AuditBoard Unveils Integrated ESG Programme Management Solution
AuditBoard, the leading cloud-based platform for improving audit, risk, and compliance management, announced a new purpose-built solution that extends its platform to help internal audit and risk management teams centralise and manage their environmental, social, and governance (ESG) programmes.
AuditBoard ESG has powerful data collection and analysis tools that can automate manual tasks, make framework reporting and disclosures easier, and make sure that ESG data is audit-ready. This week in Los Angeles, the company made the announcement at its annual Audit & Beyond conference, which is a mix of in-person and online events.
ESG risks are quickly becoming a key area of focus for boards, investors, and regulatory bodies, which is reflected in a report from AuditBoard that came out this week. The report shows that more than 60% of risk and compliance leaders think ESG will have a big or medium effect on their companies in the next year.
Also, a 2022 survey by Deloitte of internal ESG stakeholders at large public companies found that 57% of them said that getting accurate and available data is still their biggest challenge when it comes to meeting disclosure requirements.
AuditBoard ESG solves these problems by putting all of the data in one place, making it easier to collect and report evidence, and letting teams do materiality assessments.
The integrated solution also looks for gaps and overlaps by comparing themes and indicators to common reporting frameworks like the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI), and the Task Force on Climate-Related Financial Disclosures (TCFD).
Scott Arnold, President and CEO at AuditBoard, said:
"ESG has the potential to shift the regulatory landscape as dramatically as Sarbanes-Oxley did twenty years ago. We designed and built AuditBoard’s ESG solution to give our customers the tools they need to manage and streamline their programmes, providing invaluable assurance to their organisations during this time of rapid transformation.”
In the past year, the company has released several purpose-built products to meet the growing needs of audit, risk, and compliance teams. AuditBoard ESG is the latest of these products.
Powerful new platform capabilities released in 2022 include Automation and Analytics, which leverage best-in-class applications and data sources such as AWS Security Hub, Snowflake, Alteryx, and Fastpath to automate processes and streamline data analysis, and AuditBoard TPRM, which breaks down silos and engages relevant stakeholders inside and outside the organisation to enable third-party risk management programmes to scale more efficiently and meet the growing needs of their business.
Other innovative new features unveiled at Audit & Beyond will enable teams to create and manage dynamic risk-based audit plans for efficient execution and continuous assurance, make more strategic data-driven decisions across their organisations with an enhanced real-time view of risk and performance metrics, and leverage expanded support for AuditBoard platform integrations with leading third-party solutions.
Customers and the market have liked the new AuditBoard features that have been released throughout 2022. AuditBoard was recently named by G2.com as the Market Leader in Audit Management for 12 straight quarters and GRC for 11 straight quarters. It also has the highest ratings from customers on Gartner Peer Insights and Capterra won the 2022 Fortress Cyber Security Award in the IT Compliance category for the second year in a row and was given a 2022 Stratus Award for Cloud Computing for the second year in a row.