Implementing a SmartPros’ Audit Management System (AMS) for Compliance

The Client

A large Fortune 250 holding company that operates investment management businesses through subsidiary companies

Key Takeaways

Worked closely with client to identify data-feed areas that needed to be defined, and collaborated on necessary steps for data clean up.

Automated existing processes that streamlined reporting functionality.

Originated workflow methods, tracked the system at the various stages of the audit, and eliminated significant percentage of manual effort.

The Challenge

According to the Director of Branch Inspections, the company’s field inspection audit function had been outsourced. They had a minimal 3-person team in-house to manage the basics, and all other responsibilities were managed by the vendor.

The company decided to bring the audit process back in-house because they wanted their internal team, who understood the company, to act as advisors to the field rather than external auditors. However, their current system was outdated.

The Solution

SmartPros’ Audit Management System (AMS) was the chosen system because of its compliance with SEC Rule 17a-4, which in turn saved the company substantial effort. In addition, the financial institution could retain their audits inside of the SmartPros’ system.

Additional program benefits included the following:

  • Eliminated the need to print or download completed audits to another piece of software.
  • Automated data transfer from their registration system to AMS, thereby allowing the institution to track all locations that needed inspection.
  • Removed extra steps that lowered human error issues, saving both time and effort.
  • Captured a wide variety of data to track how many inspections a particular auditor had done.
  • Documented the start and stop dates of when an auditor submitted the paperwork which in turn monitored the auditor’s efficiency.
  • Generated reports by specific audit questions, which could be downloaded into an Excel spreadsheet for the client to conduct further data manipulation.
  • Tailored remediation steps to fit the situation, rather than a one-size-fits-all solution.

The Result

The client was very satisfied with the implementation of SmartPros’ AMS, which helped them automate the entire field office inspection process. In addition, their system is also scalable and provides enough room in the AMS to customize steps to address specific situations.

AMS also removed the need for several processes that were previously done manually, exposing them to errors and time delays. According to the client, the primary benefits have been the ability to oversee the auditors and their ability to monitor the process.

The manner in which this company relates to an individual advisor is a competitive advantage, in addition to how their staff interacts with field managers and field supervisors.

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Key Takeaways

Assessed the wide range of qualifications and skills amongst new fund managers.

Designed a customized program to disseminate adequate and equal financial knowledge and training.

Instilled a practical understanding of accounting practices, macroeconomics, financial modeling, and other training to complete their skill set.

Key Takeaways

Established and implemented key programs to communicate clearly and efficiently on a broad scale.

Facilitated teamwork with the overarching goal of achieving behavioral shifts in attitude.

Created a more collaborative environment and strengthened the interaction and trust between teams.

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