Leading Bank Taps Protiviti and AuditBoard to Transform Internal Audit

Keeping internal audit practices in step with the rapidly changing regulatory landscape was a prime focus for this client, a regional bank holding company headquartered in the midwestern United States. In this case, the client wanted to mature its audit practices to align with other large banks, while migrating its internal audit (IA) and risk assessment activities into AuditBoard – and do it all within a six-month timeframe. The client needed a trusted partner to evaluate and implement methodology enhancements in parallel with the AuditBoard implementation for issues management, operational audits, and risk management, including data migration from an existing platform.

Trusted partner and AuditBoard leader

Protiviti has been a trusted partner to this client since 2017, navigating through changes in leadership and a merger along the way. We proposed an integrated team approach that would complement our extensive implementation, configuration and migration experience with AuditBoard (AB), a leading cloud-based audit management platform. The first national firm to become AuditBoard certified, Protiviti has supported more than 250 AB implementations in SOXHUB, OpsAudit, RiskOversight and CrossComply. There are currently more than 700 Protiviti-trained end users of the AB platform across the globe. For this client, we maximized AB’s capabilities with the expertise of our technical implementation team while supplementing with industry expertise from our internal audit practice team members to facilitate configuration and hand-off of their audit methodology facilitated within the AB platform.

We began with a comprehensive assessment of the client's existing audit and risk assessment processes, including an IA methodology review and peer benchmarking. This provided a framework for the high-impact recommendations focused on IA function enhancement. We developed and set the stage for a successful transition to AuditBoard integrating the proposed audit methodology enhancements.

In this case, we supported the client in “translating” their “new” audit methodologies to AuditBoard, providing support and guidance throughout. Key steps in the migration process included:

• Process mapping and gap analysis: Our team conducted detailed process mapping to identify inefficiencies and gaps in the existing system, providing a clear roadmap for the migration.
• Custom configuration: AuditBoard was configured to align with the client’s unique requirements. Custom workflows, templates, and reporting structures were developed to ensure seamless integration with existing processes.
• Data migration: A meticulous data migration plan was executed to transfer historical audit and risk assessment data from legacy systems to AuditBoard. This ensured continuity and integrity of critical information.
• Testing and validation: Rigorous testing was conducted to validate the functionality and reliability of the new system, ensuring all processes were working as intended before going live.

Training and change management: Protiviti facilitated extensive training sessions for the client's staff to ensure they were proficient in using AuditBoard. Change management initiatives were also implemented to foster a smooth transition and user adoption.

When results count

The migration to AuditBoard delivered significant improvements:

• Increased efficiency: The automation of manual processes reduced the time spent on audit preparation and execution. This allowed the internal audit team to focus more on value-added activities rather than administrative tasks.
• Cost savings: By streamlining processes and reducing manual effort, the client realized a reduction in operational costs related to internal audit and risk assessment activities.
• Enhanced accuracy: The centralized platform eliminated data silos, ensuring that all audit and risk assessment data was accurate and up-to-date. This improved the reliability of audit findings and risk assessments.
• Real-time insights: AuditBoard's real-time reporting capabilities provided the client with instant access to critical audit and risk information for more informed decision-making and proactive risk management.
• Improved compliance: The standardized workflows and documentation within AuditBoard ensured that all audit activities were in line with regulatory requirements, reducing the risk of non-compliance and potential penalties.
• User satisfaction: Employee feedback indicated a high level of satisfaction with the new system. The intuitive interface and comprehensive training provided by Protiviti contributed to a smooth transition and positive user experience.

Protiviti’s leadership and AuditBoard expertise, along with our long-standing relationship with the client, exemplifies how strategic technology implementation can transform critical business functions. This successful migration to AuditBoard not only enhanced the efficiency and accuracy of the client's internal audit and risk assessment activities but also provided a solid foundation for future growth and innovation.