AuditBoard launches AI governance solution to mitigate AI risks

AuditBoard announced a new AI governance solution at the RSAC Conference that enables customers to fast-track their AI risk management programs and drive responsible AI innovation and adoption at scale. The new AI governance solution aims to help customers meet AI best practices outlined in frameworks like the National Institute of Standards and Technology’s AI Risk Management Framework (NIST AI RMF), protecting their organizations from the cyber, reputational, and financial risks associated with non-compliance.

“This solution will help compliance teams address the widespread and urgent need for AI governance we are seeing across all industries,” said Happy Wang, Chief Technology Officer at AuditBoard. “Our customers can now quickly identify, assess, and mitigate potential risks associated with AI systems, ensuring a more efficient and proactive approach to managing AI.”

The growing appetite for AI governance is undeniable as organizations across industries increasingly integrate AI into their processes. A recent survey conducted by AuditBoard and Ascend2 found that 72 percent of audit, risk, and compliance practitioners believe AI will significantly impact their risk management processes. However, while excitement and optimism around AI are palpable, organizations need to strike a balance between embracing AI’s opportunities and ensuring they are deploying AI responsibly.

Uptake of the technology has been swift, with more than 80 percent of AuditBoard AI customers accepting generative content into their systems of record. To help customers ensure responsible governance of not just AuditBoard AI, but any AI tool or model in their environment, AuditBoard’s AI governance solution expedites AI risk management programs and ensures responsible AI usage by:

• Streamlining AI use case intake, review, and approval processes
• Establishing a single source of truth for approved AI use cases and models to responsibly federate decision-making
• Dynamically linking AI risks to vendors, assets, and controls to continuously monitor AI risks across ecosystems

“My team is responsible for assessing each AI use case at AuditBoard and ultimately giving the green light,” said Anthony Plachy, General Counsel at AuditBoard. “With the surge in AI tools we are seeing in the market, our use cases across the business have started to increase rapidly. The team was able to build this AI governance solution to help us manage the uptick of requests we have coming in, while ensuring each use case meets our internal AI governance standards. This solution has fundamentally transformed our team's work, and we're confident it will empower our customers to effectively navigate their AI journey.”

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