AuditBoard Enhances Risk Management Platform with Integrated LLM Descriptions

Nobody enjoys being audited, but it’s essential for ensuring that a company’s practices and policies are transparent and compliant. Auditors play a crucial role in examining business risks and their management—often referred to as “risks and controls.” However, generating risk-control matrices or risk assessments can be time-consuming, as these tasks are often repetitive and similar across departments. This opens the door for AI solutions to streamline the process.

Embracing AI for Auditing Efficiency

AuditBoard, a cloud software company founded in 2014, has stepped up to address this challenge. Known for its specialized platform for auditors, AuditBoard recently unveiled AuditBoard AI, an advanced feature designed to enhance the efficiency of audit and risk management teams.

“The primary challenge we see among our clients is the widening gap between the workload and available resources in their audit and compliance teams,” said Anton Dam, Vice President of Engineering for Data, AI/ML at AuditBoard. “AI offers a solution to bridge this gap.”

A Legacy of Innovation in Auditing

Founded by childhood friends Daniel Kim and Jay Lee, both former auditors at PwC and EY, AuditBoard has quickly gained traction in the audit, risk, sustainability, and compliance sectors. Today, it serves over 2,000 customers, including nearly 50% of the Fortune 500.

The company’s cloud-based platform previously known as SOXHUB streamlines the creation of risk assessments and audit matrices, replacing the reliance on cumbersome spreadsheet software that auditors previously used to customize for their needs.

Introducing Enhanced Automation with LLMs

AuditBoard now leverages generative AI and large language models (LLMs) to automate routine tasks. Auditors can use a new “Generate” button within the platform, allowing LLMs to create suggested descriptions for risks and controls based on the specific context and documentation provided.

“We’re integrating this functionality directly into our user experience,” Dam explained. One client reported a significant reduction in time spent on drafting risk descriptions, from 10 minutes to just 1 minute.

Melissa Pici, Senior IT Audit Manager at Syniverse, stated, “AuditBoard AI has been a game-changer for my team. Tasks that used to take twenty minutes now only take five, greatly enhancing our productivity.”

Behind the Scenes of AuditBoard AI

While AuditBoard did not disclose the exact LLMs used, Dam mentioned partnerships with Microsoft and emphasized a multi-model approach tailored to specific auditing functions. “Our goal is to ensure the models we use are suitable for the audit domain and deliver high-quality results,” he shared.

Commitment to Data Integrity and Security

AuditBoard prioritizes customer data security, ensuring that data from different clients remains segregated and secure, adhering to the stringent requirements of regulated industries. Data is transmitted through encrypted channels to Microsoft Azure cloud servers for processing, maintaining the integrity of each client's information.

“In our operations, the customer boundary is sacrosanct,” Dam asserted.

By automating repetitive tasks and providing intelligent recommendations, AuditBoard AI empowers auditors to draft thorough risk and control descriptions, identify overlapping work, and efficiently map controls across different frameworks. This solution is now accessible to all AuditBoard users, facilitating a more effective auditing process.