European Reliance S.A, a comprehensive insurance company active in all modern sectors, is about to roll out a new internal auditing system developed by software firm Ideagen.
Ideagen Pentana, Ideagen's audit automation application, will help Greek-based European Reliance S.A to digitise its entire internal auditing operations and better equip the company to face future challenges and potential growth.
As part of the project, the Pentana system will allow European Reliance S.A's internal auditing team to electronically plan and complete audits, assess inherent risks, identify any deficiencies in the company's operations and facilitate their remediation efficiently.
Stilianos Malamos, Internal Audit Director for European Reliance S.A, said Pentana would provide significant savings, particularly in relation to audit report creation, and assist in the dynamic monitoring of all company risks and controls and the overall governance efforts.
He added: "Ideagen Pentana will not only provide us with strategic business benefits but also day-to-day improvements – particularly in relation to the creation of our audit reports for senior management.
"If we take into consideration that approximately 25% of our time is spent on writing reports, then the capability of Pentana to produce them automatically using our data in the system, means it will be an extremely useful piece of software for us."
Stilianos added: "This is not the only benefit we expect to see from the software. We will be using Pentana in all phases of our internal audit operations starting from annual internal audit planning to identifying and managing various risks and inherent risks to the business. Strategically, this will give us a viewpoint of what we should expect to see performance-wise in the next year or two."
European Reliance S.A provides a wide range of insurance coverages for individuals and companies through its creation of "specially designed, innovative and flexible insurance programs".
The company employs over 5,000 staff and insurance agents and have plans to expand further within Greece in the following years to significantly develop their operations.
Stilianos added: "We have already had discussions with other areas of the business around the capabilities of the Pentana system. We have also had detailed discussions with upper management and, everybody is excited by the prospects of using the Pentana system.
"European Reliance is a company with many departments and processes and as a result it is difficult to have a dynamic and holistic viewpoint of the various risk elements. Pentana will centralise all information and enable us to connect and unify operations from various departments efficiently for the benefit of the business."