Streamline the inspection process
Regulators require a rigorous audit of selected groups of partners and other staff each year to prove compliance with independence regulations and audit firm policy. Historically, this process has been performed outside of robust systems with brokerage statements and tax returns being physically mailed to an internal independence auditor for review. The process was materially separate from the financial interest disclosure system. While compliance may have been achieved, the process was unnecessarily unpleasant and time consuming for the partners and inefficient for the audit team members.
What if it could be different?
What if you had an automated system that tracked the individuals that need to be audited? No more, "Did I send a reminder email?" for example. The system, through the notifications and escalation engine, takes care of it automatically. Sending statements and tax returns via the postal service is a thing of the past. Our solution provides users a clear, step-by-step process for uploading the right information in a fully secure, encrypted environment, with an ability to redact unnecessary information on the screen. No longer is printing off audit logs from your personal independence and confirmation systems necessary. Data is fully integrated into the process. Administrators are given audit-quality workflows, enabling them to affirm completeness and accuracy of the practitioner's submissions.
At Kingland, we believe that reusing existing data, orchestrating processes, and having strong user interfaces is only the beginning. By using our Cognitive Computing suite, we will be able to identify and propose key information from stored documents, which helps practitioners quickly complete information, and provides tools to auditors to discern differences in disclosed information within those documents. The cognitive suite does this by discovering patterns and assisting in the identification of high-risk areas.
In essence, the Kingland solution can help your organizations streamline the inspection process - integrated, efficient, secure, and automated.