AuditBoard has announced the launch of a new AI governance solution aimed at helping organisations accelerate AI risk management and promote responsible innovation.
As AI adoption grows across industries, a survey from AuditBoard and Ascend2 found that 72% of audit, risk, and compliance professionals expect AI to significantly impact their processes. While enthusiasm for AI remains high, organisations face the challenge of ensuring AI is deployed responsibly.
AuditBoard’s new solution is designed to help firms align with frameworks like the National Institute of Standards and Technology’s AI Risk Management Framework (NIST AI RMF). It enables organisations to mitigate cyber, reputational, and financial risks linked to AI non-compliance.
AuditBoard chief technology officer Happy Wang said, “This solution will help compliance teams address the widespread and urgent need for AI governance we are seeing across all industries.”
Key features include streamlined approval workflows for AI use cases, a centralised record of authorised models, and continuous monitoring of AI risks across systems, vendors, and assets.
AuditBoard general counsel Anthony Plachy said, “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.”
For more about the product launch, visit RegTech Analyst.
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