AuditBoard rolls out AI features for analytics, automation

Audit, risk and compliance platform AuditBoard announced the addition of three new AI-driven automation and analysis capacities to its platform. 

The first is automated vendor assessments, which allows AI to automatically handle the vendor questionnaires that, typically, are handled by third-party risk management teams. AuditBoard now enables these third-party risk managers to leverage historical vendor assessments and publicly available compliance reports to generate questionnaire responses and streamline the vendor assessment process. 

AuditBoard also now boasts automatic framework updates, which enables teams to stay up to date with the changes in the compliance and regulatory landscape. The solution now will automatically transfer key data like assessment results, ownership and compliance status to the updated framework version, helping teams quickly identify what requires action. 

Finally, it will also use  AI to analyze practitioner areas of expertise and bandwidth to optimally recommend resources and align project requirements with deadlines. This is to assist with staffing projects, especially for large teams, in a way that accounts for budgets, skill sets and timelines, particularly when looking to comply with the Institute for Internal Auditors standards or other regulatory requirements. 

Like many companies, AuditBoard has spent most of this year beefing up its AI capacities; in March it introduced, among other things, a core AI feature that can look at data and generate insights and suggestions from it, as well as automate workflows like report summarization, issue creation and mapping. 

These efforts caught the attention of investors, leading to a May announcement that it had agreed to be acquired by technology investment firm Hg for over $3 billion. AuditBoard will operate as an independent wholly-owned subsidiary of Hg, according to a spokesperson. The company will have an expanded board of directors, appointed by Hg, but retain the same executive team it has today. Hg's resources would be used to help AuditBoard accelerate its Connected Risk vision, as well as drive new innovation and global expansion. 

Shortly after that, in July, AuditBoard announced a new out-of-the-box feature that can provide assessments with the new global standards from the Institute of Internal Auditors, which are set to go into effect Jan. 9, 2025.