Street Capital Bank of Canada transforms internal audit with technology.
After operating as a successful residential mortgage lender for nearly 10 years, Street Capital received approval to operate as a Schedule 1 Bank in February 2017. With offices in Ontario, Alberta, and British Columbia; the Bank is one of the country’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 team has shifted from manual processes to engaging with automated technology that ensures a consistent and disciplined approach to audits and more insights into risks and controls.
With no previous audit management system in place, Street Capital selected Wolters Kluwer TeamMate+ audit management software to begin its transformation. In April 2017, the Bank launched the audit software in a sandbox environment and in January 2018 TeamMate+ became the Bank’s 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 Chris Lesjak, Director of Internal Audit at Street Capital. “Having a Cloud-based, automated audit management system keeps all of the audit information centralized and right at our fingertips, so we can access what we need when we need it.”
As Street Capital’s Internal Audit team has familiarized themselves with TeamMate+’s functionality, they’ve uncovered a few features that help them address the internal audit needs.
- TeamStore. Leveraging the Bank’s Enterprise Risk Management (ERM) framework, Internal Audit uploaded risks and controls into TeamStore so they can be quickly accessed when working on audit projects. “Being able to go into TeamStore and get the data we need saves time and keeps us from continuously having to build audit information from scratch,” said Lesjak.
- Perspectives. With TeamMate+, Street Capital can drill down into the risk, procedure or issue perspective rather than flipping through folders and documents to view the correct information.
- Time Tracking. This feature helps measure Internal Audit’s efficiency metrics and confirm alignment with the audit budget. “Time tracking allows us to compare budgeted audit time to actual time and track any variances, which significantly helps us with future planning,” said Lesjak.
As Street Capital continues to adapt and evolve, so does the Bank’s Internal Audit department. With an automated audit management system in place, auditors now produce a more consistent and reliable work product—especially as new auditors are added to the team. Moving forward, the Internal Audit team plans to implement a Quality Assurance and Improvement Program to ensure the work performed is meeting the audit standards of their organization, as well as those set forth by the Institute of Internal Auditors. “TeamMate+ gives us confidence that the work we do drives value throughout our organization, particularly when it comes to managing risk, in a way that is visible, consistent and efficient,” said Lesjak.