AuditBoard Expands AI Capabilities, Empowering Customers to Define the Future of Audit, Risk, and Compliance

AuditBoard, a prominent cloud-based platform in the field of audit, risk, compliance, and ESG management, recently unveiled a set of robust AI capabilities at the 2024 Audit & Beyond Conference in Las Vegas. These innovative features aim to assist customers in streamlining their daily workflows, ultimately saving time and enhancing the value delivered through their auditing processes.

Importance of AI in Modern Workflows

In today’s fast-paced business environment, organizations are recognizing the need for artificial intelligence to optimize their operations. Recent research conducted by AuditBoard in collaboration with Ascend2 Research revealed that 89 percent of organizations are eager to adopt AI technologies, but they often face hurdles, such as concerns regarding data privacy and the associated costs. AuditBoard's new AI enhancements build upon existing automation capabilities, aiming to provide a modern connected risk platform that facilitates effective risk management.

New Features Unveiled

The latest offerings from AuditBoard include several advanced features designed to reduce the manual workload associated with audits and compliance tasks. These features encompass:

• Automated Vendor Assessments: This feature allows risk management teams to automate the process of sending, completing, and reviewing vendor questionnaires. Instead of manually sifting through data, the AI-powered capability utilizes historical assessments to generate responses, simplifying vendor evaluations.
• Intelligent Staffing: Staffing projects often requires balancing numerous factors like budgets, skill sets, and timelines, which can be cumbersome. Intelligent Staffing leverages AI to analyze team members’ expertise and availability, facilitating optimal resource allocation and reducing project timelines.
• Automated Framework Updates: Staying compliant with shifting regulatory frameworks can be a complex task. AuditBoard’s Automated Framework Updates feature automatically transfers relevant compliance data to the updated frameworks, allowing teams to quickly identify required actions and ensuring efficient compliance maintenance.

Customer Insights

Customers have reported significant improvements in efficiency with AuditBoard’s AI capabilities. Greg Zubulake, Internal Audit Manager at Titan International, emphasized that the platform significantly enhances team efficiency, and the new features continue to aid in optimizing resources.

Sarika Khanna, the Chief Product Officer at AuditBoard, commented on the enhancements, stating that they empower teams to streamline workflows and provide greater business value. She highlighted that these new capabilities were developed following extensive dialogue with customers, tailored to meet the distinct needs of audit and risk professionals in their quest to accomplish more with limited resources.

Conclusion

For businesses aiming to enhance their audit and compliance processes, utilizing AI technology presents a transformative opportunity. The newly introduced features from AuditBoard signify a step forward in automating time-consuming tasks, thereby allowing teams to focus on higher-value activities. Organizations can experience these capabilities firsthand by visiting AuditBoard's Connected Risk Experience or through their website.

About AuditBoard

AuditBoard stands at the forefront of cloud-based platforms dedicated to changing the landscape of audit, risk, compliance, and ESG management. With a robust client base, including over half of the Fortune 500 companies, AuditBoard is celebrated for its excellence and rapid growth in the technology sector. Their commitment to innovation ensures that they continue to help organizations navigate the complexities of modern business challenges.

audit, risk, compliance