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-Improve Your Business Operations with Our Internal Audit Control System

Laser Internal Controls Manager (LICM®)

Internal Audit Control Systems: Take Your Business to the Next Level!

Laser GRC will assist you in improving your organization's internal Financial Control System. Our team can help you create a system that will assist you in identifying and mitigating risk, improving your organization's overall security. Internal Financial Control systems are essential for any business. By implementing these systems, you can ensure that your business is running smoothly and that all financial transactions are accounted for. If you're looking for a reliable and effective internal control monitoring system, you can't go wrong with our software LICM – Laser Internal Control Manager.Our system is a self-assessment tool, easy to use and will help you keep your business in check. An internal control system is a process or set of procedures used by an organization to ensure the accuracy and validity of its financial controls. The system designed by Laser GRC will provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that they are free from material misstatement, whether due to fraud or error.

The internal audit control system is just one element of an organization's overall system of internal controls, which also includes ethical values, management supervision, and physical security. The system should be designed to fit the specific needs of the organization and reviewed periodically to ensure that it is effective. Internal controls are meant to stop mistakes and irregularities, spot issues, and guarantee that the right steps are taken to fix them. Because controls are ingrained in operations, process owners within your department frequently carry out controls and interact with the control structure on a daily basis, sometimes without even realizing it.

A systematic approach to internal controls is key to identify the risks and controls facing an organization. The ability to effectively manage these parameters results in greater degree of control and optimal financial management.

The Laser Internal Controls Manager (LICM®)is a fully integrated web-based solution that gives you the status of all Internal Controls and Financial Controls in an organization thus giving assurance to the senior management in real time. Aligned with the COSO 2013 framework and Institute of Internal Auditors (IIA) standards, it helps you implement an effective internal controls framework across the enterprise, providing a unique perspective on current business challenges.

What Is an Internal Control System?

An internal control system is a set of rules, policies, and procedures that an organization implements to provide direction, increase efficiency, and strengthen adherence to policies. Laser Internal Control Manager (LICM) system in auditing is designed to meet the specific needs of the organization.

There are three main components of an effective internal control system:

1) Control Environment - This includes the tone at the top, management's philosophy, and commitment to integrity, competence, and ethical values of employees.

2) Control Assessment - This includes identifying and assessing the controls that could affect the achievement of the organization's objectives by self-assessment of the control owner.

3) Control Activities - This includes implementing policies and procedures, dividing responsibilities among employees, making sure employees have adequate training, and using information technology to support controls.

4) Information and communication - Important information needs to be located, recorded, and disseminated in a way that makes it possible for recipients to fulfil their obligations. Reports generated by information systems that support operational, financial, and compliance-related activities enable management of the firm.

5) Monitoring- Monitoring internal control system in auditing is necessary since it determines how well the system functions over time. This is achieved through continual observational procedures, independent assessments, or a mix of the two. During operations, there is constant monitoring. Defects in internal controls should be communicated upward, and major issues should be brought to the attention of top management and the Regents.

Elements of an Internal Control System
Laser Internal Control Manager (LICM) is effective as it helps an organization achieve its objectives by providing a framework that promotes adherence to policies and procedures. It's important to remember that an internal check system in auditing is not a one-time fix, but rather a living, breathing entity that requires regular monitoring and adjustment.

There are five essential elements of an effective internal control system: accounting and financial controls, information technology controls, operational controls, management controls, and compliance controls. While each of these elements is important in its own right, it's the combination of all five that creates a well-rounded and effective system.

Benefits of Internal Controls Monitoring System
The benefits of having an effective internal control system in place are immense.

A well-designed system from Laser GRC can help ensure that your employees are following your policies and procedures and that your organization is adhering to best practices in all areas. It can also help to identify and mitigate risks, improve efficiency, and strengthen compliance.

But perhaps the most important benefit is that it helps to create a controlled environment in which employees feel comfortable voicing their concerns and challenging the status quo. When employees know that they can speak up without fear of retribution, they are more likely to identify and report irregularities. This helps to protect your organization against fraud, theft, and other illegal activities.

We Establish and Review Your Internal Controls
Establishing and reviewing your internal controls is critical for ensuring compliance. It’s important to create a system that ensures all policies are being followed and that any problems are addressed quickly and efficiently.

When creating a process, we start by making sure you know the rules and regulations you’ll be adhering to. Then, set up processes to ensure compliance with those rules. This should include monitoring data input and output, assessing financial transactions, auditing performance, and reviewing management decisions. Once you have the processes in place, it’s important for you to review them regularly to ensure they remain effective. Monitor systems for signs of abuse or fraud, and review management decisions for consistency with established practices. Take corrective action as necessary to address any issues or discrepancies.

Finally, remember to document everything as you go. Good documentation helps keep your internal check system in auditing run smoothly and efficiently. You can also use it to refer back to past decisions or asses plans more accurately.

Strengthen Compliance with an Effective Internal Control System
Laser GRC’s internal control system will strengthen compliance even further to ensure that your controls are up-to-date and actively monitored. LICM is a self-assessment tool, which can trigger assessment depending on the frequency. Our solutions help adjust your internal controls as necessary when changes occur in the organization. This could include changes in personnel or operations. Being able to update the system quickly will help keep compliance up-to-date and strengthen the overall effectiveness of your compliance system. Laser GRC’s effective LICM solution will provide your organization both an effective internal control self-assessment system and the best internal control monitoring system.

Dashboard

Get real time status of Internal Controls across the organization. Review the progress of all open action plans at a single glance. Get the status of all controls based on Key Controls/Financial Control, and by Location, Process, Sub Process, department and SBU.

Control Self Assessment (CSA)

Effectively assign CSAs to owners. Owners can update the status of controls and update evidences. Keeps track of failed controls and timeline for Action Plan. Track open Action Points. Create duplicate CSAs for different locations easily.

Repository of Risks

Create a complete repository of Risk and classify the risk for fraud. Assign a risk number to each risk. Categorize the risk as critical, high or low.

Repository of Controls

Create a laundry list of controls for an organization that are mapped to the 17 principles under the 5 components of COSO 2013 framework. Controls are classified as Key, Financial or Operational.

Certifying the Controls

Owners can participate in the assessment and certification of controls. In case of failed controls, owners can provide Action Plan and timelines to mitigate them. Reviewer can review and change the status of controls with remarks.

Attachments

Proof of evidence related to Controls uploaded by the owners are placed at a central location, thus giving confidence to the reviewer to certify the status of the controls. Audit team can easily review the controls and the evidence.

Action Plan

All pending action plans across locations can be tracked and monitored at real time.

Testing of Controls

Auditors can check the controls for Operation Effectiveness and Design Effectiveness on response of the Auditee, and raise an observation if any exceptions are found.

Reminders & Escalations

Automatic reminders to Process Owners to update status on pending action plan. Automatic escalation of incomplete activities after predetermined number of days from due date of activity. Automatic reminders and escalations result in completion of assigned activities within the target date of completion and increases implementation of recommendations by auditors.

Reports

Generate ready-to-present reports for Risk/ Controls across the organization on different filters such as owners, location, process, sub process, department and SBU. Create special reports to assure senior management about the state of controls in the company.

Get real time status of Internal Controls across the organization. Review the progress of all open action plans at a single glance. Get the status of all controls based on Key Controls/Financial Control, and by Location, Process, Sub Process, department and SBU.

Effectively assign CSAs to owners. Owners can update the status of controls and update evidences. Keeps track of failed controls and timeline for Action Plan. Track open Action Points. Create duplicate CSAs for different locations easily.

Create a complete repository of Risk and classify the risk for fraud. Assign a risk number to each risk. Categorize the risk as critical, high or low.

Create a laundry list of controls for an organization that are mapped to the 17 principles under the 5 components of COSO 2013 framework. Controls are classified as Key, Financial or Operational.

Owners can participate in the assessment and certification of controls. In case of failed controls, owners can provide Action Plan and timelines to mitigate them. Reviewer can review and change the status of controls with remarks.

Proof of evidence related to Controls uploaded by the owners are placed at a central location, thus giving confidence to the reviewer to certify the status of the controls. Audit team can easily review the controls and the evidence.

All pending action plans across locations can be tracked and monitored at real time.

Auditors can check the controls for Operation Effectiveness and Design Effectiveness on response of the Auditee, and raise an observation if any exceptions are found.

Automatic reminders to Process Owners to update status on pending action plan. Automatic escalation of incomplete activities after predetermined number of days from due date of activity. Automatic reminders and escalations result in completion of assigned activities within the target date of completion and increases implementation of recommendations by auditors.

Generate ready-to-present reports for Risk/ Controls across the organization on different filters such as owners, location, process, sub process, department and SBU. Create special reports to assure senior management about the state of controls in the company.

Dashboard control progress  Reports 1
Dashboard  Control progress 2
Dashboard Control status  details report 3
Dashboard Control status summary report 4

Benefits

  • Enhance internal control process and assurance through the LICM®
  • Real time information about Internal Controls across the organization
  • Get real-time completion status of ongoing open action plans at all locations
  • Effectively plan Audits for Internal and Financial Controls based on control self assessments location wise

Frequently Asked Questions

What are the component of internal control system?
What is internal control checklist?
What is the purpose of internal controls in accounting?
What are internal controls and why are they important?
What are the types of internal control in auditing?

Our Clients

Bajaj Allianz

Flexibility to customize and quick deployment.

I am satisficed with the end product.

Best Audit & Work Paper Management Tool in the Market.

Kapil Pailwan Chief Audit Executive
Varroc Engineering

First of all customer support was excellent during implementation and even currently. It has features and options available which can most suited for any large scale organisation. Very user friendly as staff of each managerial level understood it rightly and working on it. Customization of different options was made easy and executed effectively. A great product to be used.

Cons - nothing as such. Its being used by auditee, auditors and management with no difficulty.

Lalit Dua Group Chief Internal Auditor and Chief Risk Officer
DS Group

"The decision taken for implementing Laser Audit Reporting System for conducting Internal Audits in our company has proved to be very wise and thoughtful. Laser Audit Reporting System has standardized and automated my internal audit process. Entire activity of internal audit is now centralized and I can review and monitor the entire pan India audit from one place.  Now my users can view real time status of the progress of internal audit. Data request tracking now become automated. Email alert keeps everybody connected with the audit updated.

 Automatic reminders, escalations and tracking of audit progress make the application a truly robust tool for internal auditing. It has seamlessly brought all the stakeholders of internal audit in place. Everyone involved in audit - auditor, auditee and higher management can collaborate on a single platform with LARS. Audit plan, field work, findings, observations, action plan and everything in between can be accessed at one single point. It has dramatically saved our time spent on chasing auditee for data, sending reminders and preparing audit reports.

 I will highly recommend LARS a product of Etrends which is truly at par with any International product for Internal Audit Reporting System.

As per my views, LARS is highly efficient and cost effective internal audit management software."

Vinod Krishnan Panicker GM - Internal Audit
Mahanager Gas

"LERMS has proved to be very powerful Enterprise Risk Management tool which has moved our Risk management processes towards better monitoring and control while the team proactively deals with Risk identified in the Organisation.
 
The  issues of reminders  for Risk Rating  updates on Risk Timelines  and escalation in case of breaches in mitigation plans were all manually done prior to LERMS.  A collaboration tool was a critical need in  MGL  considering  the nature of its Industry, so the Laser LERMS Tool workflows  helped automate the Enterprise Risk update process  and also reduced subjectivity to a great extent while reducing manual intervention remarkably . Access to a number of customised MIS reports are now available at the click of a button, which was a time consuming exercise always.
 
Overall, LERMS has provided quick response to MGL’s ERM software tool requirement and great customer service with a noticeable quality of service that has resulted in meeting our business needs. We are satisfied knowing there is a large team of experts behind us, guaranteeing high levels of service and solutions that give our business a competitive edge.
 
We recommend LERMS as an effective, efficient and user friendly tool for the Enterprise Risk Management of any organization."

T.L.Sharnagat Vice President (C&P and CRO)
Ecu International Asia Pvt Ltd.

It is user friendly, this can be easily be share with multiple cross function like quality, vigilance etc. for multi use and centralized documentation. It is value for money

Cons -Not really at this stage. Overall display to reviewer (work paper and finding) can be improved

Value for money, easy to implement, trained and get started.

Vinay Agrawal Assistant General Manager - Assurance and Risk
TITAN Company Limited

"The team is very approachable and they understand the user needs very well. Excellent support system. And the team is very approachable. We never had any downtime of the software. Multiple users can use this without any difficulty."

Murali Chaturvedula Head OCG
Paytm Payment Bank Ltd.

     

Paytm Payment Bank Paytm Payment Bank
Bajaj Finance Ltd

                    

Bajaj Finance Ltd Bajaj Finance
MRF Ltd.

           

MRF Ltd. _
Bajaj Housing Finance Ltd

                    

Bajaj Housing Finance Ltd _
Kirloskar Oil Engines Limited

“LARS – Laser Audit Reporting System is a robust internal audit tool which has successfully IT enabled our end to end audit processes benefiting the auditors and auditee. As against traditional method of manually maintaining the audit plans, field work, findings, observations and action plan, LARS has helped us maintain the same in an intelligent and centralized manner so that users can view real time status of the progress of observation and action plan. Email alert keeps everybody connected with the audit being undertaken. Automatic reminders, escalations and tracking of progress adds versatility to the system and eradicates a lot of wasteful time & resources which would have been required in non-value added work.

LARS has helped improve audit department productivity by reducing cycle time and thus enabling focus on what matters most. Importantly, if used well it also doubles up as an effective Knowledge Management platform for the internal audit department, especially beneficial when used in multi SBU or multi business environment.

This is now the second company in which I have been instrumental in implementing LARS & I would recommend it as a efficient, adaptable and user friendly platform for managing internal audits. "

T. Vinod Kumar Chief Financial Officer
Tata Motors Limited

“I have selected Laser Audit Reporting System (LARS) for automation and documentation of Internal Audit processes. I find it simple to use for Audit team members and easy to update the data, programs and generate reports. This also enables MIS reports for tracking resource utilization and monitor progress of the audit assignment. This system has resulted in greater efficiency and effectiveness.

This product could offer greater functionality if it is enhanced with risk identification and mapping enablers for various processes across organization.

In my personal view, the product offers value for money proposition and strong post sales support.
Best wishes.”

Nagesh Pinge Chief Internal Auditor
Godrej & Boyce Mfg Co Ltd

"Initial concern was mainly with respect to time of launch of LARS, however the degree of customization planned and carried out reassured us about the effectiveness of LARS. Further, difficulties constantly faced were ironed out by the E Trends team promptly and efficiently. The audit team, management and auditees have expressed their satisfaction in working with LARS
LARS has been useful in the following ways:

  • Audit planning, documentation of field work and observations, report structure have been standardized
  • Processes like follow up with auditees for responses and status of action taken which were previously manual, have been automated
  • Linking the auditees to the audit process in LARS has made a LARS a complete software
  • Has helped auditees / process owners own up responsibilities for the action taken planned and implemented by them based on the audit observations
  • Linking of auditee database to LARS was the most significant, as it helped the auditees to record their responses and attach documents and provide status on implementation of recommendations
The support service provided after launch was good which helped us to stabilize the process. Additional features added later based on our suggestions also contributed in making the internal audit process robust. The support portal of LARS is also a good tool which gives a status of open and closed issues. Further add-ons like self assessment checklists, exception reports etc. which are being discussed would make LARS an effective management tool.
I would definitely recommend LARS because the Service rendered was professional with clear understanding of concepts and customization to our requirements.

The E Trends team was very co-operative and problems pointed out were resolved promptly.
Also the features of LARS (which were more or less to our expectations) and the pricing which was reasonable."

Pervin Vanskuiwalla Vice President – Internal Audit
JSW Steel Ltd

“With help of LLCS from Etrends, we are now able to meet compliances much more effectively. It has saved 55-60% of the top and middle management time. It has made our compliance management process extremely simple and efficient. The implementation of the tool was done smoothly by Manesh and his team.

LLCS is very simple and robust tool which I would highly recommend.”

Haresh Dua Vice President (Internal Audit)
Air Niugini, Papua New Guinea

“Air Niugini was hunting for a comprehensive Internal Audit Software since last couple of years and the search came to and end when one of my friend who was actual user of LARS system recommended me for the same. Today I see that our decision of engaging “Etrends Technologies (INDIA)” in implementing Laser Audit Reporting System for conducting Internal Audits in our company has proved to be wise.

Now we cannot imagine ourselves working without it. It has brought a process in place for each and every activity of internal audits. It has resulted in efficient audit, real time visibility in the progress of remediation plans to fill gaps in the controls and automated reminder, escalation and tracking of action plan. It brings everyone involved in the audit on a common platform. Audit plans, field work and observations are created easily and efficiently. Dashboard saves time by pulling just the right information and showing it to us.

It has dramatically saved our time spent on preparing audit reports. It has reduced our work volumes by a significance degree, especially in data acquisition and summary reporting. We look forward to extensive use of LARS in the coming years ahead.

The support provided by Etrends Team from INDIA was excellent, which helped us stabilize the process in our organization very fast.

I will highly recommend LARS a product of Etrends which is truly at par with any International product for Internal Audit Reporting System.”

Ajaya Jain Chief Internal Auditor
TITAN Company Limited

“Laser Audit Reporting System (LARS), a product of Etrends has reduced our work volumes significantly in areas pertaining to data acquisition and summary reporting.

I still remember how the team was impacted by the overtimes and work pressure that was visible on the faces of my team as we drew closer to quarterly audit committee meetings. We have worked together in making the product to suit exactly to our requirement.

Now, LARS has dramatically reduced the manual work associated with Audit plans, data collection at the field, documenting observations and creating various Reports. The implementation has certainly made our team’s job simpler.”

R G Karkera Divisional Manager – Finance
Shoppers Stop Ltd

“Shoppers Stop Ltd (SSL) group of companies, is in the department stores business, having retail stores presence pan India in different formats including Fashion, Food & Books. Our Internal Audit team usually faced challenges in collating information culled out of Internal Audit reports received in large numbers from across the chain, for presenting to the stakeholders; till the time we installed LASER Internal Audit reporting systems (LARS) two years ago.

LARS today provides us features to help analyze & pinpoint common process glitches across the chain as observed by our IA teams across the country. It also gave us the ability to remotely monitor Internal Audit project progress and closure. Moreover its provides an interface online with the Auditee, to seek their replies for all exceptions raised by the Internal Auditor’s.

LARS support team deserves kudos for providing us with exceptional support for this software; their proactive approach to hunt for improvements in the existing modules for new upgrades in the existing software is a great value add.

We also had the privilege to work with the LASER’s development team to develop the IFCS module for the Internal Audit profession in line with the requirements of the Companies Act 2013,named Laser Internal Control Manager’(LICM); this module has helped us in uploading our SSL Group’s Internal Controls documented and seek control self-assessment (CSA) from Business Process Owners for the same, backed by requisite evidence as well; This IFCS module also has features that allows benchmarking of Internal Control Framework to COSO 2013 framework as well. I highly recommend it as one of the most efficient and user friendly tool for managing & testing the IFCS controls as well as for all the Internal Audit projects of any organization."

Ramnath Kamath Group Head - Governance, Risk & Compliance
Lifestyle International Private Ltd

LARS is a dynamic product package which is highly customizable and suits the needs of a client.
 
The user interface is very intuitive and easy to navigate.
 
Overall it is a superb product which caters to all the audit filing, reporting and repository requirement quite effectively. We are using the said portal for Landmark Group India operations and are Happy with the product.
 
 
 

Manoj Agarwal DGM - Internal Audit
Bangalore International Airport Ltd

“This is to place on record that the Compliance Management Software we have taken from your company is working well and we are very satisfied with the product. This is a very useful tool to keep track of all the compliance requirements that the modern day legal system demands. I’m sure as one of the pioneers in the field, you will improvise and add features to the product that will cater to a larger audience.

I would like to thank you for all the support and help extended by you and your team during the initial phases and subsequent implementation stage.

One aspect that I would specially like to mention is your personal involvement along with Mr. Prateek during the implementation stage but for which the CMS would not have gone live.

You have a long way to go and I wish your company all the success in your future endeavors."

J.P. Rajguru VP & Head – Legal
Capital First Ltd

“M/s Etrends Technologies Pvt. Ltd. (Etrends) has been associated with Capital First Limited (CFL) in the Project for implementing the Laser Audit Reporting System (LARS) within the Internal Audit function of the Company.

Etrends adopts a professional approach and displays good understanding of customers’ requirements. We are pleased with the hard work and determination of their entire team throughout the project and are satisfied with the overall quality of LARS implementation.

We look forward to extensive use of LARS for all internal audit assignments and achieve significant efficiency… It is the start of an exciting new era for the internal audit team at CFL and we expect the same support and co-operation from the Etrends’ team in the future.”

Nilesh Doshi Head - Internal Audit
Tata Housing Development Corporation Ltd.

“The Etrends Laser Enterprise Risk Management System Launched in our organization has been appreciated by the stakeholders as it is customized based on the requirement of the organization.

The Etrends team has co-operated well in ensuring that the customization of the software is to the requirement of our organization. The software facilities in many automated activities such as, survey facility, customized dashboard, auto e-mailers/reminders, tailor-made reports, etc., which otherwise would have been manually difficult and time consuming.

The entire project for implementation of the Risk Management System was the joint endeavor between our organization and the Etrends team, and they have demonstrated the quality of collaboration and full support to make it happen.

Certainly this software is useful to ensure robust tracking and managing Risk & Mitigation plans in any organization.

We expect the same support and co-operation from Etrends team in future.”

Sanjeev Koshe Head-Internal Audit & Risk Management
PPG Asian Paints Private Limited

“I am happy to inform you that our decision of implementing Laser Audit Reporting System for conducting Internal Audits in our company has proved to be wise. It has resulted in efficient audit, real time visibility in the progress of remediation plans to fill gaps in the controls and tracking of action plan.

With the implementation of internal audit software we have transformed our manual process of internal audit to automated process. The Lars Internal Audit system has given us a new look to our traditional audit report format. The features of classification of audit observation in accordance with risk along with financial impact if any bring the attention of management easily while reviewing the audit response. The Dashboard saves our time by pulling just the right information and showing it to us.

The overall management of Lars system is good and project owner assigned by the Etrends was very supportive during the implementation phase. I highly recommend it as the most efficient and user friendly tool for managing the Internal Audits in the organization.”

Abhijit Majumdar Chief Financial Officer
Allcargo Logistics Ltd.

We have deployed following products from Etrends Technologies Pvt. Ltd.
1. Laser Enterprise Risk Management System (LERMS) for Risk Management
2. Laser Internal Controls Manager (LICM Software) for IFC
LERMS have enabled to bring in Uniformity in records maintenance across business divisions and have helped maintain risk ratings for individual risks and track its historical record. 
LICM have enabled us to maintain central repository for IFC Risk & Control Matrix with key details like list of process owners, Key and supporting controls, frequency of control, control objective & Risk, etc. 
Support service from the Etrends team had been excellent which helped to Customize the software to our requirement.

Mukundan K V Chief Assurance & Risk Executive
Blue Star Limited

"At BLUESTAR, we had prepared a Finance & Commercial Manual and identified Key controls. But monitoring adherence to these controls across various locations, functions & divisions was going to be a challenge due to multi-location, decentralized set-up.

When we had demo of LICM, we found the solution could be useful. We implemented LICM for Control Self Assurance with little customisation and it made life easy for both Internal control team as well as Users. MIS reports to Management on compliance to internal controls & guidelines became online. Tracking of Corrective actions become easier. We got excellent support for customisation and trouble shooting from E-Trends.

I would recommend LICM to other organisations also as tool for effective Internal Control."

Kundip Thakker Head Treasury & IFC
Tata Consulting Engineers Ltd.

I take this opportunity to put on record the excellent service provided by Compliance Management  Software, implemented by your company Etrends at our end. With provision of automatic update facility, it has given complete comfort to all of us, by ensuring complete track of all statutory compliance requirements.

I must say that it is an excellent product an provide much needed assurance to senior management.

Wish you all the best and continued success in future projects.

Risheshwar Prasad Senior Vice President (Finance) and CFO
Take Solutions Ltd

I wanted to inform you that TAKE has won a special commendation for excellence in corporate governance at the Golden Peacock Awards held in London on the 18th, of this month October 2016.
 
I would like to personally thank you for your contribution towards this honour, by way of helping build our compliance management system, which formed a part of this award application. 
 

Shreeya Jayaraman Senior Manager – Strategic Initiatives
ATUL Ltd.

Atul Ltd is a chemical conglomerate and one of the companies of Lalbhai Group, serving customers in National and International markets. Atul Ltd operates through six business divisions, namely Agrochemicals, Aromatics, Bulk Chemicals & Intermediates, Colors, Pharmaceuticals & Intermediates and Polymers.Atul also has offices in The USA, The UK, Germany, China and Vietnam that service its international customers.
 
Risk Management is an integral part of the business practices of the Company. The Company has developed and implemented a comprehensive Risk Management System involving i) Risk identification and definition, ii) Risk classification, iii) Risk assessment and prioritization, iv) Risk mitigation and v) Risk reporting and monitoring.
 
We have now implemented Laser Enterprise Risk Management System (LERMS) for Enterprise Risk Management (ERM) at Atul.The software automates all five activities mentioned above. Features such as surveys, Dash-boards, auto e-mailers and reminders bring ease, efficiency and effectiveness in the system compared to manual system.LERMS has enabled us to bring in uniformity in ERM records maintenance across various businesses and automate the earlier time consuming manual process.
 
Software was well accepted and appreciated by all the users and Management. The need for customization was minimal. E-trends team ensured that the implementation of the software is seamless to the requirement of our organization. We feel LERMS to be useful to the companies to comply with Risk Management requirements by ensuring robust tracking, managing risks and mitigation plans.
 
Overall our experience about the system, implementation and training support was highly satisfactory.

Ketan Palkar Chief Assurance Officer
Muscat Overseas Co. LLC

After implementing the LARS software I feel in full control of the Audit function. Time saving, speed and operational efficiency in the entire group is what we have achieved.
I like the following benefits the most:
1) Saving in time and effort: Earlier we were spending lot of time in compiling observations in Excel for following-up implementation. Now it is readily available in LARS.

2) Because of LARS now there is a lot more auditees have been involved, resulting into speedier action plan updating and finally resulting into increase in operational efficiency by implementing audit recommendations.

3) Auto follow-up of implementation of audit observations feature of LARS is very good.

4) Excellent support from LARS team.
 
 
The way we follow-up the implementation of audit observations is different than what has been generally followed in Indian companies, because of this there is lot of customization is required. However, due to very good support customization is happening as we want. Except some teething problems and some more customization is yet to be done, we are satisfied with the product.

Rajesh Mehta Head of Group Internal Audit
HMEL

LARS is one of the best audit management tool

The tool is user friendly and the master setup feature is quite easy. The team at backend is technically competent and hence customizations are easy and can be timely implemented. Tool has an excellent workflow audit management system and allows data / information repository with a vide range of data type, including emails. The tool enables audit workflow to be managed either in online or offline mode which can be helpful sometimes. Licensing is based on count of auditors rather than on count of users / auditee and hence it becomes competitively priced wherein manpower count is quite large. Bulk data import is feature is available. Most of the output is available for export in excel format from the tool. Alerts and notifications are inbuilt and can be enabled / disabled as per requirement.

Jasjit Singh AGM Internal Audit
Netmagic Solution Limited

Fully customisable, simple workflow and gives full lifecycle on audit ,risk and internal controls management. GUI and limitation in number of fields beyond certain value which is predefined however it is not a showstoppers.
It is very Budget friendly, customizable so overall it is good software for Audit Management in a big size organization.

Harsh Shah Manager

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