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From Silos to Collaboration: Streamlining Audit Documentation in Price Valuation

Reading time: 5 min   |  By Sonia Chopra   |  Published in Articles,

Audit Documentation in Cuneiform for Valuation Risk

In today’s rapidly evolving markets, valuation teams must create, manage, and disseminate audit documentation amidst stringent regulatory demands. Ensuring that all documentation is accurate, comprehensive, and complies with strict standards is critical to avoid penalties and fines.

Producing multiple audit reports tailored for various stakeholders and initiatives can be overwhelming. This process is complicated by the need to manually consolidate complex and fragmented financial data from diverse data sources into traceable, standardized, and reliable audit reports that are easy to understand and share.

Documenting the investigative process is necessary, especially when discrepancies between pricing and market-observable data occur. However, reporting findings to stakeholders becomes complex as the process of producing traceable evidence and proof-of-work is resource-intensive. Additionally, generating customizable audit reports often presents obstacles that hinder effective collaboration, preventing group members from contributing feedback in real time.

Additionally, generating customizable audit reports often presents obstacles that hinder effective collaboration, preventing group members from contributing feedback in real time. Without a dynamic and interactive tool, the audit documentation process becomes even more time-consuming and siloed.  This lack of collaboration can lead to inconsistent data interpretation, redundant efforts, and gaps in information sharing. These issues collectively result in poor decision-making, decreased operational efficiency, and potential regulatory penalties.

Cuneiform for Valuation Risk: Audit Documentation

Cuneiform for Valuation Risk® improves and automates the audit documentation workflow to support P&L generation and internal audit and regulatory reporting by allowing your group members to communicate and annotate observations collaboratively.

The solution implements a standardized documentation structure to maintain consistency across different asset classes. Simultaneously, it also allows for customization and flexibility to meet your individual or organizational needs. With a shareable and interactive interface, your valuation team can add messages (textual comments) and annotations, enhancing transparency and collaboration.

By automating antiquated workflows surrounding audit documentation, you can streamline operations, enhance accuracy through collaboration, and significantly reduce costs associated with compliance and audits.

How can Audit Documentation, Messages, and Annotations Help You?

Cuneiform for Valuation Risk helps streamline and standardize your audit documentation workflow with automatic report generation and real-time collaboration.

Through the solution, your valuation teams are able to:

Gain a comprehensive and unified view of audit documentation, including messages and annotations from group members.

Automate the generation of audit reports and documentation workflows for improved efficiency and data quality.

Standardize approaches to document structure that are easy to read, understand, and share.

Ensure full flexibility to individualize document content to adhere to your firm policies.

Collaborate with stakeholders through messages, annotations, and shareable reports that are easily editable.

Provide secure documentation by locking material after 30 days to prevent additional changes.

Save Time with Automatically Generated Audit Documents

The solution automatically generates audit documentation with your selected instruments and market surfaces of interest to save you time and resources.

Improve Report Customization with Cuneiform Messenger

Improve Report Customization with Cuneiform Messenger

Your team members can use Cuneiform Messenger to create, edit, or delete messages for a specific market segment or individual instrument. You can create reports for specific market segments based on the findings of a prior analysis or investigation. This allows you to tailor and refine reports to meet your firm’s unique requirements.

Enhance Collaboration and Feedback with Annotations

Annotations Audit Documentation

Once the report has been generated, your group members can leave annotations on various document sections for discussion. This ensures additional collaborative and comprehensive feedback. You can also adjust the structure by deleting any section of the report. If a section is deleted, it can be added back. Easily view the history of reports generated for this market.

Ensure Consistency with a Standardized Approach

You can ensure consistency across asset classes while tailoring documentation to your firm’s standard policies and procedures. With full flexibility, you can customize content based on your priorities. This standardization enhances the consistency of information presented to management, traders, regulators, and other interested parties.

Increase Security by Locking Reports

The solution enforces robust security measures by locking audit documentation and securely storing it 30 days after its creation. This safeguard prevents unauthorized alterations, ensuring data integrity and compliance with security protocols.

Cuneiform for Valuation Risk offers a transformative approach to audit documentation by merging automation with real-time collaboration, enhancing both accuracy and efficiency. By adopting this innovative solution, you not only comply with regulatory requirements more effectively but also improve your operational excellence and reduce costs.

Contact Us

Please reach out today for more information or to schedule a demo. Take the next step towards redefining your valuation risk management strategy.

By Sonia Chopra

Sonia Chopra is PeerNova's Product Marketing Manager for the Valuation Risk product line. She has nearly a decade of marketing experience and has been with PeerNova for eight years. She specializes in crafting content and campaigns that address the complexities of product and valuation control, such as market volatility, asset pricing discrepancies, and regulatory compliance issues. Her ability to articulate the intricacies of these challenges, enables her to develop highly effective product marketing strategies that meet the evolving needs of the industry.

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