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January 8, 2018

Commerzbank turns to Ideagen for internal audit software

Germany’s Commerzbank has selected Ideagen’s Pentana Audit software solution for its internal audit operations globally.

A risk-based audit automation software solution, Pentana Audit is delivered under Ideagen’s Pentana Assurance suite of software which also includes Pentana Performance and Pentana Disclose solutions.

Pentana Audit is said to be used by more than 450 organisations globally to carry out audit operations.

An UK based company, Ideagen focuses on providing compliance, audit, control and risk management solutions to banks, accountancy firms and financial services organisations.

Ideagen head of banking, finance and audit Colin Smith said: “This particular project is proof of our standing as one of the leading software providers to the global banking, audit and finance industry.”

With a combined staff strength of 50,000, Commerzbank operates in nearly 50 countries serving around 18 million private and small business customers as well as more than 60,000 corporate customers and financial services providers.

Last month, the company entered into a partnership HSBC Transaction Services to form a joint venture for securities settlement for a period of 10 years.

Commerzbank will have a 20% minority stake in the joint venture, which is expected to begin operating in 2020 following a testing phase in this year.

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