AuditBoard, a provider of cloud-based software for managing and automating risk, audit, and compliance work, has announced the release of a new risk management offering, RiskOversight.
AuditBoard says the new product, an expansion of its platform, was built to elevate and execute risk management programs across the enterprise—including risk identification, assessment, response, mitigation, and monitoring—in a highly integrated, visual, and intuitive solution. “With RiskOversight, organizations of any size now have a complete solution to effectively manage risks and increase business success,” the company said in a statement.
According to Deloitte’s Global Risk Management Survey published in 2019, 79 percent of professionals cite enhancing the quality, availability, and timeliness of risk data as a top priority. In addition, the same survey revealed that 66 percent of respondents said collaboration between business units and the risk management function is a top priority in the next two years. AuditBoard says RiskOversight addresses those needs and allows the 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.
“From the beginning, the AuditBoard mission has been to build the ultimate audit, risk, and compliance platform to enable the future of our industry,” says Daniel Kim, co-founder and co-CEO at AuditBoard. “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.”
According to AuditBoard, many teams today manage risk manually through spreadsheets, disconnected survey tools, siloed point solutions, or antiquated governance, risk, and compliance (GRC) applications. These approaches can impact the completeness, timeliness, efficiency, and effectiveness of risk programs. With RiskOversight, says AuditBoard, organizations now have a modern, collaborative approach to risk management, providing them with a more effective and efficient solution. RiskOversight 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.
RiskOversight Benefits
AuditBoard sums up RiskOversight’s benefits as:
- End-to-end Oversight – Manages and provides visibility into the entirety of an organization’s risk management program, including identification, assessment, response, mitigation, and monitoring.
- Eliminates Administrative Tasks – Streamlines and automates risk management execution, including the cumbersome risk assessment process, as well as manual aspects of obtaining status and follow up on risk assessments and action plans.
- Highly Collaborative – Facilitates collaboration across stakeholders and teams, increasing engagement and ownership for risk management programs.
- Integrated with Audit and Compliance – Combines all audit, compliance, and risk activities into a single platform, creating greater efficiencies and alignment between audit, risk, and compliance.
- Easy to Use and to Implement – Designed with ease-of-use at the forefront, RiskOversight provides customers with an intuitive experience, including thoughtful visualizations revealing trends, summaries, and actionable insights. Additionally, implementation takes place in weeks, not months, for a faster path to ROI.
Developed with Customer Input
AuditBoard says it worked with several customers across a broad range of industries and sizes to participate in an early access program to experience and provide feedback about the new features of RiskOversight. “RiskOversight enhances our annual audit planning process and allows us to leverage information that would otherwise be left in emails and spreadsheets,” said Laura Thielen, senior corporate internal auditor, at PetSmart in a statement.
Other AuditBoard customers have also raved about the release of the new risk management offering. “AuditBoard’s flexibility in developing a risk and Compliance environment that meets our needs, coupled with their industry insight, has been pivotal. We look forward to how the platform will further enhance our Risk and Compliance functions,” said Andrew Helige, Risk and Compliance Analyst, Encore Capital Group.
The RiskOversight product is available now, and the company is providing online demonstrations of it from Monday, March 16 to Wednesday, March 18. 