National Bank of Georgia implements Ideagen Internal Audit to streamline their internal audit process
The National Bank of Georgia is an independent institution responsible for implementing monetary policy, supervising the financial sector, managing international reserves, and providing financial statistics.
The National Bank of Georgia (NBG), responsible for ensuring price stability and supervising the financial sector, with the bank's primary objective is to ensure price stability in Georgia.
They faced challenges with their manual internal audit processes.
With Ideagen, NBG improved efficiency, enhanced risk management, and ensured compliance with IIA standards.
The National Bank of Georgia, established in 1919 and reformed in 1991, is an independent institution focused on ensuring price stability.
To support these goals, NBG's internal audit service plays a crucial role in maintaining effective risk management, governance, and internal control processes.
The challenge
- Reliance on manual processes with MS Office, leading to inefficiencies
- Complications from multiple document versions stored in different locations
- Lack of visibility and control over emerging risks
The National Bank of Georgia, established in 1919 and reformed in 1991, is an independent institution focused on ensuring price stability.
To support these goals, NBG's internal audit service plays a crucial role in maintaining effective risk management, governance, and internal control processes.
The challenge
- Reliance on manual processes with MS Office, leading to inefficiencies
- Complications from multiple document versions stored in different locations
- Lack of visibility and control over emerging risks
Ideagen Internal Audit helps us understand our risk better, enabling a continuous risk-based audit execution process. We are now more adaptable to changes and better prepared for emerging risks.
Finding the right solution
BBVA selected Ideagen for its:
- Fully integrated audit and enterprise risk management capabilities
- Ability to automate internal audits and eliminate duplication of effort
- Compliance with IIA standards
Implementation and impact
Before, NBG relied on time-consuming manual processes that exposed the internal audit service to inefficiencies and data management issues. The transition to Ideagen Internal Audit provided an integrated solution that streamlined audit processes and enhanced risk management. This transformation allowed NBG to focus on maintaining price stability and ensuring financial sector stability more effectively.
- Automated internal audits, reducing duplication of effort and variances in data storage
- Improved risk and control management, enhancing visibility of emerging risks
- Integrated audit and risk management processes, ensuring compliance with IIA standards
- Went paperless with audit documentation, positively impacting environmental initiatives
- Simplified cross-referencing and improved quality control of audit documents
Turning to Ideagen, NBG has significantly enhanced their internal audit processes, ensuring better efficiency, risk management, and compliance.
Significant time management effectiveness
Improved visibility and assessment of concrete controls
Enhanced risk-based internal audit processes
Intuitive internal audit software that connects everything and everyone in your audit universe.