How Commerce Bank Consolidates Annual Testing for 270+ SOX Controls

In our Spotlight on Success series, Aaron Meinert (Director of Internal Audit, Commerce Bank), Cody Hickman (Senior Audit Manager, Technology Audit, Commerce Bank), and Angela Dew (Senior Audit Manager, Commerce Bank) share how Commerce Bank uses AuditBoard to consolidate testing for 270+ SOX controls each year. Headquartered in Missouri, Commerce Bank is a nearly 160-year-old, full-service super community bank that offers a variety of services ranging from commercial to consumer to wealth. 

Hear how Commerce Bank uses AuditBoard to help everyone speak the same risk management language, including: 

• Leveraging AuditBoard to stop using manual, siloed spreadsheets for their risk assessment process
• Make their audit department as efficient as possible and cut down their onboarding process time by 20%
• Provide a single-pane-of-glass experience for stakeholders and control owners

Aaron Meinert, Cody Hickman, and Angela Dew of Commerce Bank share how AuditBoard helps make their audit department as efficient as possible.

Tell us a little about Commerce Bank and what prompted the switch to AuditBoard.

Aaron Meinert (Director of Internal Audit, Commerce Bank): We do annual testing for 270+ SOX controls each year. We also do regulatory audits. Before AuditBoard, we used our previous vendor for 20+ years. It was an okay platform, but it focused more on data storage and audit documentation. We decided it would be a good time to check the market and see what other options are out there. 

Cody Hickman (Senior Audit Manager, Technology Audit, Commerce Bank): We have a mature audit department with great processes in place. When we first brought on the AuditBoard platform, we wanted to make our audit department as efficient as possible and give our team the tools they need. When we saw what was available, we realized there was potential beyond making our audit department as efficient as possible. Instead, we realized we could leverage AuditBoard to help everyone speak the same risk management language. 

What are some of the challenges you’ve addressed with AuditBoard?

Aaron Meinert (Director of Internal Audit, Commerce Bank): The primary benefit that stands out for me is our risk assessment process. Previously, it was very manual. We had a spreadsheet for every auditable entity, with multiple tabs siloed within those spreadsheets. Now, we build our risk assessments with AuditBoard. I can see all the different risks, sort them, and divide them out on one page. It’s been a huge help for me. 

Angela Dew (Senior Audit Manager, Commerce Bank): We’ve also gained efficiency with our SOX certification process. The built-in reminders and different functionalities AuditBoard provides have been very helpful.

Cody Hickman (Senior Audit Manager, Technology Audit, Commerce Bank): Recently, we also onboarded two new team members. Our onboarding process is probably 20% faster now. That increased efficiency comes from general usability that’s improved with a more modern platform that people are used to. On the regulatory examiner front, we can grant them platform access and get what they need in a day or two. Before, it took us five days just to get their questions answered.

How has using AuditBoard improved your processes?

Aaron Meinert (Director of Internal Audit, Commerce Bank): For me, the improvements in issue management are huge. Once we get our second-line issues loaded into AuditBoard, it’s going to be even more beneficial and impactful for our team. We’ll be able to collaborate and get better risk and control insights for the company. 

Angela Dew (Senior Audit Manager, Commerce Bank): Transitioning to AuditBoard has been a very positive experience for our stakeholders and SOX owners. It’s been great for them to see all their tasks and important information in one place. It saves them time and grants visibility into what they’re responsible for. 

Aaron Meinert (Director of Internal Audit, Commerce Bank): I love AuditBoard. I can’t say enough about AuditBoard–I enjoy getting in there every day. It’s been a really positive experience for me, and we’ve had great feedback on AuditBoard from our team members and the audit management team.