Audit And Compliance Services
Rigorous Internal And Vendor Audit Programs That Reduce Risk And Cost
Audits are essential to identifying control weaknesses and expected by your regulators and clients. While some organizations simply lack the manpower to perform on-ground or internal audits, others don’t know how to create and execute a structured program for auditing and reporting.
Our audit and compliance services leverage our industry knowledge to help you design, implement, and manage a rigorous internal audit program. Backed by RMA-approved firm CARMA Innovation's auditing team that is led by Michelle Schaffer, we audit thousands of cases each month against defined standards to identify control weaknesses and mitigate risks. The result is effective and affordable auditing that help ensure you meet regulatory and client demands.
Working with numerous industry partners and applying industry best practices, we:
- Create and conduct audit programs for internal and vendor processes
- Provide an objective third-party view, offering a fresh look at possible new audit control points
- Deliver prompt and meaningful audit results with reporting frequencies defined by your needs
- Create the flexibility to increase the number or frequency of audits as needed
- Offer variable pricing that allows you to pay for the audits performed, and not for idle time
- Provide actionable data that identifies ways to improve process controls, mitigate risks and correct process failures
Outsourced Internal And Vendor Audit Services
Whether you have internal and vendor audit programs or need help creating them, we have the expertise and knowledge to ensure you’re doing everything required to meet client and regulatory demands.
Design An Audit program
We help design internal and vendor audit programs. They include more than 20 templates that guide you through which control points to audit and how to select audit populations. They can also be used to capture findings, track remediation and report to management.
Conduct Internal And Vendor Audits
We conduct independent, objective and transparent internal and vendor audits through secure remote access. Using randomly selected cases and defined templates, we test key processes and controls, then provide summary and trend reports with suggested remediation actions.
Review Existing Audits
For businesses already conducting internal audits, we perform a review against our industry-tested templates and provide ways to improve your program. For networked enterprises, we offer vendor audit survey templates to help improve existing processes.
Track Vendor Expirations
We track the expiration of required vendor compliance documents and request updated documents from your vendors throughout the year. This helps transform the vendor audit process from an annual event into an ongoing compliance process.
Reduce Costs, Increase Customer Confidence And Market Share
While audits may not be a direct source of revenue, they undoubtedly bolster your business’s bottom line. Our flexible audit and compliance services:
- Enhance your compliance profile with clients and increase market share
- Lower costs by more than 35%
- Reduce the risk of exposure and lost business
- Mitigate losses that are incurred when procedures aren’t followed
- Gain valuable insight into lost revenue opportunities
- Eliminate the expense of increasing payroll during peak audit times and paying staff during idle times
- Can be combined with IPACS®, our powerful compliance management system, to streamline and optimize key tasks