How REDE Consulting Brought Automation & Efficiency to a Leading Insurance Provider

Transforming Audit

In the complex, highly regulated world of insurance, audits aren't just a requirement—they're a constant, resource-intensive activity. Manual processes, disparate data, and the ever-present pressure of compliance can bog down even the most sophisticated organizations. This was precisely the challenge faced by one of our leading insurance clients before partnering with REDE Consulting.

The Challenge: Drowning in Manual Audit Processes

Our client, a prominent player in the insurance sector, was grappling with a common but critical problem: their audit function, though robust, was overwhelmingly manual.

This led to a cascade of issues:

1. Time-Consuming Data Gathering: Auditors spent an inordinate amount of time chasing evidence, requesting documents, and collating information from various departments and systems.
   

2. Lack of Real-time Visibility: Without a centralized, automated system, it was difficult to get a real-time view of audit progress, control effectiveness, or emerging risks. This hindered proactive decision-making.
   

3. Inconsistent Evidence & Reporting: Manual processes inevitably introduced inconsistencies in how evidence was collected, documented, and reported, increasing the risk of errors and prolonging review cycles.
   

4. Resource Drain: Highly skilled audit professionals were tied up in administrative tasks rather than focusing on strategic analysis, risk assessment, and value-added insights.
   

5. Difficulty with Regulatory Changes: Adapting to new or evolving regulatory requirements (like DORA, GDPR, etc.) was a slow and painful process, requiring significant manual adjustments to audit plans and controls.

This "audit tax" was not only impacting efficiency but also hindering the company's agility in a rapidly changing market.

REDE's Solution: AI-Powered Audit Automation with ServiceNow

REDE Consulting partnered with the insurance company to implement a comprehensive audit automation solution built on the ServiceNow Integrated Risk Management (IRM) platform. Our approach focused on leveraging ServiceNow's powerful capabilities, augmented by strategic AI integrations, to create an intelligent, streamlined, and continuously improving audit function.

Our solution involved:

• Centralized Control Framework: We migrated the client's existing control libraries and policies into ServiceNow, establishing a single source of truth for all audit activities. This allowed for clear mapping of controls to regulations, risks, and business processes.
  

• Automated Evidence Collection: We configured ServiceNow to integrate with key operational systems, enabling automated retrieval of control evidence (e.g., system logs, access reports, policy attestations). This drastically reduced manual data requests.
  

• Workflow-Driven Audits: We designed and automated audit workflows, from planning and scoping to fieldwork, issue management, and reporting. Tasks were automatically assigned, deadlines tracked, and approvals streamlined.
  

• Risk-Based Audit Planning: Leveraging ServiceNow's risk module, we enabled dynamic, risk-based audit planning. This ensured that audit resources were intelligently focused on the highest-risk areas, driven by real-time risk data rather than static schedules.
  

• AI-Enhanced Insights: We integrated AI capabilities to assist with anomaly detection in control performance, identify potential control gaps based on historical data, and predict areas of emerging risk, allowing auditors to focus their expert attention more effectively.
  

• Real-time Dashboards & Reporting: We built executive-level and operational dashboards within ServiceNow, providing instant visibility into audit status, control health, identified issues, and overall risk posture.

The Benefits: A New Era of Audit Efficiency and Strategic Insight

The implementation of REDE's audit automation solution brought about a transformative impact for the insurance provider:

• 37% Reduction in Audit Cycle Time:  By automating evidence collection and workflow management, the time spent on individual audits was significantly reduced, allowing more audits to be completed with the same resources.
  

• Enhanced Audit Coverage & Quality:  Automation freed up auditors to focus on deeper analysis and higher-risk areas, leading to more comprehensive coverage and higher-quality audit findings.
  

• Proactive Risk Management:  Real-time visibility and AI-driven insights allowed the organization to identify and address control deficiencies and emerging risks before they escalated into major incidents.
  

• Improved Regulatory Agility:  Adapting to new regulations became significantly faster, as the centralized control framework allowed for rapid mapping and adjustment of audit plans.
  

• Strategic GRC Function:  The audit team transitioned from a "compliance checker" to a strategic partner, providing valuable, data-driven insights to leadership on the organization's control environment and risk posture.
  

• Cost Savings:  Reduced manual effort and optimized resource allocation translated into tangible operational cost savings within the audit function.

Is Your Audit Function Ready for the Future?

If your organization is still battling the inefficiencies of manual audits, the time to transform is now. REDE Consulting specializes in helping highly regulated industries leverage the power of ServiceNow and AI to build agile, intelligent, and truly integrated risk and compliance programs.

Don't let manual processes hold back your strategic growth.

Ready to explore how audit automation can benefit your enterprise?

Contact the REDE Consulting team today for a consultation: Email: info@rede-consulting.com