GRC Governance, Risk and Compliance

TRACe is an auditor's Workbench based on ISO standards. By using TRACe, auditors are automatically complying with the standard Plan-Do-Check-Act methodology promoted by ISO Standards. TRACe is designed to be flexible to enable auditors to define, plan and execute audits that cover different domains.

TRACe is not industry specific and can be used across any business segment by defining appropriate Audit universe. Addresses the computing needs of vertical segment of audit professionals.

It covers the complete life cycle of Risk, Compliance and Audit activities, from the audit planning stage to generating the final audit report. System has security functionalities including automatic logging of crucial audit activities ensures the creation and maintenance of an accurate log of audit related activities.

TRACe is web based and can be accessed from anywhere using a browser, allowing auditor’s access to the system even when on the road or visiting an auditee.

TRACe is built by using EDICT-Digital office framework and provides seamless integration with MS-Office, open office and supports integrated document management and workflow at every phase of an audit.

Facility to maintain Reference library of Documents, publications, guidelines and other such documents.

Product is available in two versions - Customizable enterprise version and Standard product for practicing auditors.

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  • Digitally mimic Organization structure
  • Roles and designations
  • Approval procedures
  • Issues Escalation procedure
  • Maker and Checker concepts
  • Authorizations and permissions
  • Integration with Document Management - facility to manage compound documents

Risk Assessments, Control Assessments, detailed assessments, KRI-reports, operational incidents, NFR and IT Risk and Control dashboard and managing issues identified across the business are the activities of Risk departments.

Risk module has the following functionalities,

  • Map Business Line and Business Units and Functions/ Entities
  • Define NFR Risks and levels
  • Manage Audit and Non-Audit Issues by setting Action plan and follow-up.
  • Managing Key Incident reporting
  • Managing Key Risk Indicators and periodical testing by defining thresholds
  • Managing control testing and back testing
  • Managing overdue rate of issues
  • Generation of reports dynamically by selecting options and executive summary reports
  • Heatmaps, Dashboards, Aggregation of Risks, Risk Profile, Issues, Incidents, trend graphs and Business Footprints.
  • Facility to send mail alerts and reminder mails to all the PTAs, Evidencing PTAs, Business Owners and concerned users.
  • Checklist based compliance testing
  • Regulatory Compliance testing by defining Compliance library with definable Groups, category of compliances (Statutory, Internal, Industry specific, IT specific etc.), Sections and specific compliance details
  • Schedule, Execute, Assess and Review compliance checks by Internal and/or External Auditor's

Plan and schedule periodic audits (e.g. annual, Quarterly and Monthly)

Audit types include:

  • Management Audit (Corporate Governance Review)
  • Information System audit
  • Statutory Audit, Forensic Audit
  • Compliance Audit
  • Special Audit
  • Define Audit Universe, Process, Risks (Key Area of Risk), Controls and audit steps
  • Work Paper Management
  • Issue/ Recommendation/ Observation Tracking
  • Audit Project Management/Scheduling
  • Time Keeping/Resource Management
  • Standard Audit report and Management Reports
  • TRACe has integrated EDICT - document management and workflow - flagship product of MMCS. Supporting documents, evidences, publications, guidelines and other such documents can be attached to an audit, Risk or compliance activity. Auditor's can also choose to attach media files such as audio and video to an audit as supporting documents.
  • Embedded workflow ensures an audit is conducted with proper oversight and only authorized users of TRACe and signoff on audits and audit plans.
  • Trigger Mails and notifications for intimation and reminders are available at every stage of the operation.
  • Facility to capture data for audit from the main accounting system and selection of samples using sampling methodology.
  • Data can be captured by Excel sheets or directly developing interface to the main accounting system.
  • TRACe has been integrated with Intacct to capture transactions for audit from the cloud based accounting solution

Contact Info


  • MultiMedia Computer Systems Pvt Ltd.

    #736, 7th Main, 1st Floor, Mahalaxmi Layout,

    Bengaluru-560086, Karnataka, India


  • +91 (80) 2349 2185

  • Request for Information