Washington Trust Bank Implements ACL GRC to Audit Risks That Matter Most
Data Analytics-fed Audit Management Software Enables Bank to Continuously Monitor and Quantify Material Impact of Risks
VANCOUVER, British Columbia, Oct. 28, 2014 /PRNewswire/ -- ACL today announced that Spokane-based Washington Trust, a community bank offering personal, small business, and commercial banking, has chosen ACL™ GRC to establish a risk-based approach to its auditing processes. The internal audit team will use the audit and risk management software system alongside data analysis engine ACL™ Analytics Exchange to improve audit productivity and quality.
Washington Trust Bank is the oldest and largest privately held commercial bank in the Northwest, with nearly 750 employees and more than 40 financial centers in Washington, Idaho, and Oregon. As part of an effort to modernize its internal audit approach and better serve the business and its customer base, the bank was seeking a proactive, risk-based auditing approach to quantify the material impact of risks through the application of a continuous data monitoring program.
The bank selected ACL GRC for its ease of implementation and integration with ACL's proven data analysis software. Previously, the team faced the challenge of patching together pieces of their process across spreadsheets, shared file drives, and email.
The organization's internal auditors are now able to quantify risks tied into audit projects and easily share pertinent information with senior management. Additionally, the solution will benefit the credit review team, which will use the technology to establish triggers that automate actions based on a predetermined set of criteria and deploy surveys to gather additional information.
"Washington Trust has a vision for audit that requires a unified and flexible audit management system," said Daniel A. Clark, SVP of Internal Audit at Washington Trust Bank. "ACL GRC provides the audit team with a seamless link to our methodology and supports our evolving vision of using actual data to drive audit coverage. With minimum effort, our process can be systemized. Other systems did not provide the flexibility for us to arrive at our desired destination as an audit group."
Regulatory requirements are a top priority at Washington Trust. When integrated with ACL Analytics Exchange, ACL GRC will effectively monitor for risks across the organization and ensure that all systems and processes hold up against regulatory scrutiny.
"We frequently partner with financial services organizations to deliver solutions that will not only protect the enterprise, but provide real insight and value to the business," said Dan Zitting, VP, Product Management & Design at ACL. "By wielding technology to enable a continuously dynamic and flexible response to risk, Washington Trust's internal audit team leads the way in actualizing the widespread call for auditors to elevate their contribution to the organization."
To learn more about ACL GRC, visit www.acl.com/solutions/products/acl-grc/.
Supporting Resources:
- To read SVP of Internal Audit Daniel A. Clark's five step plan for moving from providing insight to demonstrating foresight, visit the ACL Blog: www.acl.com/2014/09/18/no-longer-insight-but-foresight
- For banking and finance customer case studies, visit: www.acl.com/customers/case-studies/case-studies
- Follow ACL on Twitter: @ACLServices
- Join ACL on LinkedIn: www.acl.com/LinkedIn
- Like ACL on Facebook: www.facebook.com/ACLServices
About ACL
ACL delivers software solutions that are transforming audit, compliance, and risk management to give organizations unprecedented control over their business. www.acl.com
© 2014 ACL Services Ltd. ACL and the ACL logo are registered trademarks of ACL Services Ltd. All other company and product names are trademarks of their respective owners.
SOURCE ACL
Share this article