Internal audit efficiency at Octo Telematics
“What I like about ACL GRC is that the entire audit process, from the initial strategic risk assessment of the audit universe all the way through to audit reporting, finding tracking, and finding reporting, is able to be done within one solution.”
Head of Internal Audit,
Founded in 2002 and headquartered in London, UK, Octo Telematics is the global leader in telematics and data analytics solutions for the auto insurance industry, with annual revenues of 286 million euros. Octo currently has 5.3 million connected users, and the largest global database of telematics data (more than 175 billion miles of driving/accident data).
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Interview with Ben Kaye, Head of Internal Audit, Octo Telematics.
What are some of the biggest risks facing your organization?
All of our data is collected and stored in the cloud, and so big data for us is where we need to focus our attention. We also have significant regulatory risks, and because of the exponential growth of our organization, change is constant.
What are your current challenges?
Being able to manage all of my stakeholders and provide the level of assurance that I think is required by the business, by the audit committee; from my perspective there’s no point in going around the organization and telling the organization how they can become efficient and effective, without my own function being efficient and effective.
What I like about ACL GRC is that the entire audit process, from the initial strategic risk assessment of the audit universe all the way through to audit reporting, finding tracking, and finding reporting, is able to be done within one solution. That really saves me a lot of time and allows me to be compliant with not only my own internal audit methodology, but also the IIA’s professional practices framework.
How has purpose-built audit software helped your workload?
Here at Octo I’m utilizing a co-source, so I will have different auditors on an audit depending on the type of audit, depending on the location of the audit. And to be able to bring people on board using ACL GRC without having to give them access to a shared drive and all of the complexities that go along with that, I’m able to get them up and running into the audit almost immediately. And for me, a value cannot be placed on that.
How has it improved the quality of your outputs?
It’s very important for me to ensure that my workpapers are satisfactory and up to scratch, in order to stand up to an external quality assessment. For me to be able to do that with a multitude of different people working on different engagements, that’s quite difficult. What ACL GRC allows me to do is to standardize my workpapers, replicate them, use them over and over again, and have a very strong trail of all of my audit work and audit workpapers. For me, there was no question about which solution I wanted to utilize.
What additional features of ACL GRC benefit your team?
One of the features of ACL GRC that I particularly like and utilize a lot is the surveys. We use that functionality to obtain feedback after each audit, for me to be able to demonstrate to my stakeholders the continuous improvement of the internal audit. We also use the surveys function for our anti-bribery and corruption program, and for various other activities within our compliance and risk management.
I’ve used the accompanying mobile app to ACL GRC extensively. I find it very useful for reviewing documents and reviewing workpapers on the go, and for performing my risk assessment. This allows me to be able to audit anywhere, anytime, without having a laptop in front of me.
How has technology improved the perception of your team?
Management were very impressed with the tool that I was wanting to implement, and having stakeholders interacting with the GRC tool throughout the audit process. It is a lot easier for me to be able to demonstrate that my function is efficient, is effective.
Would you ever go back to a life without audit technology?
I find it hard to believe that audit functions wouldn’t be using any type of workpapers or GRC solution. What ACLGRC allows me to do is to really focus our attention on the audit work, rather than the administrative requirements around an internal audit function. That really takes care of itself with minimal amount of effort, so we can dedicate all of our time and all of our resources to actually auditing, which is where we can add the most value.