National Bank of Georgia: Streamlining internal audit processes

Introduction

The National Bank of Georgia (NBG), established in 1919 and reformed in 1991, is an independent institution focused on ensuring price stability through effective monetary policy. NBG also supervises the financial sector, manages international reserves, and provides cash operations and financial statistics. 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

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