To help UK organisations better manage audit, risk and compliance, AuditBoard, the cloud-based platform transforming the aforementioned areas, has partnered with Ernst & Young LLP (EY), the assurance, consulting, tax, strategy, and transactions services provider.
Both AuditBoard and EY have committed to helping UK organisations with local support as they look to update their risk management strategies. In line with this, EY has established a Centre of Excellence in the UK to deliver tailored consulting and integration services for AuditBoard customers. It will focus on helping customers modernise their risk management approaches and improve business outcomes within their organisations.
“We are delighted to announce the alliance with AuditBoard in the UK market,” said Chris Gallagher, EY UK&I risk consulting leader. “The alliance, which began in 2022 with EY US, will be about bespoke consulting and integration services to empower businesses to navigate complex regulatory environments, and effectively leverage technological advancements.”
“Today’s regulatory environment requires teams to prioritise efficiency and agility in their programs,” said Ravi Patel, director of alliances, EMEA, at AuditBoard. “We are thrilled to be able to expand support to EMEA to equip our customers with forward-thinking risk management strategies, ensuring resilience and continuity for their organisations in an unpredictable environment.”
Hasan Ali, EY UK partner and EY UK AuditBoard alliance lead, stated: “The EY – AuditBoard alliance integrates EY’s risk consulting services with AuditBoard’s cloud-based audit, risk, and compliance management platform. This alliance offers clients advanced risk management technology and access to strategic advisors, assisting them in preparing for new regulations such as UK corporate reform, controls transformation, and initiating their Artificial Intelligence (AI) journey.”
AuditBoard’s offering
AuditBoard maintains stringent security and privacy standards for its platform while helping customers automate repetitive tasks. To achieve this at the best level possible, the firm recently transformed its platform with advanced AI capabilities, which enable customers to audit with impactful, industry-trained, generative AI-powered workflows.
AI Scoping Memos
One of the new capabilities includes AI Scoping Memos. This automatically analyses the scope of an audit and generates a detailed, structured memo. It takes into account various data points such as relevant risks, key processes, and worksteps to produce a comprehensive document. This tool ensures all critical areas are covered while maintaining consistency and accuracy across scoping documents. Users can edit the scoping document as needed.
AI Cross-Audit Summaries
Another new AuditBoard capability is its AI Cross-Audit Summaries. This service empowers audit teams by leveraging AI to deliver an executive-level summary with complete user control over the audits being summarised.
The feature automates the consolidation of audit context, findings, and trends into a single, executive-level report, saving time, eliminating manual effort, and delivering clear, actionable insights to improve decision-making and address key risks effectively.
Beyond AI
AI will have a massive role to play in the management of audit, risk and compliance, however, AuditBoard’s offering does not solely rely on the technology. It is also working on new innovations to improve workflow automation and reporting.
Next Gen Reporting Platform delivers enhanced functionality, improved user experience, and real-time data insights through its interface. Key capabilities include a smart bookmarking system with automatic updates, formula-based custom calculations, role-based permissions, direct action capabilities from dashboards, improved field display naming, and enhanced clone maintenance.
“These innovative new enhancements empower customers to build AI into their process DNA to reduce the amount of time spent on manual, time-consuming activities and allow them to focus on more strategic work,” said Happy Wang, chief technology officer at AuditBoard. “We are confident these features will help elevate audit teams within their organizations, enabling them to gain trust and add more business value.”
