Case Study: Bank of Cyprus transforms internal audit with TeamMate+

The oldest bank in Cyprus turns to TeamMate+ to align its audit work for the future

Bank of Cyprus, the oldest bank in Cyprus and a global financial services organization, faced challenges with its internal audit processes, including time-consuming administration, cumbersome Excel-based systems, and inconsistent audit execution. To address these issues and move to a paperless environment, the bank turned to Wolters Kluwer and implemented its TeamMate+ Audit solution.

By implementing TeamMate+ Audit, Wolters Kluwer provided a centralized platform that automated processes, centralized risk controls and working papers, and enhanced collaboration with auditees. The results included improved efficiency and integrity, increased productivity, and a better user experience for all parties. The board now considers TeamMate+ a valuable partner, and the system's data analytics and automation capabilities were crucial in helping the audit team proactively respond to emerging risks, such as those presented by the COVID-19 pandemic.

Bank of Cyprus

Panayiotis Koumousis

Manager IT Audit & Data Analytics for the Internal Audit Division