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

New features help customers save time and deliver more value by infusing AI into daily workflows.

2024 AUDIT & BEYOND CONFERENCE — October 23, 2024 — AuditBoard, the leading cloud-based platform transforming audit, risk, compliance, and ESG management, today announced its robust collection of AI offerings now empowering teams to further automate core, time-consuming workflows and better stay ahead of proliferating risks. 

AuditBoard and Ascend2 Research recently conducted a survey finding 89 percent of organizations plan to use AI but face challenges such as data privacy concerns and high costs, showcasing the balancing act organizations must perform to leverage the benefits of AI while mitigating associated risks. These new AI enhancements build on AuditBoard’s existing AI and automation capabilities to further deliver on the promise of a modern connected risk platform. The new capabilities include:

• Automated Vendor Assessments: Third-party risk management teams send out, complete, and review hundreds of vendor questionnaires every year. The process is painstakingly manual, requiring them to sift through countless pieces of data and engage in extensive follow-up with their third-party partners. AuditBoard’s AI-powered Automated Vendor Assessments capability enables third-party risk managers to leverage historical vendor assessments and publicly available compliance reports to generate questionnaire responses and streamline the vendor assessment process.
• Intelligent Staffing: Staffing projects is a crucial but time-consuming activity that’s especially manual for large teams juggling budgets, skill sets, and timelines, particularly when they’re looking to comply with the IIA Standards or other regulatory requirements. Intelligent Staffing uses AI to analyze practitioner areas of expertise and bandwidth to optimally recommend resources and align project requirements with deadlines, creating time-saving efficiencies and shortened audit cycles.
• Automated Framework Updates: InfoSec teams face the challenge of staying up to date with an ever-evolving compliance and regulatory landscape, often struggling to assess how updates to frameworks and regulations impact their operations. AuditBoard’s Automated Framework Updates streamlines this process by automatically transferring key data — such as assessment results, ownership, and compliance status — to the updated framework version, helping teams quickly identify what requires action. By focusing on the true gaps and critical changes, this solution empowers businesses to maintain compliance efficiently and minimize unnecessary effort.

“As a manager, the AuditBoard platform speaks for itself,” said Greg Zubulake, Internal Audit Manager at Titan International. “AuditBoard AI has drastically improved the team’s efficiency, and these new features will continue to help us ensure we are optimizing team resources.”

“With these powerful new enhancements, teams can now leverage AI to dramatically streamline their existing workflows and drive increased business value,” said Sarika Khanna, Chief Product Officer at AuditBoard. “These exciting capabilities are a direct result of conversations with our customers and are designed specifically to meet the unique and evolving needs of audit, risk, and InfoSec professionals as they are tasked to do more with less.”

To see these capabilities in action, visit the Connected Risk Experience at Audit & Beyond or visit AuditBoard.com to learn more.