LAS VEGAS – AuditBoard, a leading cloud-based risk management provider, has introduced new AI-driven capabilities into its platform designed to cut through compliance complexity, save time and ultimately reduce cybersecurity risk.
The enhancements, announced at the 2024 Audit + Beyond Conference, aim to streamline compliance processes, automate risk assessments, and offer better protection against emerging threats. The AuditBoard platform updates were announced Wednesday during the event’s keynote.
“Organizations are often overwhelmed by the complex tasks required to maintain compliance, which can leave them vulnerable to cyber threats,” said Anton Dam, VP of Engineering, AI/ML at AuditBoard. “Our goal is to eliminate 90% of these repetitive tasks, so teams can focus on strategic risk management that directly protects their business.”
Compliance Risk is Cyber Risk
Dam said as cyber threats grow more sophisticated, organizations struggle to keep up with evolving compliance frameworks and the increasing volume of data that must be managed. AuditBoard’s updated platform directly addresses these challenges by embedding advanced AI across its solutions, reducing the manual workload and enabling teams to respond faster to potential vulnerabilities.
The new features, including Automated Vendor Assessments, Intelligent Staffing, and Automated Framework Updates. Each are designed to integrate seamlessly into existing workflows, helping companies stay ahead of compliance requirements while proactively managing security risks.
The update introduces three key tools integrated into AuditBoard’s platform:
Automated Vendor Assessments This feature addresses the often-tedious process of managing third-party risk by using AI to pre-fill compliance questionnaires based on historical data. Anton Dam, AuditBoard’s VP of Engineering, AI/ML, explained that the tool significantly reduces the time spent on vendor assessments, streamlining tasks that could previously take weeks. “You can now get comprehensive assessments completed in hours, freeing up resources for strategic work,” Dam said.
Intelligent Staffing Designed to simplify resource management, this AI tool analyzes team members' skills and availability, making it easier for companies to align projects with compliance requirements. The feature aims to cut down on the complexities of project staffing, particularly for large teams navigating multiple audits.
Automated Framework Updates As compliance regulations evolve, staying up-to-date has been a challenge for many organizations. AuditBoard’s new feature automates the transfer of key data when frameworks are updated, helping teams quickly identify necessary changes and ensuring smoother compliance without excessive manual effort.
Blazing an AI Trail in Compliance Innovations
The enhanced platform builds on AuditBoard’s existing AI capabilities, such as AuditBoard AI introduced in April, which are already embedded across its tools to automate tasks like drafting risk language and mapping controls.
Dam highlighted that the new upgrades represent a shift from merely enhancing individual tasks to reimagining entire workflows. “We’re aiming to eliminate 90% of the rote tasks compliance professionals face, letting them focus on strategic decision-making,” he said, emphasizing the importance of AI in improving overall risk management.
AuditBoard’s platform updates align with a broader trend in the audit and risk management market, which is seeing rapid growth due to increasing regulatory demands and the need for sophisticated compliance solutions.
With the market expected to grow from $1.5 billion in 2023 to $3.2 billion by 2032, competitors like Workiva, MetricStream, and SAP are also integrating AI and cloud-based solutions to automate and enhance their offerings.
For AuditBoard, its continued move to embed AI across its platform reflects a strategic focus on providing real-time insights and seamless data management, setting it apart from competitors who many still rely on less integrated or manual processes.
This push for innovation across the industry underscores a shift towards more agile, automated, and comprehensive risk management solutions, Dam said. A recent report from AuditBoard, in collaboration with Ascend2, found 86% of organizations cited data silos as a significant challenge when it comes to compliance. AuditBoard's latest AI features aim to bridge these gaps by fostering stronger collaboration and data integration across silos and teams.
