Exploring Asset Audit Response

Learn more about the Asset Audit Response application by reviewing the workflow and understanding the benefits that it can provide to your organization.

Asset Audit Response overview

The Asset Audit Response application provides an Asset Governance Workspace and an Audit Workspace where you can manage your financial regulatory audits, request evidence for these audits, respond to these requests through a guided experience, and access regulatory content data to help drive more efficient and accurate responses to these requests. With the Asset Audit Response application, you can plan for and resolve regulatory risks and compliance issues before they lead to audit failures.

Asset Audit Response users

Table 1. Users

User	Description
Audit managers	Audit managers oversee the auditing process within an organization. They can create, track, and manage audit engagements and evidence requests to assess their organization's compliance with laws, regulations, policies, or standards.
Asset managers	Asset managers oversee the end-to-end life cycle of each asset within an organization. They can fulfill evidence requests for audit engagements.

Asset Audit Response workflow

The following section describes the steps that are involved in the Asset Audit Response workflow.

1. An organization receives an audit letter from a financial regulatory agency, such as the Federal Financial Institutions Examination Council (FFIEC).
2. In the Audit Workspace, the audit manager creates an engagement to scope, plan, and conduct the requested audit.
3. The audit manager then creates a corresponding evidence request to obtain supporting information and data that can help with completing the engagement.
4. The evidence request is assigned and submitted to the asset manager.
5. In the Asset Governance Workspace, the asset manager reviews and accepts the evidence request.
6. The asset manager then initiates the evidence collection process by creating the relevant evidence records and assigning them to the appropriate asset team members. Each evidence record corresponds with a set of supporting information or data that the asset manager wants to collect and submit for the evidence request.
7. The asset manager can also define remediation rules to identify data gaps that are discovered during the evidence collection process.
8. Each asset team member begins collecting evidence, as defined in their assigned evidence records.
9. While each asset team member is collecting evidence, the asset manager can track and monitor the progress of the evidence collection.
10. After the evidence is collected, remediation tasks are automatically generated based on the remediation rules that the asset manager defined. The asset manager can choose to resolve or defer the remediation tasks.
11. The asset manager reviews and approves the collected evidence.
12. The asset manager submits the approved evidence to the audit manager for final review.
13. In the Audit Workspace, the audit manager reviews and accepts the submitted evidence.
14. The audit manager reports these findings to the financial regulatory agency to complete the audit engagement.

Asset Audit Response benefits

Table 2. Asset Audit Response benefits

Benefit	Feature	User
Create and manage financial regulatory audit engagements and corresponding evidence requests.	Audit Workspace	Audit managers
Track and manage responses to evidence requests for your financial regulatory audits.	Asset Governance Workspace	Asset managers
Fulfill evidence requests for your financial regulatory audits.	Asset Response Guided Experience	Asset managers

What to explore next

To learn more about configuring and using Asset Audit Response, see:

• Configuring Asset Audit Response
• Managing engagements for financial regulatory audits
• Requesting evidence for financial regulatory audit engagements
• Fulfilling evidence requests for financial regulatory audit engagements
• Asset Audit Response reference