New AI instruments from AuditBoard scale back danger, minimize via compliance complexity, save time – Cyber Tech

LAS VEGAS –  AuditBoard, a number one cloud-based danger administration supplier, has launched new AI-driven capabilities into its platform designed to chop via compliance complexity, save time and in the end scale back cybersecurity danger.

The enhancements, introduced on the 2024 Audit + Past Convention, goal to streamline compliance processes, automate danger assessments, and provide higher safety in opposition to rising threats. The AuditBoard platform updates had been introduced Wednesday through the occasion’s keynote.  

“Organizations are sometimes overwhelmed by the advanced duties required to take care of compliance, which might go away them susceptible to cyber threats,” stated Anton Dam, VP of Engineering, AI/ML at AuditBoard. “Our aim is to get rid of 90% of those repetitive duties, so groups can deal with strategic danger administration that instantly protects their enterprise.”

Compliance Threat is Cyber Threat

Dam stated as cyber threats develop extra subtle, organizations battle to maintain up with evolving compliance frameworks and the growing quantity of information that should be managed. AuditBoard’s up to date platform instantly addresses these challenges by embedding superior AI throughout its options, decreasing the guide workload and enabling groups to reply sooner to potential vulnerabilities.

The brand new options, together with Automated Vendor Assessments, Clever Staffing, and Automated Framework Updates. Every are designed to combine seamlessly into current workflows, serving to corporations keep forward of compliance necessities whereas proactively managing safety dangers.

The replace introduces three key instruments built-in into AuditBoard’s platform:

Automated Vendor Assessments This function addresses the often-tedious means of managing third-party danger by utilizing AI to pre-fill compliance questionnaires primarily based on historic knowledge. Anton Dam, AuditBoard’s VP of Engineering, AI/ML, defined that the instrument considerably reduces the time spent on vendor assessments, streamlining duties that would beforehand take weeks. “Now you can get complete assessments accomplished in hours, releasing up sources for strategic work,” Dam stated.

Clever Staffing Designed to simplify useful resource administration, this AI instrument analyzes staff members’ expertise and availability, making it simpler for corporations to align tasks with compliance necessities. The function goals to chop down on the complexities of challenge staffing, notably for giant groups navigating a number of audits.

Automated Framework Updates As compliance laws evolve, staying up-to-date has been a problem for a lot of organizations. AuditBoard’s new function automates the switch of key knowledge when frameworks are up to date, serving to groups rapidly determine crucial adjustments and making certain smoother compliance with out extreme guide effort.

Blazing an AI Path in Compliance Improvements

The improved platform builds on AuditBoard’s current AI capabilities, akin to AuditBoard AI launched in April, that are already embedded throughout its instruments to automate duties like drafting danger language and mapping controls.

Dam highlighted that the brand new upgrades characterize a shift from merely enhancing particular person duties to reimagining complete workflows. “We’re aiming to get rid of 90% of the rote duties compliance professionals face, letting them deal with strategic decision-making,” he stated, emphasizing the significance of AI in enhancing total danger administration.

AuditBoard’s platform updates align with a broader development within the audit and danger administration market, which is seeing speedy development resulting from growing regulatory calls for and the necessity for classy compliance options.

With the market anticipated to develop from $1.5 billion in 2023 to $3.2 billion by 2032, rivals like Workiva, MetricStream, and SAP are additionally integrating AI and cloud-based options to automate and improve their choices.

For AuditBoard, its continued transfer to embed AI throughout its platform displays a strategic deal with offering real-time insights and seamless knowledge administration, setting it other than rivals who many nonetheless depend on much less built-in or guide processes.

This push for innovation throughout the business underscores a shift in direction of extra agile, automated, and complete danger administration options, Dam stated. A latest report from AuditBoard, in collaboration with Ascend2, discovered 86% of organizations cited knowledge silos as a major problem relating to compliance. AuditBoard’s newest AI options goal to bridge these gaps by fostering stronger collaboration and knowledge integration throughout silos and groups.