24 October 2024

AuditBoard Expands AI Capabilities, Empowering Customers to Define the Future of Audit, Risk, and Compliance

Written By FinTech Alliance in FinTech

AuditBoard Expands AI Capabilities, Empowering Customers to Define the Future of Audit, Risk, and Compliance

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.

Read more here

Up Next ...
13 January 2025

Tony Blair: Why Most Leaders Are Failing Today

We are delighted to share an exclusive interview sponsored by The Fintech Alliance. In this compelling discussion, Tony Blair offers thoughtful insights into the challeng...

17 December 2024

Nubank Leads $250 Million Investment in African Digital Bank Tyme, Valuing It at $1.5 Billion

The funding will support Tyme's expansion into Southeast Asia, including Vietnam and Indonesia, as it aims to become a top retail bank in South Africa within three years....

17 December 2024

FIS Reportedly Set to Acquire UK-Based Fintech Demica for Around $300 Million

The acquisition is expected to enhance FIS's portfolio, following its recent purchase of San Francisco-based Banking-as-a-Service fintech Bond.

17 December 2024

AHAM Capital, leading asset manager in Malaysia, selects Temenos Multifonds SaaS to modernize its fund accounting platform

AHAM Capital is replacing legacy, on-premises systems with Temenos Multifonds Global Accounting on SaaS to drive scalable automation and future growth in the Malaysian ma...

More in FinTech

Nubank Leads $250 Million Investment in African Digital Bank Tyme, Valuing It at $1.5 Billion

17 December 2024

The funding will support Tyme's expansion into Southeast Asia, including Vietnam and Indonesia, as it aims to become a top retail bank in South Africa within three years....

FIS Reportedly Set to Acquire UK-Based Fintech Demica for Around $300 Million

17 December 2024

The acquisition is expected to enhance FIS's portfolio, following its recent purchase of San Francisco-based Banking-as-a-Service fintech Bond.

AHAM Capital, leading asset manager in Malaysia, selects Temenos Multifonds SaaS to modernize its fund accounting platform

17 December 2024

AHAM Capital is replacing legacy, on-premises systems with Temenos Multifonds Global Accounting on SaaS to drive scalable automation and future growth in the Malaysian ma...

Astra Tech’s Quantix Secures $500 Million for Regional Expansion

16 December 2024

The funding will drive the growth of its consumer lending platform, CashNow, and improve its Ultra app ecosystem

White Papers FinTech

Open Finance in Review: Looking back at 2023

28 November 2023

In this insightful report, OzoneAPI delve into the pivotal developments that have shaped the landsca...

White Papers FinTech

Fintech 2030: The Industry View

02 October 2023

Key findings from the report:Embedded finance is expected to dominate the industry in 10 yearsThere...

White Papers FinTech

Pulse of Fintech H2 2022 report

27 July 2023

UK FinTech investment falls 56% to £14.42bn in 2022After an incredibly strong 2021, with total FinTe...

White Papers FinTech

The Rise and Impact of Fintech in Latin America

29 June 2023

Fintech also provides tools to help manage these risks. Financial authorities and their supervisees...

Finnovate Europe

Finnovate Europe

25 February 2025

12:00 AM - 12:00 AM

InterContinental London - The O2, 1 Waterview Drive, London, Greenwich, SE10 0TW

£1,699.00