Cloud-based audit and compliance management firm, AuditBoard, has launched AuditBoard AI — a tool that promises to bring together generative AI, machine learning, and natural language processing to provide automated intelligent suggestions for audit, risk, and compliance programs.
“We are thrilled to be bringing these new time-saving and insight-generating capabilities to market to help organizations surface and manage more risk, work smarter with greater impact, and better engage the front lines of their businesses,” said Evan Fitzpatrick, chief product officer of AuditBoard.
At its annual conference, the company also announced several enhancements to its cloud-based audit, risk, compliance, and ESG (environmental, social, and governance) management platform, AuditBoard.
AI can help with risk and compliance workflows
The algorithm used in AuditBoard AI is designed specifically to address audit, risk, and compliance requirements, Fitzpatrick said. Featuring a purpose-built interface combined with integrations into core practitioner workflows, the new beta offering is aimed at securely automating each step of the program.
“Examples of initial AuditBoard AI use cases include using generative AI to assist a user in drafting the written description of risks and controls, which makes their work both faster and more accurate,” Fitzpatrick said. “Additionally, natural language processing and predictive AI can be used to identify duplicative works (and controls) and automate mapping changes in controls across IT frameworks.”
While AuditBoard isn’t the first to leverage AI into audit and risk management workflows, the company’s use of smart algorithms to elevate audit standards can prove vital for organizations struggling with a deluge of data.