Features in Audit Management Solutions
for Compliance and Legal
Applications that plan, conduct, document, and report on internal audits, helping identify compliance gaps and control weaknesses.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Audit Execution
Capabilities that facilitate the effective collection and assessment of audit evidence during fieldwork.
- Audit Trail
- Automatically logs all actions taken during the audit process.
- Checklists and Scoring
- Supports dynamic, scored checklists for objective assessments.
- Evidence Collection
- Captures and stores evidence files (docs, photos, audio) with traceability to requirements.
- Mobile Access
- Allows auditors to conduct audits via mobile apps or responsive web interfaces.
- Offline Mode
- Provides ability to continue fieldwork when disconnected from the internet.
- Pre-populated Data
- Imports relevant data and controls from risk/compliance systems to pre-fill fields.
- Real-Time Collaboration
- Enables multiple auditors to work simultaneously and share notes/evidence.
- Status Monitoring
- Visual dashboards for tracking audit progress.
- Task Assignment
- Assigns procedures and tasks to specific team members.
- Time Tracking
- Records hours spent by auditors on tasks or audits.
- Version Control
- Manages and tracks document and finding versions.
Audit Planning
Features that enable structured, efficient, and risk-based preparation and scheduling of audits.
- Approval Workflow
- Implements multi-level approval process for audit plans.
- Audit Universe Management
- Supports maintaining an inventory of auditable entities.
- Automated Scheduling
- Capability to automate audit scheduling and send reminders.
- Calendar Integration
- Integrates with external calendars (Outlook, Google) for event synchronization.
- Customizable Checklists
- Ability to create and modify checklists to fit specific audit needs.
- Document Attachment
- Allows attaching relevant planning documents to each audit record.
- Recurring Audit Support
- Supports definition and automatic creation of recurring audits.
- Resource Allocation
- Assigns auditors and other resources according to skill and availability.
- Risk-based Planning
- Allows audits to be prioritized and planned based on risk assessment.
- Scope Definition
- Helps define audit scope, objectives, and stakeholders.
- Template Library
- Availability of predefined audit templates tailored for insurance compliance.
Configurability and Customization
Allows tailoring of the solution to fit unique audit, compliance, and legal requirements.
- Configurable Workflows
- Modify or design workflows without needing code changes.
- Custom Fields
- Add or modify fields to capture organization-specific data.
- Extensible Reporting
- Add custom reports and visualizations.
- Form Designer
- Design audit forms to match organizational requirements.
- Localization/Internationalization
- Supports multiple languages, formats, and currencies.
- User-defined Roles
- Create custom user roles and permissions.
- White-Labeling
- Brand the interface with logos, colors, and organization identity.
Findings and Action Management
Tools to document, track, and ensure remediation for audit findings and recommendations.
- Ageing Reports
- Tracks outstanding items by duration to support timely closure.
- Assignment and Accountability
- Assigns action items to owners and tracks accountability.
- Automated Action Plans
- Automatically generates suggested actions based on findings.
- Automated Reminders
- Sends alerts until findings/action items are resolved.
- Closure Verification
- Requires evidence and verification before action items are closed.
- Follow-up Scheduling
- Schedules and tracks follow-up audits or reviews.
- Link to Policies and Controls
- Connects findings to specific controls or policies violated.
- Prioritization & Severity Rating
- Rates findings based on impact and urgency.
- Root Cause Analysis
- Facilitates systematic evaluation of underlying reasons for findings.
Integration and APIs
Features that enable connectivity and data exchange with other systems and data sources.
- Batch Processing
- Handles high-volume data exchange efficiently.
- Custom Integration Support
- Ability to connect with proprietary or legacy systems.
- Data Import/Export
- Enables bulk data upload and download capabilities.
- Prebuilt Connectors
- Out-of-the-box integrations with ERP, GRC, HRM, claims platforms, etc.
- RESTful API Support
- Allows system integration through standard APIs.
- Single Data Model
- Ensures consistent data structure across API and interface.
- Webhooks
- Support for event-driven integrations with external applications.
Regulatory Compliance
Specialized support to manage insurance legal and regulatory obligations.
- Automated Evidence Capture
- Links and stores evidence against each regulatory requirement.
- Automated Updates
- System updates regulations as new rules are released.
- Compliance Calendar
- Central calendar of external compliance requirements and deadlines.
- Compliance Gap Analysis
- Identifies policy/process gaps relative to regulations.
- Compliance Libraries
- Up-to-date catalog of insurance regulations and standards (NAIC, SOX, GDPR, etc.).
- Legal Hold Management
- Implements and enforces legal holds when required.
- Policy Attestation
- Supports collection and management of compliance attestations.
- Regulation Mapping
- Links audit procedures and controls to regulatory requirements.
- Third-party Compliance Monitoring
- Monitors vendor and partner compliance.
Reporting and Analytics
Comprehensive and customizable tools for analyzing audit results and communicating insights.
- Ad Hoc Reporting
- Allows users to build custom reports as required.
- Benchmarking Analytics
- Enables comparison across units/timeframes for trends and best practices.
- Customizable Dashboards
- Create tailored dashboards for different users or departments.
- Distribution Lists
- Automates regular report sharing with customizable recipient lists.
- Export Options
- Export data and reports in various formats (PDF, Excel, CSV).
- Graphical Visualizations
- Supports charts, graphs, heatmaps, and other visual tools for insights.
- KPI Tracking
- Tracks key audit and compliance metrics such as time to close findings.
- Pre-built Report Templates
- Provides a library of standard audit, compliance, and executive reports.
- Real-Time Data Refresh
- Reports and dashboards update instantly as new data arrives.
Scalability and Performance
The ability to scale efficiently with organizational and data growth and maintain system responsiveness.
- Audit Volume Handling
- Capacity to manage large numbers of concurrent audits.
- Concurrent User Capacity
- Number of users that can access the platform simultaneously.
- Data Storage Limits
- Maximum data stored or processed.
- Response Time SLA
- Average maximum response times for user actions.
- Uptime Guarantee
- Percentage uptime commitment for the platform.
Support, Training, and Documentation
Access to resources, education, and technical assistance for platform adoption and troubleshooting.
- 24/7 Support Availability
- Provides round-the-clock technical and user support.
- Community Forums
- Access to user discussion and Q&A forums.
- Dedicated Account Manager
- Point-of-contact for account and service issues.
- Knowledge Base
- Searchable library of FAQs, troubleshooting, and best practice articles.
- Onboarding Assistance
- Personalized help during setup and rollout.
- Product Roadmap Transparency
- Regular updates on new features and product changes.
- Training Materials & E-learning
- Comprehensive user guides, videos, and tutorials.
User Management and Security
Access, identity, and security features designed for sensitive compliance environments.
- Audit Log
- Tracks all user activities for security and compliance.
- Data Encryption
- Encrypts sensitive audit, legal, and compliance data at rest and in transit.
- IP Whitelisting
- Restricts access by IP for enhanced security.
- Multi-Factor Authentication (MFA)
- Requires additional authentication factors for access.
- Role-Based Access Control
- Allows granular permissions management per user/role.
- Segregation of Duties
- Prevents conflicts of interest via permission rules.
- Session Timeout
- Enforces automatic logouts on inactivity.
- Single Sign-On (SSO)
- Integrates with leading SSO providers (Okta, Azure AD, etc.).
- User Provisioning/Deprovisioning
- Automates account creation and removal.
Workflow and Automation
Features to optimize the audit lifecycle with process automation and workflow controls.
- Approval Routing
- Automatically routes findings, reports, and action items to appropriate approvers.
- Automated Notifications
- Sends reminders and alerts for tasks, approvals, or deadlines.
- Bulk Processing
- Supports batch closure or review of multiple items.
- Conditional Logic
- Automates tasks or notifications based on field values or findings.
- Customizable Workflows
- Ability to configure workflows to match organizational processes.
- Escalation Management
- Escalates overdue tasks or unresolved issues automatically.
- Integration with Task Management
- Connects with external tools (e.g., Jira, ServiceNow) for task tracking.
- Role-Based Workflow Permissions
- Enforces permissions and responsibilities according to user roles.