Cloud-based audit and compliance management firm, AuditBoard, has launched AuditBoard AI \u2014 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.\n\n\u201cWe 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,\u201d said Evan Fitzpatrick, chief product officer of AuditBoard.\n\nAt 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.\n\nAI can help with risk and compliance workflows\n\nThe 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.\n\n\u201cExamples 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,\u201d Fitzpatrick said. \u201cAdditionally, natural language processing and predictive AI can be used to identify duplicative risks (and controls) and automate mapping changes in controls across IT frameworks.\u201d\n\nWhile AuditBoard isn\u2019t the first to leverage AI into audit and risk management workflows, the company\u2019s use of smart algorithms to elevate audit standards can prove vital for organizations struggling with a deluge of data.\n\nAuditBoard competes with DarkTrace Detect, Splunk, Securonix, and Trellis in cybersecurity auditing, and UiPath, Capacity, IBM, Automation Anywhere, and akaBot in risk management. Each of these companies has some form of AI embedded in their products.\n\nAuditBoard AI is currently available for beta testing and is expected to be generally available by the end of December. It is available as part of the platform\u2019s existing subscription with no additional charges.\n\nAuditBoard adds analytics and ORM capabilities\n\nThe company has also announced new analytics and operational risk management (ORM) capabilities to streamline audit testing and execution.\n\n\u201cAuditBoard\u2019s no-code audit analytics solution empowers auditors with purpose-built, out-of-the-box capabilities for performing a wide variety of audit and SOX tests,\u201d Fitzpatrick said. \u201cIt provides the flexibility to build and deploy custom analytics workflows to create greater audit efficiencies and completeness and improve business decisions. Unlike other analytics solutions, it doesn\u2019t require the user to know advanced coding languages.\u201d\n\nAlso added to the AuditBoard platform are the company\u2019s new ORM capabilities meant to help enterprises better manage risks with tools for self-reporting risks, self-assess controls, and log risk events. \n\nBoth Analytics and ORM capabilities will be available on the AuditBoard platform from October 18 and will be priced based on a customer\u2019s analytics needs and the entities they need to manage.