AuditBoard — which makes cloud-based enterprise software for risk, audit and compliance work — has released AuditBoard RiskOversight, a new, integrated risk management solution.
RiskOversight is designed to elevate and execute risk management programs across the enterprise, including risk identification, assessment, response, mitigation and monitoring.
According to Deloitte’s 2019 Global Risk Management Survey, 79 percent of professionals cite enhancing the quality, availability and timeliness of risk data as a top priority. Sixty-six percent of respondents also said collaboration between business units and the risk management function is a top priority in the next two years. RiskOversight is meant to allow an entire organization — not just the risk, audit, and compliance teams — to participate in risk management programs, leveraging data and collaboration to effectively manage risks and provide combined assurance across the business.
The idea is for RiskOversight to replace GRC management being done with spreadsheets or disconnected apps. The solution is connected to AuditBoard’s audit and compliance platform, which offers customers additional efficiencies, as well as combined assurance across audit, risk and compliance teams. Features include:
- End-to-end oversight. The solution manages and provides visibility into the entirety of an organization’s risk management program, including identification, assessment, response, mitigation, and monitoring.
- Reduction of administrative tasks. The solution automates risk management execution, including the risk assessment process, as well as manual aspects of obtaining status and follow up on risk assessments and action plans.
- Collaborative. The solution facilitates collaboration across stakeholders and teams, increasing engagement and ownership for risk management programs.
- Integrated with audit and compliance. The solution combines all audit, compliance, and risk activities into a single platform.
- Intuitive interface and quick implementation. According to AuditBoard, the solution is designed with ease-of-use at the forefront, with visualizations revealing trends, summaries, and actionable insights. Implementation takes place in a matter of weeks.
“From the beginning, the AuditBoard mission has been to build the ultimate Audit, Risk, and Compliance platform to enable the future of our industry,” said Daniel Kim, co-founder and co-CEO of AuditBoard, in a statement. “The reality today is that enterprise risk is often managed in silos when it should be a collaborative, cross-functional effort. We’re pleased to introduce a world-class solution that will help businesses take a modern, comprehensive, and integrated approach to risk management.”
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