FRAXSES: INTERNAL AUDIT SOLUTION

The edge that Fraxses gives businesses across diverse industries is well documented, however, its potential as an internal audit solution has remained untapped – until now. Essential as it is for businesses, internal audit is an expensive and complex undertaking. Challenges auditing functions face include budgetary constraints, skills shortages, difficulty in accessing data, executing swift responses to problems and complying with data privacy legislation. Efficiency is compromised by a reliance on IT support to leverage analytics, and the need to copy or move data from one location to another before it can be used. Fraxses offers a compelling solution to these challenges. In enabling internal audit teams to access data directly and in real-time, the platform eradicates the need for data to be copied or moved, together with reliance on IT. The fact that Fraxses leverages metadata-driven data products that facilitate data virtualization but hold no data is ideal in terms of data privacy legislation, because it allows for disparate systems and geographical regions to be audited from a single location with full security. Fraxses assures auditors of data pedigree and lineage views, enhanced exception reporting, and includes a powerful embedded analytics component that does not require advanced technical skills. Along with the quality, efficiency and cost-effectiveness it promises, Fraxses represents a way for businesses to futureproof their internal audit functions. It enables continuous control monitoring, with artificial intelligence (AI) and machine intelligence (MI) capabilities inherently built into the platform architecture. Fraxses allows internal audit teams to adopt an Agile methodology, and empowers them to move beyond typical control and process testing and into dynamic risk management.