AuditBoard, the leading cloud-based platform transforming audit, risk, compliance, and ESG management, launched powerful new analytics capabilities to help assurance teams in the United Kingdom automate workflows, surface key strategic insights, and stay on top of proliferating risks.
AuditBoard Analytics will help customers comply with the UK Corporate Governance Code, which was updated earlier this year and goes into effect in early 2025. By proactively embracing the updated code, companies can leverage the reforms to improve overall business performance by building resilience and differentiating themselves in the marketplace. In fact, a recent report from AuditBoard found 88 percent of audit, risk, and compliance professionals surveyed view conformance with the UK Corporate Governance Code reforms as a high priority for 2024, with the greatest urgency in the industrial and technology sectors.
AuditBoard’s native analytics and AI automations help customers streamline conformance with the Code by driving efficiency in understanding controls performance and enabling management to gain a clear picture of how risk is being managed across the organisation. Additionally, customers can now:
- Expedite audit testing through automated workflows to run within seconds
- Supercharge analysis by enabling teams to quickly identify anomalies such as large variances and unusual payments
- Improve the effectiveness of audit execution by maximizing assurance
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AuditBoard Analytics prioritises fast implementation with purpose-built workflows tailored for immediate use by internal audit and internal control teams. It also provides an easy-to-use no-code workflow builder for creating custom analytics from scratch, without the need for coding or data analytics expertise. AuditBoard now offers the industry’s most flexible and approachable analytics options for audit teams.
“AuditBoard Analytics has enhanced our compliance with global auditing standards by enabling us to perform comprehensive testing on entire data populations instead of relying on limited samples, improving the efficiency and effectiveness of our analyses,” said Elizabeth J. Folsom, VP and CAE Global Internal Audit and Investigations at Population Services International. “Previously, our auditors devoted a lot of time to extracting and analyzing data manually. Now we are able to automate these processes, allowing us to provide higher quality data and reduce human error.”
“AuditBoard Analytics provides a user-friendly way for teams to garner valuable insights to drive efficiency and optimize business value for their organizations,” said Vidhi Bhansali, Head of Product Marketing, Audit and Controls Management at AuditBoard. “We’re excited to provide these new platform innovations in the United Kingdom to help them effectively meet the challenge of rising levels of risks, updated regulations, and business requirements.”
AuditBoard innovations like those revealed today have been consistently celebrated by customers, who have rated AuditBoard a market leader in G2’s Grid Report for both the Audit Management and ERM (formerly GRC) categories for an unprecedented 20 and 19 consecutive quarters, respectively. AuditBoard was also recently cited as a Top 100 Software Product (among more than 100,000 apps across all B2B categories and industries) in G2’s Best B2B Software Awards for the second year in a row and recognised as a 2024 Gartner Peer Insights™ customers’ choice for Audit Management.
SOURCE: BusinessWire