Thomson Reuters has added an Audit Management solution to its Connected Risk platform to help firms better assess risks and increase the efficiency of their audit process.

Thomson Reuters launched its Connected Risk platform in the first quarter of 2017 following its acquisition of Empowered Systems, whose proprietary technology underpins the offering. Connected Risk is designed to help customers tailor solutions to meet specific risk-use cases.

The new Audit Management addition is designed to facilitate the role of an audit advisor to their business clients by providing information to support strategic decision-making.

Auditors can use the tool to adjust audit plans in cycle to reflect changes in risk profiles, and where applicable, assessments can be informed by the broader business risk through use of the underlying Connected Risk platform’s data mapping and aggregation capabilities, according to Thomson Reuters. Audit professionals can also execute audits underpinned by electronic work-papers and subsequent audit findings management, which is all tracked and reported through the integrated dashboards and reporting engine and/or integrated into existing business intelligence tools.

“There is no denying that both the financial services and corporate sectors continue to experience unprecedented volumes of regulatory change and complexity,” said Gareth Evans, managing director, enterprise risk management at Thomson Reuters, in a statement. “The amount of data our customers must understand shows no sign of abatement. What they need more than ever are ways to better make sense of what matters.”

He added that the Audit Management tool will allow auditor customers to apply “the deep expertise that Thomson Reuters is known for in managing and interpreting unstructured data.”

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