Purpose-built extensions allow Audit, Risk, and Compliance teams to leverage transformative automation and data insights to manage risk more efficiently.
LOS ANGELES, October 18, 2023 – AuditBoard, the leading cloud-based platform transforming audit, risk, compliance, and ESG management, today revealed powerful new capabilities purpose-built to enable teams to automate critical workflows, surface key strategic insights, and stay on top of proliferating risks. The announcement took place at AuditBoard’s annual Audit & Beyond conference, a hybrid in-person and online gathering of thousands being held in San Diego, California through October 20.
These robust new platform enhancements further deliver on the promise of AuditBoard’s modern connected risk model, which leverages innovative, purpose-built solutions to help teams surface and manage more risk, work smarter with greater impact, and engage front-line stakeholders:
- AuditBoard AI: The rapid increase in the volume and velocity of risk and compliance demands is outpacing the ability of enterprises to effectively manage them. AuditBoard AI addresses this challenge by leveraging purpose-built, proprietary algorithms as well as the full spectrum of artificial intelligence technology, including generative AI, machine learning, and natural language processing to bring relevant insights, intelligent suggestions, and powerful automations across audit, risk, and compliance programs. As a result, customers can automate time-consuming workflows, connect and analyze large amounts of data from across teams to identify emerging risks and scale their programs to meet business needs. They can also proceed with confidence knowing AuditBoard AI is uniquely built with a high level of security and controls to meet the standards of Audit, IT Security, and Risk professionals for the largest organizations.
- AuditBoard Analytics: AuditBoard is expanding on its industry-leading automation and analytics capabilities, with a new, purpose-built, native analytics offering that supercharges audit testing, streamlines analysis, and improves the efficiency and effectiveness of audit execution. This new AuditBoard solution provides class-leading out-of-the-box capabilities for performing common audit and compliance tests while also allowing the flexibility to build personalized analytics workflows using a No/Low Code model and enabling teams without any coding expertise or a data analytics background. AuditBoard now offers the industry’s most flexible and approachable analytics options for audit, risk, and compliance teams.
- Operational Risk Management (ORM): The global risk landscape continues to grow and change at an unprecedented pace. According to AuditBoard data, 74% of customers are managing more risks than they were a year ago. To aid customers in extending their risk coverage and driving increased insights from the front lines, AuditBoard has announced powerful new ORM capabilities. AuditBoard ORM helps enterprises better surface and manage risks by enabling risk leaders to effectively engage their frontline operational teams. It also empowers operational teams to easily self-report risks, self-assess controls, and log risk events with visibility into their broader risk program. As a result, organizations are able to drive greater risk awareness and reduce risk exposure.
“Successfully navigating today’s dynamic risk landscape requires leveraging the latest advances in AI and analytics, as well as engaging the entire organization in the process of effective risk management,” said Evan Fitzpatrick, Chief Product Officer at AuditBoard. “We’re excited to announce these new platform capabilities, which empower teams with the modern tools they need to surface critical insights, collaborate effectively, and respond with speed.”
Platform innovations like those announced today have led to top ratings from customers, who have rated AuditBoard a market leader in the G2 Grid Reports for Audit Management and GRC software for 16 and 15 consecutive quarters respectively, in addition to providing top ratings on Gartner Peer Insights and Capterra. AuditBoard has also been named a 2023 Top 100 B2B app, amongst more than 100,000 apps across all categories and industries, in G2’s prestigious Best B2B Software Awards.