Audits are essential for organizations across all industries because they provide insights into the current operational and financial status while assessing gaps. These audits are particularly important for assessing compliance gaps, as non-compliance can lead to hefty fines and penalties, along with reputational loss.
Manual audits are time-consuming and error-prone, and hence, it’s a good idea to leverage tech platforms like AuditBoard which simplify audit processes and track compliance status.
However, not every organization finds a one-size-fits-all solution, making it essential to explore alternatives that may better align with unique business needs. Read on to understand AuditBoard’s primary features, ideal use cases, and recent developments, followed by a detailed comparison of its top competitors. Knowing the strengths and limitations of various tools, you can make an informed decision that meets your organization’s requirements.
Overview of AuditBoard
AuditBoard is a comprehensive platform that improves the efficiency of risk, audit, and compliance processes in an organization. Its user-friendly interface and extensive capabilities make it a good choice for internal audit teams and compliance professionals.
Key Features
Below are AuditBoard’s key features.
Integrated Risk Management
AuditBoard unifies an organization’s audit, compliance, and risk activities, and connects all the relevant data and processes. This integration enables teams to visualize and address risks across the organization effectively.
Automation and Workflows
This platform offers extensive automation capabilities that simplify workflows related to audits and compliance tasks. It also offers automated reporting and issue management to reduce the time required for these processes.
Collaboration Tools
AuditBoard supports collaboration among team members and stakeholders so that everyone involved in audit processes can communicate effectively and share information easily.
User-Friendly Interface
A highlight of AuditBoard is its intuitive design, which facilitates ease of use and quick adoption by teams. This is particularly beneficial for organizations looking to implement new software without extensive training.
Audit Management
AuditBoard centralizes audit planning, execution, and reporting in one platform, reducing manual efforts. Users can track audit progress in real time and easily access historical data for reference during audits. Customizable templates further simplify audit processes to fit unique organizational needs.
Compliance Management
AuditBoard helps organizations adhere to various regulatory frameworks, including SOX, GDPR, and more. Automated alerts and reminders enable organizations to stay ahead of compliance deadlines. Moreover, its built-in templates reduce the time and effort required to meet specific regulatory requirements.
Workflow Automation
With AuditBoard, organizations can automate repetitive tasks like data collection and reporting, saving time for high-value activities. Users can define triggers and rules to create dynamic workflows tailored to their processes, minimizing human errors and boosting productivity across departments.
Real-Time Dashboards
This platform provides dynamic reporting and analytics for better decision-making. Its dashboards are customizable, enabling teams to focus on key performance indicators relevant to their goals. Moreover, stakeholders can access up-to-date information to make timely and informed decisions.
These tools come in handy across different use cases and scenarios.
Ideal Use Cases
AuditBoard is best suited for medium to large organizations that need a scalable solution for managing internal audits and compliance requirements. Its features help organizations in industries like finance, healthcare, and technology, where regulatory compliance is critical. Companies with a strong focus on risk mitigation and a need for cross-departmental collaboration will find AuditBoard particularly valuable.
Within an organization, AuditBoard provides the necessary tools for the internal audit team to document processes, track findings, and manage follow-ups. It is also used extensively by compliance teams to maintain detailed records and audit trails for compliance verification.
Recent Developments
In 2024, AuditBoard announced new features like AI enhancements, improved analytics, and integrations, better risk management capabilities, and more. Here’s a brief look at the recently released and upcoming features.
AuditBoard AI
This new capability leverages generative AI, machine learning, and natural language processing to help teams analyze data and create high-quality content. More importantly, it provides intelligent recommendations for deeper insights while meeting an organization’s security and privacy needs.
Resource Planning in SOXHUB
Improved resource planning tools support better scheduling across internal control projects. It also integrates contextual information to streamline processes.
Expanded Risk Assessment
The platform now supports Entity Risk Assessments, allowing teams to assess IT assets or systems more efficiently without needing to evaluate each control individually. Additionally, Risk Control Self-Assessment (RCSA) functionality now includes more criteria for calculating risk.
Microsoft Teams Integration
With this integration, users can receive automated notifications from AuditBoard directly within Microsoft Teams to improve collaboration and communication among stakeholders.
Automated Evidence Collection
The beta program for automated evidence collection expanded to include integrations with HRIS systems like ADP Workforce and Workday HCS, reducing the manual burden of evidence gathering.
Automated Vendor Assessments
This feature uses AI to pre-fill compliance questionnaires based on historical data, speeding up the vendor assessment process from weeks to hours.
Intelligent Staffing
AuditBoard can now analyze team members’ skills and availability to optimize project staffing for compliance.
Automated Framework Updates
As compliance regulations change, this feature automates the transfer of key data during framework updates, helping teams quickly identify necessary changes without excessive manual effort.
Analytics Enhancements
AuditBoard has also introduced nine new out-of-the-box workflows for analytics that automate testing and analysis processes, to help internal controls teams uncover risks more quickly and focus on higher-value initiatives.
With these features, AuditBoard is looking to gain a greater market share.
Still, organizations may want to explore AuditBoard competitors and alternatives that can better suit their needs.
Criteria for Evaluating Alternatives
Choosing the right audit and compliance management tool requires careful evaluation of features and functionality. Here are the criteria to consider when assessing AuditBoard competitors.
Audit Management
Look for tools that offer end-to-end audit workflows, from planning to reporting. Features like customizable audit templates, real-time status tracking, and automated reminders can improve efficiency. Also, it’s good to have features for generating detailed and standardized audit reports for better transparency.
Risk Assessment
A good platform should provide robust tools for identifying, assessing, and monitoring risks. Look for features like heatmaps, risk scoring, and integration with other business processes to effectively prioritize risks. Real-time updates and analytics are also valuable for proactive risk management.
Compliance Tracking
Your chosen tool must handle multiple regulatory frameworks and provide real-time updates on compliance statuses. Also, automated alerts for regulatory changes and upcoming deadlines are essential for staying compliant. Built-in libraries of compliance standards can further simplify the implementation process.
User Experience
A tool’s usability directly impacts team productivity. Prioritize platforms with intuitive interfaces, clear navigation, and minimal learning curves. Demo versions or free trials are excellent ways to assess ease of use before committing to a purchase.
Integration Capabilities
Audit and compliance tools must integrate seamlessly with existing systems like ERP, CRM, and document management platforms. The ability to connect with popular tools like Microsoft 365, Salesforce, or SAP supports smoother workflows and avoids data silos.
Scalability
As your organization grows, your audit and compliance needs will grow. Opt for a solution that can scale with your business, offering advanced features or modules to accommodate future requirements. Consider whether the tool supports multi-location and multi-departmental operations as well.
Cost
Evaluate the total cost of ownership, including licensing fees, implementation costs, and ongoing maintenance. Some platforms charge extra for advanced features or integrations, so make sure the tool offers good value for its price. Additionally, transparent pricing models can help avoid unexpected expenses.
Using these criteria, you can identify a tool that meets current requirements while supporting long-term growth and compliance objectives.
Top AuditBoard Competitors and Alternatives
Here’s a look at a few popular AuditBoard competitors and alternatives.
Workiva
Source: Auditboard
Workiva is a cloud-based platform specializing in connected reporting and compliance. It simplifies processes for financial reporting, ESG disclosures, and internal audits.
Key Features
- Enables seamless real-time communication among team members.
- Allows users to link data across reports for better consistency and accuracy.
- Provides tools for audit planning, risk assessments, and issue tracking.
- Supports frameworks like SOX, GDPR, and ESG reporting standards.
- Generates a detailed audit trail for all changes.
- Automates the gathering of data from multiple sources for streamlined reporting.
- Offers customizable templates that can be tailored to meet specific reporting needs.
- Provides dynamic dashboards that visualize data effectively for better insights.
- Integrates with various third-party applications to boost functionality and streamline workflows.
Comparison with AuditBoard
While AuditBoard focuses on audit, risk, and compliance as a cohesive package, Workiva excels in financial reporting and ESG compliance. Workiva’s robust integration capabilities and data connectivity features make it an excellent choice for organizations that require financial transparency alongside compliance. However, AuditBoard offers more tailored solutions for risk management and internal audits.
Pros:
- Exceptional for financial reporting and ESG disclosures.
- Advanced collaboration features with real-time updates.
- Strong integration with tools like ERP and financial systems.
Cons:
- Higher cost for advanced modules.
- Lacks specialized risk heatmaps and scoring tools found in AuditBoard.
- May require additional customization for audit-focused workflows.
ServiceNow ESG Management
Source: ServiceNow
A part of the ServiceNow platform, this is a comprehensive application to help organizations effectively manage their Environmental, Social, and Governance (ESG) initiatives.
Key Features
- Gathers ESG data from various sources into a centralized hub.
- Provides monitoring tools for ESG-related risks.
- Connects ESG initiatives with broader business processes using ServiceNow’s workflow automation.
- Tracks progress toward sustainability goals and compliance with ESG regulations.
- Comes with executive dashboards that offer a comprehensive view of ESG metrics, goals, and disclosure statuses in one place.
- Enables the integration of audit-ready ESG data into narrative reports with dynamic updates.
- Supports compliance with various global frameworks such as GRI, SASB, TCFD, and UN SDGs through its ESG Content Accelerators.
- Enables you to create customized workflows to drive ESG initiatives without extensive coding knowledge.
Comparison with AuditBoard
ServiceNow ESG Management’s strength lies in its ESG-centric approach, while AuditBoard delivers a more comprehensive solution for audit and compliance management. Organizations with broader ESG goals may prefer ServiceNow, but those needing detailed audit features will find AuditBoard more aligned with their needs.
Pros:
- Exceptional for ESG reporting and data centralization.
- Strong workflow automation capabilities.
- Integrates seamlessly with other ServiceNow modules.
Cons:
- Limited focus on traditional audit management.
- Higher implementation costs for organizations not already using ServiceNow.
- Steeper learning curve due to its complex interface.
Diligent One Platform
Source: Diligent
The Diligent One Platform is a unified Governance, Risk, and Compliance (GRC) solution that centralizes and streamlines various organizational processes. It caters to board-level executives and compliance teams seeking to align strategic goals with regulatory requirements.
Key Features
- Offers tools for managing board meetings, documents, and approvals.
- Includes risk assessment, policy management, and regulatory tracking.
- Provides dashboards and analytics for monitoring compliance performance.
- Supports data security with encrypted communication and document sharing.
- Maintains a centralized repository for all GRC-related data.
- Incorporates AI-powered analytics that helps organizations identify and assess risks in real-time.
- Integrates with over 100 third-party data providers, allowing organizations to connect various data sources such as HRIS, ERP, and CRM systems for comprehensive oversight.
- Includes features like Task Tracker and Timesheets to manage project timelines, track issues, and record time spent on different projects.
- Automates repetitive tasks using scripts built-in analytics, improving efficiency in managing GRC processes.
Comparison with AuditBoard
Diligent One Platform’s primary audience is board members and executives, making it a strategic tool for high-level governance. While AuditBoard emphasizes operational audit and compliance processes, Diligent’s tools cater to oversight and policy implementation at an executive level.
Pros:
- Excellent for board-level governance and strategic oversight.
- Comprehensive risk and policy management tools.
- Strong security features for sensitive data.
Cons:
- Not as intuitive for operational audit processes.
- Higher cost and complexity for smaller organizations.
- Less flexibility in workflow customization compared to AuditBoard.
Next, let’s move on to ESG software solutions and how they compare with AuditBoard.
ESG Software Not Suitable as Alternatives
While ESG-focused tools provide valuable insights into sustainability and corporate responsibility, they could lack the comprehensive audit and compliance capabilities that platforms like AuditBoard offer. These tools are narrower in scope, as they focus largely on ESG reporting and performance rather than managing audits, risks, and regulatory compliance holistically.
Below is an analysis of two prominent ESG software solutions, BM Envizi ESG Suite and EcoVadis, and why they may not fully replace AuditBoard.
IBM Envizi ESG Suite
Source: IBM
IBM Envizi ESG Suite is a software platform that streamlines ESG performance management and reporting.
Key Features
- Automates the collection and consolidation of over 500 data types across various sources, creating a single system of record for ESG data.
- Tracks metrics like energy use, carbon emissions, and waste management.
- Supports frameworks like GRI, SASB, and TCFD for compliance with ESG standards.
- Provides comparative analytics and customizable dashboards to assess performance against industry peers.
- Manages workflows related to ESG disclosures and compliance reporting,
- Integrates with existing enterprise systems.
- Highly scalable.
Comparison with AuditBoard
IBM Envizi ESG Suite is highly effective for sustainability metrics and ESG reporting but lacks features for audit workflows, risk assessments, and compliance tracking. Unlike AuditBoard, it doesn’t offer tools for internal audits, risk scoring, or regulatory compliance monitoring across diverse industries.
Pros:
- Excellent for tracking sustainability metrics and generating ESG reports.
- Supports multiple ESG frameworks for regulatory compliance.
- Provides actionable insights for improving sustainability performance.
Cons:
- Limited capabilities for audit management and risk assessment.
- Primarily suited for ESG-focused roles, not comprehensive GRC processes.
EcoVadis
Source: EcoVadis
EcoVadis is a sustainability ratings platform that assesses the ESG performance of suppliers and business partners. Its assessments are grounded in international sustainability standards such as the UN Global Compact, ISO 26000, and the Global Reporting Initiative (GRI).
Key Features
- Evaluates suppliers on sustainability and ethical practices.
- Generates detailed scorecards for ESG metrics, including labor practices, environmental impact, sustainable procurement, and ethical behavior.
- Compares supplier ratings across industries and regions.
- Allows businesses to engage with suppliers to improve ESG performance.
- Delivers detailed feedback that includes strengths and areas for improvement.
- Provides clear visual representations of a company’s ESG performance, categorizing results into levels such as insufficient, beginner, intermediate, advanced, and leader.
Comparison with AuditBoard
EcoVadis focuses on supplier sustainability assessments, which are critical for supply chain transparency but do not address core audit and compliance management. AuditBoard’s broader scope includes internal audits, enterprise risk management, and regulatory compliance, which EcoVadis lacks.
Pros:
- Ideal for supplier ESG performance evaluation.
- Detailed scorecards for transparent benchmarking.
- Strong collaboration tools for supplier improvement.
Cons:
- No audit or risk management capabilities.
- Unsuitable for organizations needing enterprise-wide compliance solutions.
Final Thoughts
Selecting the best alternative to AuditBoard depends on your organization’s unique needs, priorities, and budget. While AuditBoard excels in audit management, risk assessment, and compliance tracking, competitors like Workiva, ServiceNow ESG Management, and Diligent One Platform offer distinct advantages in areas such as ESG reporting and enterprise-wide integration. On the other hand, ESG-focused tools like BM Envizi ESG Suite and EcoVadis serve specific roles but lack the comprehensive functionality of AuditBoard. Organizations should evaluate features, integration capabilities, and costs carefully and leverage free trials or demos to select the right platform.