AuditBoard, the leading cloud-based platform transforming audit, risk, compliance, and ESG management, has agreed an alliance with Ernst & Young LLP (EY) which will offer customers in the UK local support to transform their risk management strategies. EY has also established a Centre of Excellence in the UK to deliver tailored consulting and integration services for AuditBoard customers.
Organisations across the UK are facing growing complexities in managing audit, risk, and compliance. The Centre of Excellence 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 recently transformed its platform with advanced AI capabilities, which enable customers to audit with impactful, industry-trained, generative AI-powered workflows. As the system of record for customers’ sensitive data, AuditBoard maintains stringent security and privacy standards for its platform while helping customers automate repetitive tasks. The new capabilities include:
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AI Scoping Memos automatically analyzes 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.
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AI Cross-Audit Summaries empower audit teams by leveraging AI to deliver an executive-level summary with complete user control over the audits being summarized. 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.
In addition to the new generative AI capabilities above, AuditBoard continues to bring forward innovations in workflow automation and reporting. The latest includes:
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Next Gen Reporting Platform reimagines reporting capabilities. This modern platform delivers enhanced functionality, improved user experience, and real-time data insights through an intuitive 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.”
