Customer

Large private insurance firm in India with over 1200 branches.

Number of TRACe Users

1000+

Why TRACe

The firm was looking to replace an existing 3rd party solution that they had attempted to install and use across the organization.

Solution.

TRACe Enterprise was installed on premise and rolled out across the organization enabling more than 1000 users access Governance, Risk, Audit and compliance functions across the enterprise. TRACe was customized to suit the very specific requirements and needs.

The implementation of TRACe has enabled the firm implement consistent and standardized processes across more than 1000 branches in the country. This has also resulted in very significant improvements in timelines, efficiency and document consolidation.

The Chief Risk Officer has this to say:

"TRACe solution has enabled us to roll out an integrated ERM. The ERM provides access to all stake holders including Risk and Audit committee members. The solution caters to the audit, risk and compliance requirements. The solution is cost effective, web based and cloud enabled structured on MS SQL and .Net blending well with the stand alone automated practices of independent spread sheets in vogue. The software assists in maintaining a risk database with controls and the effectiveness of controls. The system has modules for internal audit, risk assessment, key risk indicator, key incident reporting, branch continuous monitoring, key compliance checks, action plan tracker, etc. The module used can collectively arrive at a combined risk, audit and compliance score providing a detailed overview of a particular function / processes and the risk category within which it resides. It also provides a mechanism to document and monitor action plans and drive closure through automated reminders / mailers to concerned departments. The Branch continuous monitoring and compliance self-check module has been available with all branches to conduct checks and update their reports. These modules have been operational from last 5 years. TRACe provides us a complete framework for our Governance Risk Compliance and Audit platform."​

Customer

Large life insurance company

Number of TRACe Users

50+

Why TRACe

Life insurance business of a large multinational bank was bought by an Indian company. The Bank was using separate solutions for Audit and Risk, after the formation of the new company the firm was looking for an integrated solution for Audit and Risk.

Solution.

TRACe Enterprise has replaced the multiple applications used for Audit and Risk functions.

TRACe, through control definition, enforcement and monitoring has the ability to coordinate, integrate and address identified issues. It helps the organization proactively mitigate risks and compliance issues, provides greater visibility into Risk profile, ensures systematic and consistent figures across the organization eliminating errors and inconsistencies.

The Chief Risk Officer has this to say:

• Consolidation of Audit Chart and Risk register
• Mapping of operations and risks across the various granularities
• Four dimensional monitoring – Audit, Risks, Incidents and KRIs
• Monitoring methods applied based on risk involved in the activity
• Reporting based on Functions, Business units and Risk areas

Customer

Large schedule bank with over 600 branches

Number of TRACe Users

100+

Why TRACe

The Bank was looking to replace software that was being used, as the software had limitations such as not supporting automation of the entire audit process workflow, no support for offline mode and was not user friendly.

Solution.

TRACe enables the management to plan and execute audits more efficiently by providing a workflow mechanism that automates the steps in audit life cycle. TRACe supports annual planning, scheduling of audits, fieldwork, review & approvals, report issuance, action tracking and closure. In addition, TRACe has extensive MIS reporting.

Customer

Large practicing auditor's firm in India with over 250 audit clients.

Number of TRACe Users

150+

Why TRACe

Each audit team had their own version of the Audit Universe which was presenting a tremendous challenge while consolidating the work done and preparation of consistent reporting formats.

Solution.

TRACe maintains a common audit universe across the team which enabled the firm to overcome this problem. TRACe is used for planning, fieldwork and preparing audit reports.

All work papers are in digital form and this has eliminated massive physical storing and movement of paper files and documents. Work papers can be retrieved instantly, saving huge physical effort and delay. TRACe has enabled the establishment of consistent audit practices across a large audit team.