Auditrol

Core Banking Remains Unchanged, but Risks are Escalating

For decades, the core principles of banking have remained largely unchanged, with institutions taking calculated risks to generate profits. However, the industry has experienced significant transformations in recent years. New regulations and amendments, the rise of neo-banking, technological advancements, heightened security concerns, and privacy issues have all reshaped the banking landscape. Internally, organizations often grapple with inefficiencies that compound these external challenges. Financial institutions must navigate this complex environment while simultaneously driving growth and achieving operational excellence.

The Importance of Effective Risk Management

Effective risk management involves proactively identifying potential threats and vulnerabilities, assessing their impact, and implementing strategies to mitigate them. Unfortunately, many financial institutions treat risk mitigation as a series of operational tasks rather than a strategic imperative. They often lack comprehensive governance plans and struggle to foster collaboration. Furthermore, Operations and IT personnel often feel disconnected from the underlying business processes where risks may originate. Instead, they rely on a patchwork of tools and add personnel to address problems - a strategy that seldom leads to sustainable solutions.

Turning Risks into Opportunities

When managed intelligently, risks can serve as a significant differentiator, enabling banks to grow while meeting compliance requirements. Regulators expect financial institutions to adopt a systematic approach to risk mitigation: focusing on critical business functions and systems, clearly identifying ownership and oversight, leveraging technology, and aligning people and processes to deliver results.

Introducing Auditrol

Here at Auditrol, we have set out to address data risk - a horizontal function within the risk domain - by deeply analyzing business processes to identify risks at their origin. We map regulatory expectations to these processes in the form of control requirements and automate control testing. By empowering individuals through collaborative workflows and maintaining a comprehensive audit trail, we facilitate verification and attestation of changes to instill trust among users and stakeholders.

Aligning with Technological Advancements

Building Auditrol aligns perfectly with the technological advancements of our time, particularly in the realm of Generative AI. Historically, translating regulatory requirements into actionable tasks has been a lengthy and costly endeavor. We believe that a new era in risk management has arrived. Financial institutions can now implement our systems to meet these requirements quickly, efficiently, and cost-effectively.

Our Commitment to Customers

Our shared passion is providing solutions to our customers. We recognize that each customer may be at a different journey in their risk management. We assist them by sharing our best practices and expertise, helping to build governance policies, structuring cross-functional teams, and defining roles & responsibilities. We configure Auditrol to suit their specific use cases, offer support, and continuously monitor mutual success metrics. We achieve this by empowering stakeholders within our customers' organizations.

Collaboration Tool for Practitioners

We are committed to leveraging technology to stay ahead of regulatory requirements while prioritizing user centric model. Our tool understands the daily tasks of practitioners such as data owners and stewards along with risk and control owners, and guiding them to the right information and actions. That is why we decided against traditional product documentation or guided tours. Instead, we provide essential documentation consisting of installation and upgrade scripts, as well as concise markdown files, to deploy in customers' environments.

Our Journey Together

Interestingly, we did not know each other before starting this venture. We connected through LaunchCLT, a startup incubation center in Charlotte, where Ashwin mentors emerging companies and Chris serves as CFO and EVP at Lucid Bot - one of the fastest-growing companies to emerge from the same incubator. We discovered a shared vision to provide financial institutions risk score, similar to credit score, that is unique in the industry. Our skills - Ashwin's expertise in technology and data, and Chris's strengths in finance - complement each other and are the perfect ingredients for a successful venture. Our entrepreneurial journeys and shared family values brought us together.

Why We Started Auditrol: Revolutionizing Data Risk Management with AI