AuditBoard, a cloud-based platform transforming audit, risk, and compliance management, has launched a new solution that extends its platform to empower internal audit and risk management teams to centralize and manage their environmental, social, and governance (ESG) programs.
AuditBoard ESG features powerful data collection and analysis capabilities to automate manual tasks, simplify framework reporting and disclosures, and ensure ESG data is audit-ready. The announcement came during its annual Audit & Beyond conference — a hybrid in-person and online event being held this week in Los Angeles.
The release of AuditBoard’s ESG solution comes as ESG risks are rapidly becoming a key focus area for boards, investors, and regulatory bodies, which is reflected in a joint Deloitte and AuditBoard report released this week. The report highlights that more than 60% of risk and compliance leaders anticipate ESG having a significant or moderate impact on their organizations in the next year. In addition, a 2022 Deloitte survey of internal ESG stakeholders at large public companies found that 57% said that data availability and accuracy remain their greatest challenges to meeting disclosure requirements.
AuditBoard ESG addresses these challenges by centralizing data in a single system of record; simplifying evidence collection and reporting; and enabling teams to perform materiality assessments. The integrated solution also aligns topics and metrics against common reporting frameworks — including the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI), and the Task Force on Climate-Related Financial Disclosures (TCFD) — to identify gaps and surface overlapping requirements.
“ESG has the potential to shift the regulatory landscape as dramatically as Sarbanes-Oxley did twenty years ago,” said Scott Arnold, President and CEO at AuditBoard. “We designed and built AuditBoard’s ESG solution to give our customers the tools they need to manage and streamline their programs, providing invaluable assurance to their organizations during this time of rapid transformation.”
The launch of AuditBoard ESG comes during a year that has seen the company release a number of purpose-built solutions to meet the expanding needs of audit, risk, and compliance teams. Powerful new platform capabilities released in 2022 include Automation and Analytics, which leverages 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 organization to enable third-party risk management programs to scale more efficiently and meet the growing needs of their business.
Other innovative new features unveiled at Audit & Beyond are set to empower teams to create and manage dynamic risk-based audit plans for efficient execution and continuous assurance, make more strategic data-driven decisions with an enhanced real-time view of risk and performance metrics across their organizations, and leverage expanded support for AuditBoard platform integrations with leading third-party solutions.
AuditBoard capability extensions released throughout 2022 have been lauded by customers and the market at large. AuditBoard was recently named by G2.com as the Market Leader in Audit Management for 12 consecutive quarters and in GRC for 11 straight quarters, is top-rated by 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 honored for the second consecutive year with a 2022 Stratus Award for Cloud Computing.