As a leader in professional services on a global scale, EY spends a lot of time and effort on research and innovation initiatives. The company is committed to building a better working world and their next challenge is to re-imagine the audit process.
What is the EY Launchpad program?
EY Launchpad is an open innovation program that joins top-notch startups to solve different innovation challenges in 100 days. Whereas EY is a leading provider of digital solutions, they are looking for partners that are better equipped to support some more specific technology trends.
The acceleration program lasts 100 days. During the program, EY teams and selected startups work together to find innovative solutions to particular ongoing challenges. This process consists of 3 phases: designing, building, and piloting a new EY service.
For startups it is a big opportunity to scale-up and create a new service with a big corporate partner that is EY. The latter provides valuable entrepreneurial experience for participants and also speed up time-to-market.
How to make audit more efficient?
According to EY, normally auditing focuses mostly on looking backward. And understandably, this practice is no longer tangible for the modern world. The company believes that focusing on what is happening now and assessing its impact on the future is what needs to be done instead.
And with the emerging of new technologies, there is a growing potential to make real-time auditing of financial transactions the new standard. EY is looking for solutions in AI, machine learning and big data analytics to further automate the auditing process and create real-time auditing solutions that work.
True innovation comes from human interaction
ReCheck joined the EY Launchpad program to work on finding a tangible solution to their current ongoing challenge. As an expert with a proven record of deploying blockchain architecture to different systems and processes, we can contribute a DLT engine for real-time auditing.
The engine will provide reliable data tracking and reporting to the sources. A DLT engine can provide secure access, and coordination between AI, auditors and the company. Furthermore, it will automate the process of detection of data and AI processing deviations.
Incorporating the blockchain component to auditing processes will make the audits much more transparent and efficient. Smart contracts will eradicate errors that come from human negligence or omission. And end-to-end encryption will guarantee that security is high level and data integrity is protected at all times.