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AuditBoard

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Overview

AuditBoard is a comprehensive cloud-based platform designed to streamline and enhance audit, risk, and compliance processes for enterprises. Here are the key features and benefits of using AuditBoard:

Integrated GRC Platform

AuditBoard offers a fully integrated Governance, Risk, and Compliance (GRC) suite with solutions for audit management, compliance, risk management, and more.

Automation and Workflow Management

The platform automates various audit activities, procedures, and reporting. It includes built-in workflows for fieldwork, testing, and review, centralizing documentation management and automating stakeholder follow-ups.

Resource Planning and Team Management

AuditBoard streamlines staffing decisions, aligning skills to audit activities and enabling resource scheduling across internal control and non-internal control projects.

Risk Assessment and Management

The platform enhances risk assessment capabilities, including Entity Risk Assessments and Risk and Control Self-Assessments (RCSA), allowing quick assessment of IT assets and risk calculation based on various criteria.

Compliance and SOX Assurance

AuditBoard supports compliance audits and SOX assurance with standardized issue identification, follow-up, and reporting. It offers audit program templates and the ability to clone audits for recurring plans.

Analytics and Reporting

The platform provides real-time insights through visual dashboards and reports, enabling strategic decisions on risks, resources, and audit results. It includes native, no-code audit analytics solutions and integrations with best-of-breed analytic applications.

AI and Automation

AuditBoard has introduced AI capabilities incorporating generative AI, machine learning, and natural language processing to enhance audit, risk, and compliance programs, offering intelligent recommendations and automated evidence collection.

Collaboration and Stakeholder Engagement

The platform facilitates collaboration through features like Microsoft Teams integration for automated notifications and enhanced annotation functionality.

ESG and IT Security

AuditBoard helps streamline ESG programs and automates IT risk and compliance management, maintaining system security through effective IT audits.

Customer Recognition

Trusted by more than 50% of Fortune 500 companies, AuditBoard is recognized for its user experience, time savings, ease of collaboration, and robust reporting capabilities. In summary, AuditBoard integrates various aspects of audit, risk, and compliance management, offering automation, advanced analytics, and collaborative features to enhance the efficiency and effectiveness of these processes.

Leadership Team

AuditBoard's leadership team comprises experienced executives driving the company's growth and innovation in cloud-based audit, risk, compliance, and ESG management:

Executive Leadership

  • Scott Arnold: President and CEO, overseeing overall strategy and direction with a focus on rapid growth and innovation.

Senior Executives

  • Haibei (Happy) Wang: Chief Technology Officer, responsible for the technological direction and development of AuditBoard's platform.
  • Tom Schmit: Chief Revenue Officer, leading the global revenue team with a background in driving significant growth at companies like AppDynamics and BMC.
  • Josh Harding: Chief Financial Officer, bringing experience from SailPoint, growth equity, and investment banking.

Recent Appointments

  • Jeff Harper: Chief Human Resources Officer (CHRO), shaping company culture and ensuring workforce engagement and development.
  • Anthony Plachy: General Counsel, overseeing legal matters and providing strategic advice.
  • Richard Marcus: Chief Information Security Officer (CISO), leading IT security functions and internal risk and compliance initiatives.
  • April Crichlow: Chief Marketing Officer, focused on accelerating awareness of AuditBoard's solutions during rapid growth.
  • Justin Greenberger: Chief Customer Officer, dedicated to delivering exceptional customer experiences. These executives play crucial roles in driving AuditBoard's growth, innovation, and customer-centric approach as the company continues to expand globally. Their diverse backgrounds in technology, finance, marketing, and customer experience contribute to AuditBoard's success in the GRC software market.

History

AuditBoard, a leading provider of audit, risk, and compliance management software, has a notable history marked by significant milestones and rapid growth:

Founding and Origins

  • Founded in 2014 by Daniel Kim and Jay Lee, former auditors at major firms like PwC and EY.
  • Originally known as Soxhub, later rebranded to AuditBoard.
  • Aimed to revolutionize traditional audit and compliance management using technology.

Early Development

  • Developed the initial platform based on founders' experiences as internal auditors.
  • Designed to be user-friendly, comprehensive, and integrated for managing audit and compliance activities.

Major Milestones

  • Launched the cloud-based AuditBoard platform, transforming enterprise risk management.
  • Expanded customer base to include nearly 50% of Fortune 500 companies.
  • Received $40 million Series B investment led by Battery Ventures in 2018.

Growth and Evolution

  • Experienced rapid growth and continuous evolution since inception.
  • Invested heavily in R&D to stay ahead of industry trends.
  • Introduced new features and functionalities to improve efficiency for customers.

Leadership Changes

  • In June 2020, Daniel Kim and Jay Lee stepped back from running the business.
  • Scott Arnold hired as the new President and CEO to lead AuditBoard's next growth phase.

Acquisition

  • Acquired by London-based equity firm Hg in June 2024 for $3 billion.
  • Executive team remained in place, with the company continuing to operate independently.

Current Status

  • Serves over 2,000 clients with $200 million in annual recurring revenue.
  • Expanding presence in new markets, particularly in Europe.
  • Planning to add more than 100 new employees by year-end. AuditBoard's journey from a startup addressing a specific industry need to a global leader in GRC software demonstrates its commitment to innovation and customer-centric solutions in the audit, risk, and compliance management space.

Products & Solutions

AuditBoard offers a comprehensive suite of products and solutions designed to enhance audit, risk, compliance, and sustainability management. These solutions are tailored to meet the diverse needs of modern organizations:

Internal Audit Management

  • Streamlines and automates audit activities, procedures, and reporting
  • Manages auditable entities, risks, and issues in a centralized audit universe
  • Enables real-time risk assessments and aligns audit activities with business objectives
  • Enhances fieldwork, testing, and review through built-in workflows
  • Automates follow-up with stakeholders and standardizes issue management

Compliance Management

  • Facilitates management of various compliance frameworks (SOC 2, ISO, NIST, PCI)
  • Imports frameworks and maps new requirements to existing controls
  • Integrates with IT systems to automate risk and compliance workflows
  • Provides automated evidence collection, control testing, and continuous monitoring
  • Offers dynamic reporting for framework and control assessments

Risk Management

  • Visualizes and addresses risks across the organization
  • Integrates with applications to surface anomalies and failed controls
  • Provides real-time insights and visual dashboards to track audit plans and findings

IT Risk and Compliance

  • Automates IT risk and compliance management
  • Integrates with security systems for regular vulnerability scanning
  • Streamlines evidence collection and mapping across controls, audits, and requirements

ESG (Environmental, Social, and Governance) Program

  • Ensures audit-ready data for ESG initiatives
  • Provides real-time insights to support strategic ESG decisions
  • Integrates with systems to automate data collection and reporting

Advanced Platform Capabilities

  • AI: Offers contextual insights and intelligent recommendations
  • Analytics: Enables no-code analytics for evidence analysis and control testing
  • Automation: Optimizes team productivity by automating time-intensive activities
  • Reporting: Facilitates easy access to data across audit, risk, InfoSec, and ESG programs

Integration and Collaboration

  • Integrates with workplace applications (Microsoft Office, Google Drive, Asana, etc.)
  • Connects with HRIS systems, identity providers, and frontline systems
  • Streamlines administrative tasks and data collection

SOX Compliance

  • Centralizes SOX compliance workflows
  • Enhances compliance, awareness, and accountability
  • Accelerates SOX readiness using industry best practices AuditBoard's solutions are designed to elevate the impact of audit, risk, and compliance teams by providing a user-centric, collaborative, and connected risk management platform.

Core Technology

AuditBoard's core technology leverages AI, analytics, and a unified data core to enhance audit, risk, compliance, and ESG management. Key components include:

AuditBoard AI Core

  • Powered by a unified data core integrating data across audit, risk, and compliance
  • Surfaces relevant insights and provides intelligent suggestions
  • Automates workflows such as report summarization, issue creation, and control mapping
  • Ensures solutions are tailored to meet unique needs of audit, risk, and IT compliance teams
  • Focuses on security and privacy

AuditBoard Analytics

  • Native analytics offering designed to enhance audit testing and streamline analysis
  • Includes out-of-the-box use cases and an easy-to-use no/low-code analytics workflow builder
  • Makes custom analytics accessible for auditors

AuditBoard Annotate

  • Integrates tick marking, referencing, and markup capabilities
  • Streamlines compilation and markup of audit workpapers and evidence
  • Enhances efficiency for internal audit, SOX, and controls teams

Expanded AI Capabilities

  • Automated Vendor Assessments: Generates questionnaire responses using historical data and public compliance reports
  • Intelligent Staffing: Analyzes practitioner expertise and bandwidth to optimize resource allocation
  • Automated Framework Updates: Transfers key data to updated framework versions, maintaining compliance efficiency

Unified Data Core and Connected Risk Model

  • Brings together vital information across audit, risk, ESG, and compliance teams
  • Enables organizations to maximize data utilization and build cross-organizational connections
  • Drives business resilience and secure growth

Security and Privacy

  • Delivers AI solutions meeting stringent security and privacy standards
  • Ensures relevant, contextualized, and highly accurate deliverables and recommendations
  • Maintains the highest standards of safety and privacy AuditBoard's core technology is designed to automate workflows, enhance collaboration, and provide timely insights while ensuring top-tier security and privacy standards.

Industry Peers

AuditBoard operates in the audit management, risk management, and compliance sectors, competing with several industry peers across these categories:

Financial Risk Management

  • Sift Science (18.90% market share)
  • Contractor Compliance (10.67% market share)
  • Avalara (7.73% market share)

Auditing and Compliance

  • Cookiebot (91.41% market share)
  • Transcend (3.20% market share)
  • SaltStack (0.91% market share)

General Audit and Compliance Management

  • Workiva: Specializes in connected reporting and compliance, particularly strong in financial reporting and ESG disclosures
  • ServiceNow Integrated Risk Management: Offers integrated risk management solutions
  • Diligent One Platform: Provides a comprehensive platform for governance, risk, and compliance management
  • MasterControl: Known for quality and compliance management solutions

Key Features and Differentiators

  • Workiva excels in financial reporting, ESG disclosures, and integration with financial systems
  • ServiceNow integrates well with existing IT service management tools and offers broad risk management features
  • Diligent provides a robust platform for governance, risk, and compliance, often used by boards and executive teams
  • MasterControl is strong in quality and compliance management, particularly in regulated industries This competitive landscape highlights the diverse range of audit, risk, and compliance management solutions available, each catering to different needs and industry requirements. AuditBoard distinguishes itself through its comprehensive, integrated approach to audit, risk, and compliance management, leveraging advanced AI and analytics capabilities to provide tailored solutions for modern organizations.

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