The partnership between the two companies aims to provide businesses with consulting services and a suite of risk technology services in the context of the increasing costs and complexities of risk and compliance management. In essence, the EY–AuditBoard Alliance takes EY’s risk technology solutions and integrates them with AuditBoard’s cloud-based platform.
Officials from EY have stated in the company press release that organisations are currently struggling to reduce the cost of risk and compliance management, particularly in the context of future challenges associated with new environmental, social and governance regulations. The EY-AuditBoard alliance will enable these companies to gain access to the latest risk management technologies and strategic risk management advisors.
According to the official press release, EY aims to build a better working world by helping to create long-term value for clients and build trust in the capital markets. Working across assurance, consulting, law, strategy, tax and transactions, EY teams work to find new answers for complex issues all over the world.
AuditBoard is a cloud-based platform specialising in audit, risk and compliance management. The company was founded by childhood friends and former auditors, Daniel Kim and Jay Lee in 2014 with the vision of transforming the audit, risk, and compliance technology landscape while helping enterprise teams modernise their practices.
According to a report by expertmarketresearch.com, the surging risk of cyber threats and the rising demand for the right talent to minimise cyber risks are likely to drive the compliance management software market growth across the globe. Moreover, the increasing complexity of compliance, regulatory, and risk management environments in businesses will also support the market's growth over the upcoming years.
Moving on to market analysis, the report divides the market based on software type into regulatory compliance management, and corporate compliance management. Based on organisation size, the market is categorised into small and medium enterprises and large enterprises. Based on the end-use, it can be segmented into ICT, construction and engineering, mining, retail, healthcare, transportation and logistics, general manufacturing, BFSI, and media and entertainment.
Geographically, North America is showing significant growth in the compliance management software market share due to the presence of entities such as Thomson Reuters and the Oracle Corporation. The United States also owes its growth in the compliance management software market to its startups and the increasing demand to manage the accessibility and flow of information in an organisation.
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