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Audit rights: The gateway to proactive and sustainable portfolio governance
Corporate Real Estate Journal,
9
(1),
27-41
(2019)
Abstract
Audit rights have never been more relevant with continued, accelerated global adoption of auditing as a mechanism through which to truly enhance portfolio governance. With heightened compliance demands and cost control objectives, corporations and governments are looking for means through which material, dynamic real estate portfolios can be turned into strategic assets. While lease audit programmes provide that solution, it is the audit clauses themselves, and the distinct rights within them, that make or break the opportunity and success levels of such governance initiatives.Audit right strategy is a leading indicator of savings and compliance opportunity. The intention of this paper is to explore ‘best practices’ to maximise audit right strategy in order to drive proactive and sustainable portfolio governance.
Keywords: lease audit; audit rights; savings; spend optimisation; cost control; accountability; compliance; operating data and insight; portfolio transparency; visibility; portfolio governance
The full article is available to subscribers to the journal.
Author's Biography
Jarrod M. Patten founded and runs global real estate advisory firm RRG, the world’s leading provider of enterprise-wide lease audit and cost control solutions. He has served as the president and chief executive officer since inception. Jarrod’s professional career has been dedicated to the creation of real estate, management and data/technology solutions modelled to address the spend inefficiencies inherent to complex, dynamic and expansive global real estate portfolios. These industry-leading platforms improve the effectiveness of controls, increase operational efficiencies and align corporate strategies. Jarrods’s leadership, foresight and expertise have been critical drivers in the delivery material value to diverse, leading-edge organisations throughout the world. RRG is focused on driving cost efficiencies through the real estate and finance systems of private and public sector institutions. Through programmatic, recurring audits, RRG analyses extensive volumes of disparate operating trends, fragmented financial information and expense data sets to identify, support and model cost pass through inconsistencies and non-compliance. Through such formulaic audit analysis, RRG is able to generate material, sustainable cost savings through the recovery of funds across numerous cost segments. The proprietary audit services have been developed and refined to provide broad avenues through which to see, harness and interpret trends in both data and operating methodology in order to optimise portfolio structure, economics and compliance. RRG is uniquely positioned to service any organisation anywhere in the world. The integrated solutions will generate material, recurring cost savings regardless of the organisation, industry and/or vertical.
