AuditBoard Launches AI Enhancements to Boost Efficiency in Risk Management
AuditBoard, a prominent cloud-based platform known for its transformative solutions in audit, risk, ESG, and InfoSec management, has announced the introduction of several innovative AI features aimed at improving workflow efficiency for enterprises. These advancements mark a significant step towards achieving AuditBoard's ambition of offering a modern connected risk platform.
The newly introduced capabilities—Automated Vendor Assessments, Intelligent Staffing, and Automated Framework Updates—are designed to automate complex and time-consuming workflows, thereby enabling businesses to navigate today's challenging threat landscape more effectively.
The development of these AI features was inspired by findings from a recent survey conducted by AuditBoard in conjunction with Ascend2 Research. The survey revealed that a striking 89% of organisations intend to incorporate AI into their operations but are hindered by concerns over data privacy and the prohibitive costs associated with AI implementation. The survey highlights the intricate balance enterprises must maintain between fostering AI innovation and mitigating risks.
Among the newly unveiled features, Automated Vendor Assessments stand out by allowing third-party risk managers to leverage historical vendor assessments combined with publicly accessible compliance reports. This innovation facilitates the automatic generation of responses to vendor questionnaires, thereby diminishing the laborious task of manually handling these assessments. According to AuditBoard, this process traditionally required risk managers to sift through vast amounts of data and conduct numerous follow-ups.
The Intelligent Staffing feature is designed to streamline the often cumbersome process of project staffing. Utilising AI-powered analysis, it evaluates practitioners' expertise and workload to recommend optimal resource allocation and ensure that project timelines and requirements are met efficiently. This enhancement addresses the manual complexities of balancing budgets, skill sets, timeliness, and compliance, thus reducing the duration of audit cycles.
The Automated Framework Updates are directed at InfoSec teams, aiding them in keeping abreast of changing compliance and regulatory requirements. This feature automates the transfer of essential data, such as assessment results and compliance status, to updated framework versions and identifies elements needing attention. This ensures that InfoSec operations remain aligned with statutory regulations.
Greg Zubulake, internal audit manager at Titan International, endorsed the new features, stating, "The AuditBoard platform speaks for itself. AuditBoard AI has drastically improved the team’s efficiency, and these new features will continue to help us ensure we are optimising team resources."
Sarika Khanna, chief product officer at AuditBoard, commented on the enhancements, saying, "With these powerful new enhancements, teams can now leverage AI to dramatically streamline their existing workflows and drive increased business value. These capabilities result from conversations with our customers and are designed specifically to meet the unique and evolving needs of audit, risk, and InfoSec professionals tasked with doing more with less."
AuditBoard’s new suite of AI tools promises to deliver streamlined efficiencies and heightened business value, while its customer-centric development approach ensures that the evolving needs of audit, risk, and InfoSec professionals are met.
Source: Noah Wire Services