Couple consulting bank for insurance
ComplianceFinanceTax & AccountingAugust 14, 2019

Americo & TeamMate+ Audit

TeamMate+ Helps Americo Deliver Nearly 100% Auditor Utilization

For Kim Beckley and her two-person internal audit team, efficiency is everything. As Director of Internal Audit at Americo Financial Life and Annuity Insurance Company (hereinafter “Americo”), Beckley runs a lean operation – close to 100% auditor utilization. Not an easy task as internal audit grows increasingly complex and stakeholder expectations remain high.

Technology plays an integral role in helping Beckley’s internal audit team meet their performance standards. In 2018, Internal Audit replaced its manual processes with TeamMate+, Wolters Kluwer’s fully configurable, web-based audit and assurance management expert solution. During implementation, TeamMate+’s business process experts partnered with Beckley to reevaluate their existing audit methodology and determine where improvements might be made to better streamline audit processes and maximize efficiency.

For Americo, one of the most impactful gains in efficiency centered around its external auditing process. When external auditors or insurance examiners need to review Americo’s internal audit documentation, Beckley spends about 30 minutes setting up their credentials in TeamMate+ to give them “read only” access to the data they need, which then enables external auditors to either log in remotely or work onsite. Because TeamMate+ is so intuitive to use, once the external auditors are set up in the audit system, they typically require little to no assistance from Beckley.

“Before TeamMate+, everything was stored on our network drive, which we couldn’t give our external auditors or insurance reviewers access to. That limitation required us to download all of the information they requested and securely transfer it to them, which took a tremendous amount of time,” said Beckley.

With TeamMate+, we’ve reduced that time from approximately 10 hours down to 30 minutes, which is a 95% decrease. That’s time we can now use to fulfill our many other internal audit obligations.
Kim Beckley, Director of Internal Audit at Americo

TeamMate+’s configurable dashboards also help Beckley efficiently manage her internal audit team and cosourcing partners. Beckley created a dashboard for each team member, enabling her to filter down to view the status of their audit projects and control testing in real-time. It also allows her to quickly send coaching notes or review completed work.

If content changes need to be made across multiple audits, Beckley can easily manage this by pushing out updated controls or procedures to her team via TeamStore, TeamMate+’s online content library. This gives Beckley a central location to manage and update all documentation. In fact, Beckley says TeamStore content was a key factor in their decision to implement TeamMate+.

Since efficiency is so firmly engrained in Americo’s internal audit mindset, the time keeping functionality in TeamMate+ has also become invaluable.

“Time keeping enables us to pinpoint exactly how we spend our time and allows us to prioritize for the future,” said Beckley. “The functionality also provides visibility and transparency into our audit processes to ensure we stay on track and deliver on audit committee and ownership expectations.”

Overall, Beckley says she couldn’t be more pleased with the gains in visibility, consistency and efficiency Americo has achieved in all facets of internal audit since implementing TeamMate+.

TeamMate+ is the first thing I log into in the morning and the last thing I log out of at night. It’s helped us evolve our audit processes and transform our internal audit department into an efficient operation that maximizes productivity and value.
Kim Beckley, Director of Internal Audit at Americo
Shawn Obrien
Marketing Manager

Shawn O’Brien joined Wolters Kluwer in 2013 and moved to TeamMate in the summer of 2019. His background in Product Management and Product Marketing means he regularly connects with customers to understand their challenges, their opportunities, and their successes.

Organization Name: Americo

Industry: Insurance

Headquarters: Kansas City, Missouri

Solution Used: TeamMate+ Audit

Customer Since: 2018
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