Why. You should prepare for a third-party review by identifying and documenting any missing controls or irregularities beforehand to ensure a smooth experience.

There are two ways to do this: one with the help of the new Analytics module, and the other without it. Both methods are described below.

​

Goal. By going through the previous time period, and documenting any issues or missed controls, you make sure that you are one step ahead.

Why. Quickly visualize how you are in control to the reviewer will make you best-in-class.
​
​How. The Analytics board and Scorecard are handy tools for easily seeing how well you and your team are doing. If you decide to go full-Daymi, you can find two menu items - Analytics and Scorecard - under 'Reports' in the left-side menu.

You can easily make a PDF report using a Scorecard in Daymi to demonstrate to the Board of Directors, Investors, ODD consultants, auditors, or your own team how you're managing and tracking your team's work and operational risks. You can also add comments to provide additional context and insights.

Goal. Start off your review by either showing them the Analytics Dashboard, with an overview of the previous year, or create a report with custom commentary where you on a top level describe the previous years operations.

Daymi gives you a digital and systemized way of mapping and running business-critical controls. It's a robust way of managing your business and operations, thereby reducing Operational Risk.

With mapped-out and documented procedures for your teams, you're less vulnerable to Key Man Risk - when someone is out sick, it's easy to pick up where someone left off, even though you don't regularly do the procedure. And when it's time to onboard new staff, getting people up to speed is much easier.

How. Walk your reviewer through your setup of Daymi. Show the processes and controls that are in the system, which are flagged as high priority, with deadlines and documentation. Even if half the office is out sick, you still have a system in place that allows everyone to know what needs to be done, how and when.

Why. Your auditors usually ask who executed which control and at what time during the year. It's always a headache to collect piece by piece from different sources and platforms the proof of execution.
​
​How. All activities are automatically stored in Daymi to provide you with a full Audit Trail of your processes and controls. Daymi has many ways to obtain that information, but the simplest is to export a full audit trail for the controls to be reviewed.

The full explanation is provided here, but in essence:

It's in CSV format, and auditors appreciate Excel, as they can easily filter the file to find what they need.
​
If it's not an annual audit, and instead, for example, compliance seeks specific information about an execution on a particular day, and you simply want to take a quick screenshot of Daymi, proceed as follows: Go to the Dashboard, select the relevant date, find the subprocess of interest, and take a screenshot of the History tab.

Goal. Minimize time spent on finding and creating a record of who did what and when.

Why. During regulatory reviews or Operational Due Diligence (ODD), you may often be required to provide your process documentation, including details such as when it was last edited and by whom. Instead of manually adding this information to your Word document, consider transferring your procedures to Daymi.
​
​How. We've created a Process Report for this purpose. It's simple:

Goal. Procedures are crucial for efficient and secure operations. With them documented in Daymi, you never need to look for where the latest version is stored - and manually update the last revision.

Why. It's often difficult to remember exactly how you used to perform a specific task a year ago or if there were changes made to the deadline. Daymi can now show you the entire history of changes for a specific process. Including what the work description looked like a year or two ago.

How. Subprocess History Tracking

Here, you can view all changes made, including what the description might have looked like before a major overhaul.

Goal. Demonstrate that your procedures are not only well documented and accessible, but also that you can prove that you can track every change.

Why. You might be asked about what events took place last year, that affected your delivery. With Daymi, you can quickly export all minor or major incidents/errors that took place.

How. Errors pages have a small button labelled 'Export to CSV' in the top left corner, allowing you to quickly export it for both external use as well as to quickly analyze the errors.

Goal. Speed up the review by having errors logged in Daymi, thereby further increasing the sense of control for your regulator, auditor, or investor.

We have continuously developed features to make things easier. Here are a few tips on what you could improve for next year to make it even easier.

High Priority Classification
​

Add High Priority to your most important subprocesses and controls, those most likely to be reviewed and requested. This will make it easier to filter out, export, and showcase the most important things, as not all work items are equal. Being 80% complete in total might be acceptable if your critical processes are always done.

🎧 Daymi Customer Success offers a service to assist you with additional manpower for reviewing and classifying your controls; contact [email protected] or use the in-built chat.

Monthly Review Process

Consider preparing for the audit in advance and establishing a monthly routine to review processes from the previous month. Was there a market closure or major outages with Microsoft Outlook?

Analytics

If you haven't already signed-up for our new analytics module, contact [email protected] to get a quote.