Streamlined Internal Audit for a Global Bank using Appian Workflow Automation
Overview.
Our client, a leading European bank with a global presence, faced challenges in its Internal Audit (IA) process. Manual interventions, data silos, and disparate tools led to inefficiencies, errors, and extended audit cycles. This not only increased operational costs but also hindered the bank's ability to identify and mitigate risks promptly.
Challenges.
Manual Processes: Relied heavily on manual data entry and processing, prone to errors.
Data Silos: Lack of a centralized system for audit information, creating bottlenecks.
Extended Audit Cycles: Lengthy audit processes impacted the bank's agility and risk management.
Solution.
We implemented Appian, a low-code automation platform, to transform the bank's IA workflow:
Unified Data: Consolidated audit data into a single, accessible platform.
Automated Workflows: Replaced manual tasks with automated processes, reducing errors.
Real-time Tracking: Provided stakeholders with live visibility into audit progress.
Integrated Systems: Connected key systems for seamless data exchange and collaboration.
The Impact.
A simplified single stop of Audit Information for all Stakeholders
Achieved Significant Cost Savings of $200K/year approx.
Increased Efficiency and Effectiveness. Ex. Eliminated 40% duplication of audit coverages.
Risk Based Audit Planning with ‘real-time’ Information on Patterns & Trends in Risks
Reduced turnaround time for complex issue closure & monitoring audits by 35%
Reusable solution for risk and audit areas for various industries.
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