SimSmart Enhancing Direct Assignment Auditing
- Abhijit Shankaran
- May 9
- 2 min read
Auditing is the examination of an organisation's financial records to ensure alignment with policies and regulations set forth by the regulatory body in that industry.
Furthermore, it is a test of transparency and fair practices, the violation of which can lead to potential financial penalties and termination of business, among other severe consequences.
What is auditing in the context of direct assignment business?
In Direct Assignment business, an auditable process requires deal management processes from initiation to closure to be documented, verifiable and transparent.
This documentation offers a comprehensive record of operations, decisions, and transactions, allowing auditors to determine if the process meets legal, corporate & industry standards and regulations.
Since Investors acquire loan portfolios from various originators, end-to-end visibility is essential, the absence of which can lead to improper management and potential risks.
Hence, an audit trail is important to track user activity and accountability.
Regardless of the size of the loan portfolio under management, compliance with legal, corporate, and industry requirements is required.
An automated system ensures that every stage of the deal management process is thoroughly documented and immediately available for audits, increasing transparency and accountability.
Challenges with Manual Handling of Auditable Processes
Manual process handling has the following challenges:
Challenge 1: Errors and Omissions Manually documenting each stage of the transaction management process raises the possibility of mistakes and omissions. This affects the audit trail's correctness and completeness.
Challenge 2: Limited Visibility The lack/absence of centralised tracking makes it challenging to track all actions involved in the direct assignment process. This results in inefficiencies and increases the risk of non-compliance.
Challenge 3: Impediment of Efficiency Manual record-keeping methods cause delays and compromise the speed and efficiency of audits. This results in longer audit durations and strenuous back-and-forth.
Challenge 4: Risk of Inconsistencies Inconsistent data integrity can undermine the reliability and accuracy of direct assignment operations. This results in potential losses, fines and reputational damage.
SimSmart automates Auditable Processes
Presenting SimSmart, the best way to create an accurate and transparent action record for internal and external audits. SimSmart was created to provide a reliable framework, assuring that each stage of deal management can be easily examined and validated.
Expedite work allocation and boost productivity with our system. From assignment to completion, monitor the status of due diligence operations. This gives a thorough overview of all ongoing audit and due diligence operations, which ensures transparency and accountability.
With SimSmart, take control and clarity to a new level and radically transform your auditing and due diligence procedures.
SimSmart for Direct Assignment (Buy & Sell Side)
About SimSol
We are an ISO/IEC 27001:2022 certified product company specialising in lending technology software solutions for Banks, NBFCs, and Financial Institutions. Our solutions also extend to insurance companies and Telcos.
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