of the solution, particularly for reporting purposes.
"At any time, an auditor can report on the current status," adds Roessig. "Reports allow tracking of the progress of each case, identifying bottlenecks across the organization or within subsidiaries."
Such a tool enables the internal audit function to increase efficiency and prioritize tasks more effectively, especially critical ones. It ensures greater transparency for both the teams involved and the board of directors.
