NGCP awarded its Audit Management System Requirement to TIM & WKFS
Posted at January 7, 2015
07 January 2015
Manila Philippines – National Grid Corporation of the Philippines (NGCP), the country’s sole power transmission service concessionaire, recently awarded its enterprise audit solution requirement to Total Information Management (TIM) Corporation in exclusive partnership with Wolters Kluwer Financial Services (WKFS).
The TeamMate Audit Management & Analytics Solution is expected to accelerate the efficiency, accuracy and productivity of NGCP's enterprise audit management operations. The TeamMate Audit Solution is the world's most widely-used audit management system, with more than 95,000 auditors and over 2,200 organizations using the solution globally.
Similar to other large enterprises and business organizations, NGCP is faced with complex IT and business process infrastructure and models. Mr. Edwin Natividad, Chief Audit Executive of NGCP, saw the need for a more efficient system that can support the work of NGCP's audit teams operating in five regional locations and servicing 20 district offices and various project and system operation offices nationwide. After evaluating various options, the TeamMate solution was selected.
According to Natividad, "We needed a solution that will make internal audit efficient across the entire organization and allow auditors to spend more time on execution of audit results to better impact business sustainability and growth, rather than focusing on the administration and management side of the audit. Systems are a means to an end, and it's all about providing impactful auditing and generating more value to the organization. The TeamMate solution will help manage our resources, freeing up our internal auditors to conduct more audits. In the future, we will be able to use the data to look forward and spot potential problems before they happen – a definitive step towards business intelligence in audit."
The TeamMate audit management system helps improve an organization's audit process including: risk assessment, scheduling, planning, execution, review, report generation, trend analysis and analytics, audit committee reporting and storage. By providing an integrated paperless strategy for managing audits, TeamMate's audit software eliminates the barriers associated with paper-filled binders and disconnected electronic files, driving efficiencies into all facets of the internal audit workflow.
About Total Information Management Corporation
Total Information Management (TIM) is one of the country’s largest local systems integrator and technology-solutions company setting the standards for today’s highly-reliable and intelligent I.T. business-solutions. With over 28 years of experience, TIM continue to service the different I.T. needs of the country’s top corporate enterprises. TIM has grown to become the Philippines’ leading technology solutions provider, offering a wide array of innovative products and services.
The National Grid Corporation of the Philippines (NGCP) is a privately owned corporation in charge of operating, maintaining, and developing the country’s power grid. It transmits high-voltage electricity through “power superhighways” that include the interconnected system of transmission lines, towers, substations, and related assets formerly managed by the government-owned and controlled National Transmission Corporation (TransCo). The NGCP consortium holds the 25-year concession to operate the country's power transmission network and is comprised of Monte Oro Grid Resources Corp., led by Henry Sy, Jr., Calaca High Power Corporation, led by Robert Coyiuto, Jr., and the State Grid Corporation of China (SGCC) as technical partner.
NGCP has been fully operational since 2009 and currently employs over 4,000 personnel. Its main line of business is to expand, operate and maintain the nationwide transmission grid with the goal of delivering safe and reliable electricity throughout the Philippines. It provides all authorized electricity distributors such as Meralco, private distribution utilities, electric cooperatives as well as bulk electricity users open and non-discriminatory access to the nationwide transmission system.