Enhancing Audit Preparedness with Oomnitza: The FactSet Experience

In today's digital age, software audits have become an increasingly common occurrence. Companies of all sizes are required to demonstrate compliance with software licensing agreements to avoid hefty fines and penalties. This blog post will explore how Oomnitza's solutions have helped FactSet to drastically reduce the time and effort required for software audits.

The Rising Importance of Software Audits

Software audits are reviews conducted by software vendors or third-party entities to ensure that customers are using software licenses in compliance with the terms and conditions of their licensing agreements. They are essential for maintaining software compliance, mitigating legal and financial risks, and optimizing software utilization.

However, the audit process can be time-consuming and disruptive, particularly for large organizations like FactSet, a global provider of integrated financial information and analytical applications. “On average, a software audit in a company of our size could take three months, spanning many hours of work for both IT and Legal,” said Alastair Bowen-Jones, Director of Corporate Support Services at FactSet.

Oomnitza's Impact on Audit Preparedness

Recognizing the need for a more streamlined approach to software audits, FactSet implemented Oomnitza's cloud-based Enterprise Technology Management solution. Oomnitza's platform provided FactSet with a single, centralized view of all IT assets, making it easier to track and manage software licenses.

With Oomnitza, FactSet was able to quickly determine what software was installed on a device, reducing a task that previously took 20 minutes to mere seconds. This not only saved significant time and effort but also added a solid layer of defense against potential audits. By having an up-to-date and accurate inventory of software licenses, FactSet could ensure license compliance and avoid potential fines.

Moreover, Oomnitza's solution provided insights into software usage, allowing FactSet to identify unused or underutilized licenses. As a result, FactSet could make informed decisions about license reallocation or termination, leading to substantial cost savings.

Conclusion

Oomnitza's Enterprise Technology Management solution has significantly enhanced FactSet's audit preparedness, saving time, reducing risks, and optimizing software license utilization. By providing a unified view of IT assets and automating asset management processes, Oomnitza has empowered FactSet to stay ahead of software audits and maintain compliance with licensing agreements.

Would you like to learn more about the challenges faced by ITOps, SecOps, and Governance Risk and Compliance (GRC) teams, and best practices you should follow? Be sure to read the white paper Continuous Audit and Compliance Readiness & Enterprise Technology Management. This easy to read and informative guide will give you an overview of a 5 step, end-to-end, automated audit and compliance readiness process, from scope to evidence.