Suddenly, something triggers an audit.
It might be a class action lawsuit. It might be a tax matter; it might be a new regulatory compliance standard. It may concern employees or contracts. Whatever the reason, the task is huge and time is usually short.
Sooner or later most large companies need to validate their corporate records, whether that means an internal audit, an external audit, or reconciling two sets of accounts. These audits also help a company assess the robustness of its internal control systems.
Common compliance challenges
- Expense: Even where a company has the capacity to perform a major audit quickly, the manpower cost is likely to be prohibitive.
- Scale: Companies typically have years — sometimes decades — of archived files. There may be millions of pages of information to go through, and many of them may be physically on paper.
- Context: Records must be scrutinized according to the specific compliance requirements in each case.
- Speed: Huge archives must be processed in very short periods of time. Failure to do so can result in penalties, or worse.
- Accuracy: Despite the need for speed, the need for accuracy is even greater.
What we do
NDS offers rule- and compliance-based auditing and reconciliation services.
We serve large companies across industries as diverse as mortgages, oil and gas, insurers and pension plans and HR benefits administration.
We analyze the available data and produce an audit report on each file or case that clearly identifies instances of non-compliance and indicate corrective action needed.
How do we do it?
Alongside your staff, we review all the files and establish objective rules and criteria for establishing compliance and non-compliance.
We scan all available paper-based documentation relating to the area of study and store the records in electronic formats on a central server. This makes it easy for multiple members of our teams to simultaneously access the information.
We review the data from scanned documents. The IT-driven review that is now possible assesses levels of compliance in each case and rapidly identifies any shortfalls.
High accuracy is guaranteed because two NDS associates review each record in tandem.
The digitized records are hosted on NDS infrastructure and accessed by the customer through an intuitive Content Management System that allows fast, accurate retrieval of very granular information at any time in the future. The NDS approach thus future-proofs your vital company information.
How do you benefit?
- Rapid assessment and identification of non-compliance
- Lower cost than a DIY approach
- Fewer penalties for late filing. NDS customers have seen late filing fees reduced by 80%.
- A structured library of detailed company data, securely stored and available to you at any time via web-based platform
How are we different?
- Our ability to provide an end-to-end service displays you your audit data very quickly through a web-based CMS. At the same time it builds a powerful new platform for future records management.
- We engage domain experts to guide the process and educate NDS staff about the reasons for the processing rules they applying in each industry. The result? Higher quality outcomes.
