The Business Value of AuditBoard’s Connected Risk Platform

Have you ever considered the potential impact of breaking down organisational silos and fostering cross-functional collaboration?

Imagine improved risk posture with increased visibility across your defences, providing a real-time, holistic view for better understanding and mitigation. These are just a few of the key benefits unlocked by AuditBoard's connected risk platform in a new IDC White Paper, sponsored by AuditBoard — whose users are projected to achieve a 3-year ROI of 281%, as well as benefits worth an annual average of £771,450 on a per organisation basis (£79,459 per 100 internal users). 

 

Mounting regulatory scrutiny and siloed operations are forcing organisations to confront significant challenges in managing governance, risk, and compliance (GRC) activities effectively. The Business Value of AuditBoard’s Connected Risk Platform describes the experiences of businesses that deployed AuditBoard's connected risk platform to effectively manage GRC activities throughout their risk and compliance functions. 

 

After adoption of AuditBoard, the greatest improvements were seen in evidence management (52%), assigning audit resources (49%), and audit creation/action plans (43%). It took companies 26% less staff time on average annually to complete an audit and there were 21% fewer internal control failures. Companies saw a 45% productivity boost where audit and compliance teams could work the equivalent productivity level of having 5.5 additional FTEs on staff. IDC calculated that this resulted in an annual productivity-based business value of  £294,717 for each organisation.

 

This translates to not just improved risk posture, but also reduced silos and increased collaboration among risk functions, streamlined audits through automation, and enhanced control testing across internal and external auditors.

 

By reading the IDC White Paper, you'll uncover: