LAS VEGAS – Kicking off Audit & Beyond 2024, Scott Arnold, CEO of AuditBoard, made the case that the compliance and audit industry needs to shift toward a more integrated, collaborative and AI-driven model to keep pace with breathless industry change.
Here at the opening keynote for the Audit & Beyond 2024 conference, Arnold and AuditBoard's leadership emphasized the transformative role of artificial intelligence and emerging technologies in advancing risk management.
"We are entering a new era of connected risk," Arnold said. "Our goal is to empower organizations to better manage risks by breaking down silos and fostering collaboration across all departments."
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The keynote, led by Arnold and Chief Technology Officer Haibel "Happy" Wang, highlighted three critical industry trends: regulatory pressures for cross-functional governance, the rise of interconnected risks and the expanding potential of AI in risk management.
Arnold pointed to recent partnerships, such as AuditBoard’s acquisition by HG Capital, as key to accelerating global expansion and innovation. He noted that over 20 million hours have been saved through these solutions, underscoring the significant impact of streamlined, AI-driven processes.
Sarika Khanna, chief product officer at AuditBoard, emphasized that AuditBoard’s platform leverages AI and a centralized data system to streamline risk management processes and at the same time makes IT security teams equal stakeholders when it comes to data and risk management.
"With everything centralized into a single location, we're very uniquely positioned to take a unique approach to AI, which can help drive intelligent action across audit, risk, and InfoSec teams. This unified approach allows risk teams to guide the business with greater insight and impact,” Khanna said.
She highlighted AuditBoard’s new AI feature updates to its platform, also announced Wednesday.
"AuditBoard’s vision is to create a connected risk platform that ties all compliance functions together, empowering users to address risks proactively,” Wang said.
Wang emphasized the strategic role of technology in unifying audit, compliance and risk management efforts, pointing out that a holistic approach helps organizations mitigate potential issues before they escalate.
X factors: Regulation, risk and AI
The keynote highlighted three critical trends driving change in the fields of audit, risk and compliance:
- Regulatory Pressure for Cross-Functional Governance: New regulations require comprehensive, cross-departmental oversight, driving the need for cohesive compliance efforts, reflecting increased regulatory pressure.
- Interconnected Risks: Modern risks span technology, supply chains and geopolitics, emphasizing the need to break down silos for better visibility and collaboration.
- The Rise of AI: AI's growth offers automation and strategic insights, but its value lies in purpose-built solutions, aligning with the theme of AI integration in core processes.
These trends show how regulations, complex risks and AI are pushing for unified, collaborative and tech-driven risk management strategies.
Delta 'keeps climbing' with AuditBoard
The keynote also spotlighted real-world applications from AuditBoard customers such as Delta Air Lines, which has integrated its platform to enhance proactive risk management. By centralizing data and automating assessments, Delta's risk teams have reduced administrative burdens and improved decision-making, reflecting a broader industry shift toward interconnected, AI-enhanced risk ecosystems. The focus, Delta emphasized, is on creating seamless, integrated solutions that enhance efficiency and strategic value for Delta worldwide.
Scott Mai, director of enterprise risk management at Delta Air Lines, joined Wang on stage for a discussion on risk management.
"There’s an inextricable linkage between risk and strategy ... Our mission is to help Delta make better decisions sooner,” he said.
Mai spoke about the alignment of risk management with business strategy, stressing that understanding risks early allows Delta to implement timely solutions and maintain operational resilience.
“We see audit, risk and compliance as enablers of a connected risk philosophy ... It’s about moving away from reactive measures to proactive risk management,” said Pat Noll, general manager, Corporate Audit Department, Delta Air Lines, also on stage.
These trends, AuditBoard said, underscore a shifting landscape where regulatory demands, complex interdependencies and the power of AI are driving the future of risk management. Organizations must adopt a unified, collaborative approach, leveraging intelligent technology to stay agile, compliant and resilient in an increasingly interconnected world.
