Atlantic Union Bank Improves Outstanding Issue Resolution by 135 Days Using TeamMate
In 1902, L.E. Martin founded the Caroline County Bank with just $2,500 in assets. By 1924, the bank had exceeded $1 million in assets. And, 117 years later, the bank now known as Atlantic Union Bank has grown to include 160 branches located throughout Virginia, Maryland, and North Carolina and $17.2 billion in assets.
In 2006, the internal audit department implemented Wolters Kluwer’s TeamMate audit management system to automate its audit processes and improve risk management. The hosted, centralized platform helps drive visibility, consistency, and efficiency not only within Internal Audit, but throughout the organization.
Cindy Driest, a Senior Audit Manager at Atlantic Union Bank, attests that the audit management tool has significantly assisted their internal audit department in a number of ways, including issue tracking and management, automation, and risk assessments.
Issue Tracking and Management
Prior to the implementation of the TeamMate issue tracking and remediation tool, TeamCentral, the internal audit department was using a manual Excel spreadsheet to track, update, and communicate the remediation status of Internal Audit and external examination findings. With TeamMate, auditees receive automated reminders that remediation is approaching its due date or is past due. With direct visibility into the system by the line of business and executive management, auditees have become more accountable for issue remediation. This has also positively affected the timeliness of remediation.