BDO: Increase Efficiencies with "Three Lines of Defence" and "Golden Thread"
One of the major challenges facing BDO was that the previous technology did not address each of the core functions identified in the Three Lines of Defence model, resulting in a fragmented approach to GRC. In particular, it was identified that Risk and Control environments needed to be able to work more cohesively in order to maximise the operational benefits achievable through such a model.
The single most important benefit for BDO was the ability to gain real-time insight into the Risk and Control framework. Furthermore, with Pentana, there was a "clear and well-structured process and insight into the audit trail." All of this has added value for BDO in three critical ways:
- Risk Management, Compliance and Internal Audit can all work with the same tool, which leads to increased effectiveness of the Three Lines of Defence
- Reports can be easily generated, which aids communication to stakeholders and creates risk awareness
- GRC has become more visible, which aids better discussions and thereby functions as a powerful tool in decision making
Benefits
- Implements a consistent methodology compliant with international risk and auditing standards
- Simplifies global deployment with installation from a website and automatic updates downloaded without user intervention
- Optimises performance for use over a wide range of network speeds as well as working off-line to provide a true global working environment for GRC professionals
- Pentana can equally be used for Enterprise Risk Management, SOX compliance, investigations, Health and Safety or any application where risk assessment and centralised action tracking are required
- Risk Management, Compliance and Internal Audit can all work with the same tool, which leads to increased effectiveness of the 3 Lines of Defence & Golden Thread