24 October 2024
Written By FinTech Alliance in FinTech
AuditBoard, a leading cloud-based platform for audit, risk, compliance, and ESG management, announced new AI-powered tools at its Audit & Beyond conference in Las Vegas. These AI enhancements aim to help teams automate labor-intensive workflows and stay ahead of emerging risks. According to a recent survey by AuditBoard and Ascend2 Research, 89% of organizations plan to use AI but face challenges like data privacy concerns and high costs, highlighting the complexity of AI adoption.
The new features build on AuditBoard’s existing AI capabilities, offering three main improvements:
Automated Vendor Assessments: This tool leverages historical data and compliance reports to automate responses to third-party questionnaires, streamlining vendor risk management processes.
Intelligent Staffing: AI helps align staff expertise and availability with project requirements, making resource allocation more efficient and shortening audit cycles.
Automated Framework Updates: This feature automatically updates compliance frameworks, allowing InfoSec teams to quickly assess and respond to changes in regulations and frameworks, reducing unnecessary efforts.
These features are designed to help businesses maintain compliance and efficiency as the regulatory landscape evolves. As Sarika Khanna, AuditBoard’s Chief Product Officer, stated, “Teams can now leverage AI to dramatically streamline their existing workflows and drive increased business value.”
– Although 89% of organizations intend to implement AI, they face obstacles like data privacy issues and high costs, revealing the delicate balance businesses must achieve in adopting AI.
– Intelligent Staffing ensures that audit teams can allocate their resources more effectively, improving project alignment with deadlines and reducing manual efforts.
– Automated Framework Updates help companies stay on top of evolving regulations by automatically transferring critical compliance data, reducing the manual workload on InfoSec teams and enhancing focus on critical updates.