The banks' 5 biggest challenges with audit letters

Audit assignment season is just around the corner. We shed light on some of the most common challenges banks are experiencing in this period - as well as how Brevio is working to solve these.

1. Many channels make the ordering process confusing

The banks today experience receiving requests via a number of different channels, including post, e-mail, telephone, etc. Each audit company has its own routines, which means that a lot of time is spent in the acceptance process at the banks. There is also a risk that requests may be overlooked, and that the bank customer will not be able to carry out the audit in time.

Brevio solves this by offering the banks a uniform channel, through (free) web interfaces and APIs. All orders are received via the same channel, and you get reminders if you forget to answer an order. This helps to raise the quality of the bank's external services.

2. Many different order types make automation difficult

The vast majority of audit companies have their own order templates and routines. This means that the banks, for their part, receive orders in different formats and with different content. It requires a lot of manual work on the receiving side at the bank, and the bank runs a risk of procedural errors (missing content, incorrect authorizing party, etc.).

Brevio solves this by standardizing the orders that come in across audit companies. Brevio APIs also enable automation of the receiving and replying process.

3. Return via post or encrypted e-mail is time-consuming

There is a growing expectation from both bank customers and auditors that the audit tasks are returned digitally. On the other hand, assignments are still sent by post to the auditor, which is perceived as time-consuming and often leads to questions about delivery, incorrect delivery, etc. For those who choose to send via encrypted e-mail, this is also an extensive and expensive process, which often requires bilateral agreements for the exchange of information between the parties.

Brevio, on the other hand, is a simple and secure way of offering bank customers and auditors a fully digital process. Here you can be sure of the correct sender and recipient, without having to contact each audit company in advance. Periodic penetration testing and vulnerability assessments performed by independent and reputable security consulting firms help make this a more secure option than post/email.

4. Lots of chefs, lots of customer service

In January every year, banks send tens of thousands of audit letters to auditors in Norway. In this context, questions often arise, both from the bank's side and from the auditor. This sometimes causes great pressure on the customer service side of the bank, which is costly and allocates time away from other tasks.

Brevio solves this with a live chat in the solution, both for the bank, bank customer and auditor. Current information is made available about changes in delivery times, as well as a history of when the banks normally respond to requests in the New Year. This reduces inquiries to the bank, and gives the auditor (and bank customer) better predictability.

5. The audit letter process is not prioritized

Many banks experience a desire to streamline the process around audit letters, but when weighed against other processes in the bank, it is given a lower priority. As bank customers' and auditors' expectations of the process are dynamic, this will lead to an ever-widening gap in expectations for banks that do not address the process.

Brevio offers a solution that is continuously developed, precisely based on feedback from bank customers, banks and auditors. The solution is free for the bank, non-exclusive and requires minimal setup.

For more information about Brevio and what we can help the bank solve, go to www.brevio.com/en/banks or send us your question at [email protected].