Transforming the banking industry with internal audit technology.
After operating as a successful residential mortgage lender for nearly 10 years, a well-established bank in Canada was approved to operate as a Schedule 1 Bank in February 2017. With offices in Ontario, Alberta, and British Columbia it has become one of Canada’s largest broker-channel sourced residential mortgage lenders.
Staying competitive in a rapidly changing marketplace requires great adaptability and agility. It’s a mindset that is evident throughout the organization, and more specifically, within its internal audit department. The audit team has shifted from manual processes to engaging with automated technology that ensures a consistent and disciplined approach to audits, while also offering greater insights into risks and controls.
With no previous audit management system in place, Wolters Kluwer TeamMate+ was selected as the audit management software that would help begin this transformation. In April 2017, the audit software launched in a sandbox environment, and by January 2018 TeamMate+ became the audit system of record.
“The network shared drive that we were using became too cumbersome, with multiple folders and sub-folders to search through to find the audit data we needed,” said the bank’s Director of Internal Audit.