LAS VEGAS — The world of audit and compliance has become a labyrinth, with new regulations cropping up faster than companies can build the roadmaps to navigate them.
Keeping pace with disclosure requirements from climate (TCFD, SB-253), digital risk (GDPR, CCPA), healthcare (HIPAA) and artificial intelligence (ISO/IEC 42001:2023, EU AI Act, NIST-AI-600-1) — to name a few — can feel like a contact sport.
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What were once straightforward checklists have spiraled into a tangle of acronyms, rules and red tape, leaving even the most diligent compliance officers struggling to keep pace. AI as a compliance tool, has quickly emerged as a powerful catalyst to tame the compliance tsunami.
For Anton Dam, vice president of engineering and AI/ML at AuditBoard, his mission is to fuse AI into the workday of audit managers, giving them a tool to address their compliance workloads.
SC Media sat down with Dam at the Audit & Beyond 2024 conference and asked him about AI, AuditBoard’s rollout of new AI tools and what’s next. (SC Media’s full conference coverage)
SC Media: What are the largest contributing factors and trends in the compliance and audit world that AI can help address, streamline, or solve?
Anton Dam: AI addresses key challenges in compliance and audit by streamlining complex regulatory updates, enhancing cybersecurity risk management, and reducing data silos. It helps automate tasks, bridging the risk exposure gap caused by increasing threats and limited resources. Additionally, AI’s predictive capabilities enable proactive risk identification, allowing businesses to respond quickly to emerging compliance issues.
SC Media: Can you describe the key motivations behind the recent platform updates at AuditBoard?
Dam: The key driver for these updates was to address the overload of manual tasks that compliance teams face every day. These tasks are not only time-consuming but also repetitive, leaving little room for teams to focus on more strategic initiatives. Our goal is to eliminate 90% of these rote tasks, so compliance professionals can direct their efforts towards risk management and decision-making that truly matters. With the new AI-driven tools, we’re automating processes like vendor assessments and framework updates to streamline workflows across the board."
SC Media: How does AI play a role in these new features?
Dam: The new capabilities aren't just about efficiency; they fundamentally upgrade entire workflows, from data processing to strategic planning. For instance, instead of spending three to six months just in analysis, compliance teams can press a button and get all that analysis in draft form. This compresses the time frame, enabling teams to work more effectively with the business side. The integration of AI also allows us to automate the drafting of risk language and mapping of controls, which are traditionally very manual processes."
SC Media: Can you provide an example of how AI integration changes the workflow for compliance teams?
Dam: Certainly. Let’s take our Automated Vendor Assessments feature. This tool uses historical data to pre-fill questionnaires, significantly reducing the amount of manual input needed from compliance professionals. What previously could have taken weeks is now done in hours. Rather than just adding ChatGPT-like functionalities on top, we’re integrating AI into core workflows to bring real, tangible benefits.
SC Media: What challenges did you encounter when designing these AI features, and how did you address them?
Dam: One of the biggest challenges was ensuring that the AI operates within strict security parameters. Data privacy is a major concern, so we made sure that customer data remains segregated and protected under robust governance frameworks. Another hurdle was making sure these tools were adaptable enough to fit different industries and compliance frameworks. The solution was to develop modular AI components that could be fine-tuned to meet specific organizational needs without compromising data security."
SC Media: How do you see AI transforming compliance management in the future?
Dam: AI has the potential to completely reshape compliance management by making it more predictive and less reactive. We’re already seeing that companies with mature AI integration can anticipate compliance issues before they arise. For instance, by analyzing patterns in previous audits and assessments, our platform can suggest areas where teams might encounter issues, allowing them to address potential vulnerabilities proactively. This is just the beginning; as AI technologies evolve, we expect them to play an even bigger role in risk prediction and strategic planning.
SC Media: What do you think sets AuditBoard apart from its competitors when it comes to these AI-driven solutions?
Dam: Our approach is different because we’re not just automating individual tasks — we’re upgrading entire workflows. We see the value of integration, where compliance, risk, and audit teams can all draw from a shared set of data and insights. This holistic approach means that when a compliance issue arises, the entire organization can respond swiftly, using a unified system that pulls together the insights they need. That’s where AuditBoard stands out: it’s not just about isolated efficiency gains but about building a cohesive, connected ecosystem.
SC Media: Finally, what’s next for AuditBoard in terms of AI and platform enhancements?
Dam: We’re just scratching the surface with what’s possible. We’re focusing on further automating complex compliance processes and enhancing our AI capabilities to provide even more detailed predictive insights. The goal is to make compliance not just a necessary function but a strategic advantage for companies. We’ll continue to refine our existing tools and develop new features that help our clients manage compliance and risk in a way that’s seamless, proactive, and intelligent.
Throughout this interview, Dam paints a clear picture of how AI is transforming the way organizations handle compliance and risk. With the latest platform updates, AuditBoard aims to automate and streamline processes, helping teams move beyond manual tasks to focus on strategic initiatives. As AI continues to evolve, the possibilities for innovation in compliance management are vast, and AuditBoard is determined to lead the way.
