Following the Brydon report in 2020 the UK Government have published a white paper titled “Restoring trust in audit and corporate governance”. This wave of new regulation is colloquially referred to as UK SOX.
The views from investors and audit firms express a desire for a SOX equivalent through which the board of directors must report their assessment of internal controls. This new wave of regulation will require greatly increased expenditure if tackled in a traditional manner. In the first instance your current capacity restricts your scope meaning you can only review a select area each cycle. You often need to augment your team with expensive consultants on which you become dependent. Secondly, risk-based planning can be hard as you do not have a simple way to review the entire control environment to inform risk-based planning. Thirdly, your control documentation is often inconsistent and therefore is not relied upon by external auditors.
Birchman also cover all controls meaning you can review all your controls in minutes with interactive reporting and exports in the original format. This can allow you to focus on what really matters during your planning. They share the knowledge with clear reasons for classifications which are standardised - meaning staff can be upskilled and produce better quality controls.
From this webinar you will learn how combining leading domain knowledge of corporate risk and control with AI and Machine Learning technology can automate risk management activities. We will demonstrate how you can achieve compliance and simplify audit processes without growing internal teams or employing expensive external consultants.
Speaking at this webinar:
Josh Harrison, CTO:
Josh comes from a software and data engineering background, having successfully built out API services and data science pipelines for healthcare and cyber insurance risk modelling based startups in London and San Francisco. He is also currently studying for an MSc in Software Engineering at the University of Oxford and has previously published and presented an academic journal on Hadoop cloud forensics.
Our latest insights and thoughts