AuditBoard recently announced the expansion of its connected risk platform, aiming to assist teams in enhancing efficiency, promoting collaboration, and strengthening the rigor and intentionality of their GRC management programs. The newly introduced functionalities are designed to streamline processes, enable informed decision-making, and provide targeted insights to improve risk mitigation efforts.
One of the key enhancements is the AuditBoard analytics feature, which now includes nine new out-of-the-box workflows. These workflows are designed to automate testing and analysis, helping Audit and Internal Controls teams identify risks more quickly, reduce routine tasks, and focus on higher-value initiatives. By leveraging these workflows, teams can uncover potential risks before they escalate into major issues, ultimately enhancing the overall risk management process.
Additionally, the Risk Appetite functionality offers risk management teams the ability to perform precise analysis against established thresholds. This analysis provides valuable insights for day-to-day decision-making, allowing organizations to leverage risk-taking as a strategic advantage to achieve their business goals. By understanding their risk appetite, organizations can make more informed decisions and proactively manage potential risks.
Moreover, the Organizational Hierarchy feature enables risk management teams to centralize and consolidate risk information based on the company’s structure, such as country, region, or business unit. This functionality allows teams to pinpoint specific locations, identify risk concentrations, and provide targeted insights to strengthen risk mitigation efforts. By visualizing risk information in this way, teams can better prioritize their efforts and effectively manage risks across the organization.
Furthermore, the Aggregate Scoring feature empowers third-party risk teams to calculate residual risk across multiple domains automatically. By adopting a structured approach to aggregate scoring, teams can determine more effective strategies for managing vendor and product risks. This functionality helps teams prioritize risks based on their potential impact and implement targeted risk management strategies to protect the organization.
Ravi Ponnaganti, Senior VP Global IT and Chief Information Officer at Edgewell, praised AuditBoard for aligning all teams on a centralized view of vulnerabilities and enabling proactive risk management. He highlighted the platform’s value in identifying, triaging, and addressing pressing risks to ensure the business continues to grow securely. Sarika Khanna, CPO at AuditBoard, emphasized that the new features empower teams to streamline their day-to-day work and deliver impactful risk management within their organizations. She stressed that customers can now drive more value and become trusted partners to their organizations with these enhancements.
Notably, AuditBoard’s innovations have been well-received by customers, leading to the platform being recognized as a market leader in G2’s Grid Report for both Audit Management and ERM categories for an unprecedented number of consecutive quarters. Additionally, AuditBoard has received accolades such as being named a Top 100 Software Product in G2’s Best B2B Software Awards and earning the 2024 Gartner Peer Insights Customers’ Choice for Audit Management. These accomplishments underscore AuditBoard’s commitment to delivering cutting-edge solutions that empower organizations to effectively manage risks and make informed decisions.