Third Party Audit Management App

The problem

“I want to grow my business, but all I ever seem to do is clean up these reports!”

It’s a common problem for any business, but in this case of this client, their business is managing highly skilled auditors who provide 3rd party non-financial statement assurance services – often required by banks and insurance agencies.

Each auditor wants to submit their audit report in a different format – leading to significant report formatting effort for the client.

The solution

When a process needs to be formalized, automation and governance is usually the first place to turn. This problem was no different.

TheoryLane developed a high-level information flow diagram to help align technical terminology with business processes.

During TheoryLane facilitated Round table discussions on how digital information moved between the agents in an audit, an opportunity was identifie

The application would then produce a pre-formatted report based on the audit information.d to develop an application which auditors could use to input audit notes, assessment values, and relevant evidence.

Additionally, financial models were constructed. A cost-benefit analysis was created to determine value of expanding application versus additional human resources. A value-proposition and valuation model revealed potential external market viability.

The Outcome

TheoryLane produced a delivery plan for Proof of Concept application and provided development resources to successfully delivery the proof-of-concept application.

Proof of Concept was sufficient to create standardization in smaller audits, freeing up client time to pursue additional business, and even rolling Proof-of-Concept app into potential start-up.

Compliance NLP Innovation Roadmap

The problem

“We’ve automated a manual process; can we do something with all this data moving around?”

When a business moves its data environment from spreadsheet and emails to web apps and cloud storage, a remarkable thing happens – the data is now accessible by more than one person!

In this case study, the process of insurance contract,  claim, and coverage reconciliation was moved to an online application. In the application, file upload and document reconciliation were still performed manually.

The solution

 

*Specific use cases not shown due to proprietary nature

In uncertainty there is opportunity, TheoryLane performed innovation roadmapping and associated research recommendations on enhancements to the client’s data environment and data processing.

The outcome

Using our established method of communicating complex business processes in simple language, TheoryLane identified several opportunities to apply advanced ML / AI solutions without disruption of existing processes.

Following the steps outlined in their roadmap, using the recommended technology, they were able to implement business specific applications of NLP functions such as term similarity and ID similarity matching within their next development iteration.

To provide a more informed perspective for financial decision making, TheoryLane developed make-vs-buy and cost benefit analysis on AWS PaaS and SaaS offerings to determine which analytics services to purchase ‘off the shelf’ and what functionality should be developed ‘in-house’ to protect their competitive advantage. (i.e. differentiate the firm from all the other competitor using the same SaaS product.)

Combination of AWS PaaS components with proprietary operations was determined to be the best balance between strategic capability and 3rd party managed affordability.

For example, the diagram below is a simplified example of how Data Scientists may perform data transformations and model development within a managed environment, while still retaining the flexibility (and ownership) of code developed within said environment.