Microsoft and EY announce a collaboration to assist businesses

EY and Microsoft, today announced a new initiative to assist businesses in the global use of technology to address a variety of increasingly complex legal and compliance challenges.

By combining EY leading technology and intelligence with Microsoft Cloud technologies, the organizations will help businesses’ legal and compliance teams to identify and mitigate ethical and reputational risks; investigate and manage regulatory challenges; detect fraud; and manage privacy and security risks.

This move is part the existing EY Microsoft alliance follow the instructions below announcement in August 2021, boosted collaboration was accompanied by a commitment to launch innovative platforms and solutions to address social and business challenges through digital transformation.

The company’s multinational clients require a range of innovative technologies and solutions to meet their legal and compliance requirements. A key resource in delivering these services will be the EY Virtual platform – a single-point digital solution, available via the cloud or hybrid, that helps organizations to manage their legal, compliance, ethics, and risks through a suite of AI-driven analytics and workflow applications. The Microsoft Cloud can power the platform to complement the Microsoft 365 E5 powerful information protection and advanced Compliance capabilities including Insider Risk and eDiscovery and Information Governance and Compliance. This will help protect and manage data and reduce risk.

Todd Marlin, EY Global Forensic & Integrity Services Technology & Innovation Leader, says:

“Year on year, boards of directors have increasingly higher expectations of their legal and compliance functions and their ability to monitor, mitigate risk and respond in a cost-efficient and integrated manner. I’m proud of how EY and Microsoft have come together to serve clients in this important initiative to create a unique set of capabilities, which brings greater simplicity to technology for global legal and compliance departments at our clients.

“There are many single point analytics solutions available that focus on a narrow area of integrity and compliance, but EY Virtual is different because it is a collaborative platform with a configurable interface that can integrate with new technologies and legacy systems. As regulatory and compliance requirements expand, it can quickly adapt to the business landscape.”

These digitally-enabled services are powered through the Microsoft Cloud and are intended to free up time for routine activities in order to improve decision-making, reduce costs, and allow legal/compliance departments to focus their resources on new insight and value-added activity. EY Virtual leverages state-of-the-art technologies and EY subject knowledge to automate routine and rules-based tasks. Artificial Intelligence refines models based on contextual learnings.

Lyn Bird, Vice President, Enterprise Functions, Industry Solutions, Microsoft, states: 

“Legal and compliance done right is a modern experience that works continuously and allows employees and organizations to focus on their core competencies. Microsoft and EY share this belief. They have a valued partnership that focuses on providing legal and compliance solutions with the latest technology. EY Virtual combined with Microsoft 365 intelligent compliance and risk management solutions makes it easier for customers to assess compliance risks, govern and protect sensitive data, respond to regulatory requirements and ultimately drive back-office transformation.”

Microsoft already has EY Virtual in its Spend Risk Monitoring Modernization Program (SRMM). Microsoft can now speed up its risk rating for its global spending. It can also consolidate existing siloed compliance programmes, saving more than 10,000 hours per year across its business.

Andy Baldwin, EY Global Managing Partner – Client Service, says: 

“EY and Microsoft are addressing important societal concerns by providing General Counsel, Chief Compliance Officers, Internal Audit and other stakeholders with access to tools that enable better business practices, help fight fraud and improve integrity. I am proud of what our technology teams have accomplished with Microsoft and knowing the breadth of challenges we help our clients with, I expect to see a continuous and wider set of capabilities over the coming months and years.”

 

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