FactSet's Audit Preparedness: The Oomnitza Advantage

Introduction

In an era of rapidly advancing technology and increasing regulatory scrutiny, software audits have become a critical aspect of business operations. FactSet, a global provider of integrated financial information and analytical applications, faced this challenge head-on. This blog post explores how FactSet leveraged Oomnitza's enterprise technology management solution to enhance its audit preparedness.

The Rising Importance of Software Audits

Software audits are assessments where a software manufacturer or professional audit firm verifies that the usage of a software application complies with its associated licensing agreement. In a digital landscape where many organizations deploy a wide array of software applications, audits have become increasingly common. Non-compliance can lead to hefty fines and reputational damage, making audit preparedness a top priority for businesses.

FactSet's Challenge

FactSet was no exception to these challenges. With thousands of employees across six continents, FactSet's software ecosystem was vast and complex. Traditional audit processes were highly time-consuming and involved intensive manual effort. "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, Corporate Support Services at FactSet. The company needed a solution that could streamline this process and enhance audit readiness.

The Oomnitza Solution

Enter Oomnitza. FactSet chose Oomnitza's cloud-based Enterprise Technology Management solution to manage its software licenses. Oomnitza's platform offered a single pane of glass view into FactSet's software ecosystem, providing real-time visibility into software deployment and usage.

The results were transformative. Oomnitza's platform drastically reduced the time and effort required for software audits. With just a few clicks, FactSet could obtain up-to-date information about software installations across its global operations. This capability not only streamlined audit processes but also bolstered FactSet's defense against potential non-compliance fines.

Conclusion

FactSet's experience demonstrates the power of Oomnitza's solution in enhancing software audit preparedness. By providing real-time visibility and automation, Oomnitza helps businesses like FactSet to navigate the complexities of software licensing and ensure compliance. It's a compelling testament to the benefits of modern, integrated technology asset management.

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.