Top 10 Must-Have Features in your Compliance Audit Management Software
As the world gets acquainted with changing work conditions, industries across the globe are struggling with increasing regulatory compliance challenges. This state of affairs necessitates the need for an integrated and automated compliance audit management software. An effective audit management software must include workflows that allow customized audits for every business type.
If you are searching for the right audit management system for your organization, you might want to look for the following features.
1. User-friendly Interface
One of the best ways that automation can help auditors is by presenting a simple and user-friendly interface. Complex design and navigation can keep the auditor engaged in handling the system more than conducting the audit. A user-friendly software interface strengthens auditor satisfaction and helps retain top-performing auditors. When selecting a compliance audit management software for your business, seek some of the following features:
1. Compatibility with various devices. It can include tablets and mobile phones
2. A UI supporting a substantial learning curve
3. An intuitive design that guides users during each stage
4. A design that streamlines preparing professional reports
5. Quick data retrieval
2. Cloud-Based Audit Management
Auditing is an arduous process and requires an ongoing exchange of information between the entire audit team and auditing managers. It is more challenging when managers have to travel or work from remote locations. Cloud-based audit management systems can help by allowing employees and auditors to prepare for and conduct audits at any point in time and from any location. The common benefits of a cloud-based audit management system include:
1. It allows auditors to select their preferred devices to conduct audits
2. Enables auditing and customization of tools from a remote location
3. Allows auditors to upload reports or evidence in real-time
3. Standardized Audit Evaluation Tools
Conducting audits can provide significant and meaningful outcomes only when tools and processes are standardized across your organization. Standardization is also beneficial as it allows for the comparison of audit results from multiple organizations. A well-designed audit management software can help with standardization as follows:
1. Inspection checklist templates
2. Standardized evaluation criteria
3. Uniform tracking method
4. Corrective action tracking tools
4. Enhanced Productivity
The most laborious characteristic attributed to traditional audits is handling papers and manual entry of data. Compliance management systems can reduce the struggle by limiting the requirement for paperwork and implement smart input. They can help save time, energy, and eventually, money otherwise spent performing repetitive tasks. This leads to enhanced productivity as employees and auditors are free to carry out other tasks. Some of the other benefits of this system are:
1. Enhanced data quality
2. Reduced audit completion time, also allows management to focus on revenue
3. Increased overall performance
5. Reduced Errors
The reduction in manual input in audit management systems also invites fewer errors. The results of traditional auditing system could be influenced by human error leading to the negation of the authenticity of audit results. Error reduction is, therefore, one of the most advantageous features of compliance management software. It can also provide automatic tracking of audit activities.
6. Visual Statistics
Software with better visual statistics is always more preferred over paper-based record keeping. Well-designed compliance audit management systems harbor interactive visual statistic representation. They provide customizable dashboards and auditors find it easier to discern snapshots of progress and results. The concise graphic format also enables easy sharing of information to management and stakeholders. These visual representations can be:
1. Graphs
2. Tables
3. Trending data
7. Global Applications and Extensibility
If your organization has plans for expansion in future, you must look for a compliance management system that can support extensibility. Consider the provider with a strong global presence. It helps to ensure the following:
1. Auditors can perform audits irrespective of the location
2. Maintain standardization when auditing companies with a global presence
3. Support cultural competency during the design phase
8. Streamlined Customization
No two audits are alike, and each requires a different set of processes to be evaluated. For example, a safety audit evaluates compliance with Occupational Safety and Health Administration (OSHA) standards. Financial audits, on the other hand, evaluate financial statements of businesses. The audit management software you select should support all audit types for organizations across extensive industry types. Some of the audits that your new system should support are as follows:
1. Process audit
2. Financial audit
3. Product audit
4. Manufacturing audit
5. Safety audit
6. System audit
7. Compliance audit
8. External audit
9. Internal audit
9. Effective automation
The compliance audit management software you select must effectively automate the manual tasks involved in auditing. The most powerful features that automation can include are customization of checklists for internal audits, documentation of evidence, and generating of audit reports. It can also include tools to create audit templates. This facilitates users to create templates and provide them to auditors as the primary framework to conduct the audit. It saves time and allows auditors to invest their energy to offer feedback and guidance.
10. Affordability
Costs matter and when it comes to selecting the right audit management software that is going to help you manage the compliance regime of your organization and support its growth too, you might be inclined to spend more than required. But effective audit management does not have to be costly. The software offers a cost-effective way to enhance audit function and reduce the amount spent on auditing resources such as paper modules and binders. The cost benefits of software also include the following:
1. Reduced auditing time enables auditors to maximize their time
2. Companies can get back to business faster and optimize revenue
3. Cloud-based software also saves money spent on auditor accommodation
In conclusion, these were the 10 features we hope will help you select the best compliance audit management software for your organization.