Risk UniVerse
In today’s rapidly evolving regulatory landscape, organizations are facing increased scrutiny over their Internal Controls Over Financial Reporting (ICOFR) and related compliance globally. The complexity of regulations and the growing expectations for transparency demand a robust framework to ensure financial integrity and accountability.
Risk UniVerse is a cutting-edge ICOFR/IFC/SOX tool designed to streamline and enhance ongoing compliance requirements. The tool provides centralized data and workflows, ensuring accurate and consistent information for audit readiness while boosting visibility and stakeholder trust through interactive dashboards.
Our tool is designed to comprehensively address ICOFR/IFC/SOX requirements at a global scale. It provides robust support for compliance across diverse regulatory landscapes, ensuring that all subsidiaries and group companies can seamlessly align with established standards.
Risk UniVerse offers a flexible framework for customizing control framework to specific compliance needs, automated planning & scoping, drag-and-drop interface and provides risk & control repositories for referencing risks and processes while documenting Risk and Control Matrixes. Additionally, it facilitates real-time reporting and analytics, enabling stakeholders to monitor compliance status effectively and respond swiftly to any issues. This holistic approach ensures that all entities within the corporate structure are unified in their compliance efforts, promoting transparency and accountability worldwide.
Capabilities
Tailored
Project set-up
Planning &
Scoping
Policies &
Procedure Module
Narrative &
Flowchart
Risk Library
Risk Control
Matrix (RCM)
Control Testing
Communication
Reporting &
Dashboard
Tailored Project set-up
Facilitates seamless tailoring of project setups to meet organizational requirements of ICOFR / IFC / SOX Compliance.
Planning & Scoping
Streamlines initial stages for quicker readiness. Automate the scoping activity by analyzing financial statements against the materiality threshold. Also analyzes business process based on qualitative factors.
Policies & Procedure Module
Repository of all policies and procedures of the organization based on process levels.
Narrative & Flowchart
Includes a segment to attach narratives and flowcharts against each scoped-in process that can be accessed easily throughout the review.
Risk Library
Repository of common risk in a business process that can be accessed by user while documenting Risk Control Matrix (RCM) to ensure completeness of testing.
Risk Control Matrix (RCM)
Enables overall documentation of Risk Control Matrix by linking scoped-in process to sub processes, Sub-processes to Risk, Risk to Controls, Controls to type of controls, frequency, financial assertions etc.
Control Testing
Comprises of information relating to Test of Design (TOD) and Test of Operating Effectiveness (TOE) including the testing steps and attributes, along with its result
Communication
Centralization of all communication with control owners/remediation owners for validation of controls, testing evidence, remediation of gaps, timelines etc.
Reporting & Dashboard
A summarized, interactive dashboard for all the tasks and activities performed along with the completion percentage to easily track the progress and identify trends
Why Risk UniVerse?
- Flexible, Easy and Customizable Integration: Risk Universe is flexible to tailor suit diverse requirements and embed seamlessly into any client environment. The low code interface feature of the tool enables businesses to deploy and manage configurations in an effective way.
- Automated Workflows: Remove bottlenecks and inefficiencies in workflows, enabling teams to operate more quickly and effectively. The tool automatically assigns tasks and testing responsibilities, ensuring accountability and visibility into progress. Customizable and automated workflows minimize redundancies. Every action is tracked, creating a comprehensive audit trail for future reference, enhancing transparency and accountability.
- Document Management System: A centralized repository for all ICOFR, IFC, and SOX documents, policies, and evidence provides easy access while minimizing duplication. Maintain only the most current documentation for tests, audits, and reviews. Teams can collaborate in real time, boosting transparency and ensuring compliance
- Automated Testing Process: Automation accelerates testing by minimizing manual effort and reducing review time. It ensures consistent application of controls, reduces the risk of human error, and effectively handles complex, high-volume testing with minimal resources.
- Continuous Monitoring: Continuous monitoring delivers real-time insights into control performance and compliance status. By utilizing an interactive and customizable dashboard, organizations can effectively track identified issues for timely resolution, ensuring they remain audit-ready.
- Trust and Transparency: Enhances transparency and trust through clear insights and reporting. Also ensures data accuracy and consistency for audit preparation and minimizes discrepancies and errors.