- AuditBoard introduces AuditBoard AI, leveraging AI to enhance audit and risk management efficiency.
- Founded in 2014, AuditBoard has quickly gained traction among Fortune 500 companies.
- The platform streamlines risk assessments and audits, formerly burdened by manual processes.
- AuditBoard AI automates tasks, such as generating risk and control descriptions, reducing time expenditures significantly.
- Partnering with industry leaders like Microsoft, AuditBoard prioritizes data integrity and security.
- Customer data is encrypted and segregated, ensuring confidentiality and compliance.
Main AI News:
In the realm of business, audits are akin to necessary evils, ensuring the integrity of company practices and policies. Auditors, often unsung heroes, delve into the intricacies of risk management, scrutinizing every facet of operations. Yet, this meticulous task, traditionally laden with manual labor, is ripe for innovation.
Enter AuditBoard, a stalwart in cloud software for auditors. With a decade of experience under its belt, AuditBoard unveils its latest marvel: AuditBoard AI. This cutting-edge feature harnesses the power of artificial intelligence to revolutionize the efficiency of audit and risk management teams.
Anton Dam, Vice President of Engineering for Data, AI/ML at AuditBoard, elucidates the company’s vision. “We see AI as the bridge to close the widening gap between workload and resources,” he declares in a recent interview with VentureBeat.
Founded in 2014 by Daniel Kim and Jay Lee, AuditBoard boasts a lineage of innovation in an otherwise conservative industry. Initially catering to the audit, risk, sustainability, and compliance sectors, the company swiftly gained traction, counting over 2,000 clients in its repertoire, including nearly half of the Fortune 500.
Central to its success is the AuditBoard risk management platform, a cloud-based solution that simplifies risk assessments and audits. Formerly known as SOXHUB, this platform streamlines processes that were once mired in spreadsheet purgatory, liberating auditors from the shackles of manual data entry.
Now, AuditBoard transcends conventional boundaries with the integration of generative AI and Large Language Models (LLMs). By leveraging these technologies, AuditBoard propels auditing into the digital age, automating repetitive tasks and empowering auditors with intelligent suggestions.
Gone are the days of painstakingly crafting risk and control descriptions. With a simple click, auditors can now generate tailored descriptions, courtesy of AuditBoard AI. This innovation slashes time expenditures, as attested by Melissa Pici, Senior IT Audit Manager at Syniverse, who lauds the solution as a “game-changer” for her team.
While the specifics of the LLMs remain undisclosed, AuditBoard assures its commitment to quality and security. Partnering with industry leaders like Microsoft, the company upholds stringent data integrity measures, safeguarding customer information with unwavering dedication.
Indeed, for AuditBoard, customer trust is sacrosanct. Each interaction with the AI is fortified by robust encryption protocols, ensuring the confidentiality of sensitive data. By prioritizing data security and harnessing the potential of AI, AuditBoard propels the audit and risk management landscape into a new era of efficiency and reliability.
Conclusion:
AuditBoard’s integration of AI into its risk management platform marks a significant leap forward in the audit industry. By automating repetitive tasks and prioritizing data security, AuditBoard not only enhances efficiency but also instills trust among its clientele. This move sets a precedent for the market, signaling a shift towards AI-driven solutions in audit and risk management. Companies in the industry must adapt to remain competitive in this rapidly evolving landscape.
