Ideagen to provide Commerzbank with internal audit software

Member News | 04.01.2018

Ideagen to provide Commerzbank with internal audit software

Commerzbank, a leading German international commercial bank with branches and offices in almost 50 countries, is to implement Pentana Audit , a software system from Ideagen, for its global internal audit operations. Pentana Audit is Ideagen’s risk-based audit automation software solution used by over 450 organisations worldwide.

Commerzbank serves more than 18 million private and small business customers, as well as more than 60,000 corporate customers, multinationals, financial services providers and institutional clients. In 2016, it generated gross revenues of 9.4 billion Euros and employs almost 50,000 staff.

Ideagen specialises in providing compliance, audit, control and risk management solutions to banks, accountancy firms and financial services organisations and works with some of the world’s largest organisations in this area including BDO, BBVA and the European Central Bank.

It’s Pentana Assurance suite of software – which includes Pentana Audit, Pentana Performance and Pentana Disclose – consolidates Ideagen’s efforts in creating a functionally complete and market leading internal audit, compliance and oversight software suite.

Colin Smith, Ideagen’s Head of Banking, Finance and Audit at Ideagen, said: “This particular project is proof of our standing as one of the leading software providers to the global banking, audit and finance industry.”

Ideagen has recorded a “significant percentage growth” in its accounting, banking and finance operations in the current financial year. As well as Commerzbank, the company has welcomed a host of new clients including Standard Life Aberdeen, mBank, the CSSF – the Luxembourg Financial Regulator – Sheshunoff, Dun & Bradstreet, ICAEW, Deloitte Pakistan and Spirit of Texas Bank among others.

The company has also successfully extended implementation of its software among some of its prominent clients in the sector, such as BDO which expanded its implementation of Ideagen’s Pentana Audit software from the UK to the USA, Australia and South Africa.

Ben Dorks, Ideagen’s Chief Customer Officer, said: “The accounting, banking and finance sector continues to represent outstanding growth opportunities for Ideagen.

“In the current financial year, we have witnessed increased demand both for our products and services which has resulted in a significant growth in revenue from this particular sector.

“I am particularly pleased that, alongside the considerable new business gained, we are continuing to expand deployment of our software within our strategic accounts. This strategy will help us cement our standing as one of the leading software providers to the global banking, audit and finance industry.”

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