AuditBoard, the cloud-based platform transforming audit, risk, IT security, and ESG management, announced the expansion of their existing alliance with Ernst & Young LLP (EY US) to provide powerful new joint offerings for internal audit and IT audit teams. The announcement took place at AuditBoard’s annual Audit & Beyond conference, a hybrid in-person and online gathering of thousands being held in San Diego, California through October 20.
This expansion comes as the volume and complexity of risks, as well as the cost of associated regulatory compliance, continue to rise. To empower internal audit and IT audit teams to be more agile, efficient, and strategic while navigating this dynamic risk environment, AuditBoard and EY US have leveraged a combination of innovative technology and deep domain expertise to create solutions for some of their most pressing challenges:
Dynamic Risk Assessment (DRA): Combining AuditBoard’s connected audit and risk management platform and proprietary data-driven risk assessment capabilities from EY US, DRA is a solution that helps organizations determine a risk-informed audit plan using internal and external risk indicators. Teams can now expand risk assessment methodology to include qualitative, financial, operational, and external factors and third-line results to generate data-driven insights through a calculation created together by EY US and individual organizations.
Testing Automation: Leveraging AuditBoard’s out-of-the-box automation workflows and a marketplace of standard EY analytics to automate the testing of controls, this combined solution empowers teams to improve the quality and frequency of testing while reducing the cost of compliance. Testing automation also provides enhanced insights and a foundation for controls monitoring to transition the effort from third-line into second- and first-line functions.
Scott McCowan, EY Americas Consulting Risk Management Leader, said “Organizations are seeking integrated solutions that combine business and technology components to drive growth and accelerate time to value. The EY-AuditBoard Alliance provides a technology-led approach to transformation, offering technology, skilled resources, training, and information to solve the most complex challenges.”
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“Today’s challenging risk environment requires risk teams to focus on efficiency and agility in their programs,” said Tom Schmit, Chief Revenue Officer, AuditBoard. “We are thrilled to offer new solutions that bring together AuditBoard’s connected risk technology and EY US’s leading-class risk consulting services to help drive value for their organizations.”
To learn more about the Dynamic Risk Assessment and testing automation solutions powered by AuditBoard and EY US please visit EY.com.