AuditBoard Adds New Features to Risk Management Platform

Audit, risk, and compliance software provider AuditBoard has expanded its cloud-based risk management platform with new features to help audit teams improve efficiency and foster collaboration.

Available immediately, the new functionalities include:

• AuditBoard Analytics Enhancements: Nine new out-of-the-box workflows to automate testing and analysis to help audit and internal controls teams uncover risks faster, minimize routine tasks, and enable focus on higher-value initiatives.
• Risk Appetite: Provides risk management teams with precise analysis against set thresholds to inform day-to-day decision making and help organizations use risk-taking as a strategic advantage to achieve business goals.
• Organizational Hierarchy: Enables risk management teams to centralize and roll up risk information by company structure (e.g., country, region, business unit), pinpoint specific locations, and identify risk concentrations, providing frontline teams with targeted insights to strengthen risk mitigation efforts.
• Aggregate Scoring: Enables third-party risk teams to apply a structured approach to automatically calculating residual risk (or other aggregate score) across multiple risk domains to determine more effective, targeted strategies for managing vendor and product risks.