NCS SoftSolutions - Risk and Control Framework Powered by Automated Auditing
The unprecedented wave of business process automation has left organizations in a seemingly perpetual state of transition. In this constant state of flux, audit committees are focusing to leverage the internal audit functions to mitigate a wide array of risks associated with liquidity, cash management, and market volatility. Based out of Chennai, NCS Soft Solutions (P) Limited has been a forerunner in the Indian banking industry for digital automation of audit processes. Since its inception in 2007, NCS has been focused on building proven and scalable audit automation solutions for small and large financial institutions. Revolutionizing the audit processes, the solution offered brings over 30 percent returns on investment year on year. Drawing CXOs attention towards this has helped to initiate a change of approach in internal audit.Making Ends Meet in Audit Automation
The pressure to maintain performance and meet expectations during an economic downturn has necessitated a corresponding increase in the knowledge, skills, and expertise of internal audit professionals. NCS’ eTHIC is a digital and Risk Based Audit management solution that assists banks and other financial institutions to fully automate end to end audit process–right from audit planning, scheduling, audit, follow up and compliance. By using a con¬figuration management module of eTHIC, the audit department can set up their check list and risk parameters. The application’ risk based audit functionality helps financial institutions in better risk management and compliance. The solution is comprehensive in capturing the audit policy, including risk parameters approved by a bank’s board, and also provides various regular alerts and reports on income leakage and possible fraud cases.
Moreover, eTHIC features dashboards which are primarily parameter driven giving a 360 degree view of banks’ workflow. The solution seamlessly integrates with core banking solutions (CBS), HRMS software and other applications, eliminating the paper work and hence reducing stationery, printing and storage space costs. “eTHIC helps in saving almost 40 to 50 percent time in the entire audit process by bringing down the cost of travel and lodging involved in onsite audit of branches dramatically”, says Shanmugavel P, Director, NCS Soft Solutions.
Having grown at almost 35 percent CAGR in the past three years with over 50 percent in the concluding financial year, NCS has earned a plethora of reputed clients including State Bank of India Group, HDFC Bank, and other large public and private sector banks. The company has also proven its expertise by delivering solutions in the augmented reality (AR), e-learning and mobility engagement spaces as well. Likewise, by consistent emphasis on product building and implementation, NCS intends to lay its footprints across the Middle East and South East Asia. An ISO certified (ISO 9001-2008) organization for end to end Audit Management solution, NCS Soft envisages its multifold growth in the years to come by working towards designing new modules for an even advanced Risk Based Audit Solution.
The solution seamlessly integrates with core banking solutions (CBS), HRMS software and other applications, eliminating the paper work and hence reducing stationery, printing and storage space costs
Having grown at almost 35 percent CAGR in the past three years with over 50 percent in the concluding financial year, NCS has earned a plethora of reputed clients including State Bank of India Group, HDFC Bank, and other large public and private sector banks. The company has also proven its expertise by delivering solutions in the augmented reality (AR), e-learning and mobility engagement spaces as well. Likewise, by consistent emphasis on product building and implementation, NCS intends to lay its footprints across the Middle East and South East Asia. An ISO certified (ISO 9001-2008) organization for end to end Audit Management solution, NCS Soft envisages its multifold growth in the years to come by working towards designing new modules for an even advanced Risk Based Audit Solution.
