Almost every organisation is looking at their risk frameworks, not just to help manage another event like the global pandemic, but to help thrive in a disruptive business environment. In order to mitigate the many risks a business faces, it is essential that they have the right technology at their disposal to make informed, data-driven decisions.
In response to market demand, EY has announced the launch of EY Virtual Internal Auditor (VIA). EY VIA is a flexible and intuitive digital platform which provides a holistic view of an organisation’s risks across their audit processes.
Developed by EY, with market leading analytics, EY VIA provides a platform for the future, bringing together a new Internal Audit (IA) value proposition, methodology, governance, and people model that is supported by leading SaaS technology.
The technology has been designed to easily integrate with existing systems and software. As each IA function operates in a different way, the technology has been built to be flexible and configurable to the individual IA methodology and process.
EY VIA is a modular software as a service (SaaS) Internal Audit solution built on Microsoft Azure tech stack and high availability cloud infrastructure services. The solution leverages Power BI as a core component for visualisation with scalable backend databases that can meet high volume transactional data and master data ingestion and consumption. All modules fully conform to robust security architecture whilst the application promotes single sign on user federation by leveraging EY’s best practice user onboarding and federation technology.
Designed to help businesses thrive, monitor and navigate risks, EY VIA also provides:
- Autonomous Reporting: Allowing users to spend more time extracting the value from the data, rather than compiling the report. EY VIA’s autonomous reporting means users can examine data in granular detail and explore additional insights provided in the report.
- Risk Monitoring: Allowing for continuous monitoring and auditing of the risk status of an organisation. EY VIA’s Risk Monitoring engine continuously monitors and audits the risk status of the organisation, supporting internal auditors to focus on existing red flags and upcoming issues that pose a significant future risk.
- Flexible Audit Response Model: FARM is an EY unique model that lets clients adapt the platform to their specific needs and determine a course of action for risk - whether that be simple business function queries, data and analytics or detailed risk analysis.
- ICFR Controls Testing: Allowing users to seamlessly manage their internal controls over finance reporting (ICFR) work programmes, across multiple entities and locations.
Catriona Campbell, EY UK&I Client Technology and Innovation Officer, commented: “The risk landscape has increased in intensity over the last three years. With events such as Brexit and the pandemic, businesses have had to navigate significant challenges and are now keen to make the necessary investment to help monitor risk and take informed business decisions. EY VIA provides businesses with the tools to do that. It leverages EY’s knowledge and expertise in Internal Audit and risk analysis, and uses leading SaaS technology to generate deeper insights that helps them respond faster and take data-driven business decisions.”
Please find further information on EY VIA here.