AuditBoard, a leading cloud-based software platform for automating and transforming the way enterprises handle critical risk, audit, and compliance work, today announced the release of AuditBoard RiskOversight, a new, integrated risk management solution. An expansion of the AuditBoard platform, RiskOversight is purpose-built to elevate and execute risk management programs across the enterprise — including risk identification, assessment, response, mitigation, and monitoring — all 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.
AuditBoard’s new RiskOversight solution addresses the industry’s most pressing issues. According to Deloitte’s Global Risk Management Survey published in 2019, 79% of professionals cite enhancing the quality, availability, and timeliness of risk data as a top priority. In addition, the same survey revealed that 66% of respondents said collaboration between business units and the risk management function is a top priority in the next two years. RiskOversight allows an 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,” said 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.”
RiskOversight: A Centralized, Collaborative Approach to Risk Management
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, 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 include:
- 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.
What Early Access Customers Are Saying
RiskOversight was developed in partnership with key customers ranging from Fortune 100 to pre-IPO companies. AuditBoard worked with customers across a broad range of industries to participate in an early access program to experience and provide feedback about the new features.
“This is exactly what I’d been looking for! RiskOversight gives us a more sophisticated view into our risk universe by centralizing all the risk information into a single place,” said Steve Hizak, Senior Audit Manager, United Bank.
“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, Sr. Corporate Internal Auditor, PetSmart.
“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.
RiskOversight is now generally available and is being showcased by AuditBoard this week at the General Audit Management (GAM) conference. For more information, please visit AuditBoard.com/risk-oversight.
AuditBoard is the leading cloud-based platform transforming how enterprises manage risk. Its integrated suite of easy-to-use audit, risk, and compliance solutions streamlines internal audit, SOX compliance, controls management, risk management, and workflow management. AuditBoard’s clients range from prominent pre-IPO to Fortune 50 companies looking to modernize, simplify, and elevate their functions. AuditBoard is the top-rated audit management software on G2, and was recently ranked as the third fastest-growing technology company in North America by Deloitte. For more information: www.auditboard.com.