Scaling Your Compliance Program in 2024 | AuditBoard>
Audit Board –
This article delves into the evolving landscape of digital ecosystems in 2024, emphasizing the imperative for organizations to reevaluate their approach towards IT security risk and compliance.
It underscores the pervasive influence of technology as evidenced by the notable growth of IT spending in 2023, despite global economic turbulence.
The growing digital footprint of businesses magnifies the need for organizations to expand and adapt their compliance programs to effectively address the challenges posed by emerging and still unexplored digital risks.
Additionally, the popularization of artificial intelligence, driven by the release of AI systems like ChatGPT to the public in 2023, introduces both challenges and opportunities for audit, IT security, and risk teams.
These developments were explored in depth during AuditBoard’s CrossComply product keynote at the 2023 Audit & Beyond User Conference.
The three predominant challenges facing internal auditors in the upcoming year were identified as: the continuing rapid expansion of digital landscapes, the need to understand and respond to the risks of artificial intelligence, and the requirement for collaboration and data sharing across departments.
To address these challenges, AuditBoard has developed new and upcoming product capabilities intended to offer comprehensive solutions.
Firstly, the challenge of the expanding digital footprint, accompanied by the need to scale compliance risk management programs, necessitates efficiency improvements, especially in light of hiring slowdowns.
Amidst these circumstances, companies seek creative and resourceful solutions to empower their teams.
The right compliance solution is vital for contextualizing IT compliance programs against requirements and risks for each asset.
AuditBoard’s Scale and Optimize solution encompasses inventory scoped assessments, enhanced framework reporting, and dashboard features to summarize frameworks and highlight critical items.
Secondly, the challenge of understanding and responding to the risks of artificial intelligence has emerged with the increasing integration of AI tools into the IT landscape.
The solution offered by AuditBoard is to leverage AI to increase efficiency with features like elevated controls mapping, AI recommendations for control to requirement mapping, and AI for issue management.
Lastly, the challenge of collaboration and data sharing, which has become a requirement for successful risk management, significantly impacts the alignment of departments, articulation of business impact, and stakeholder engagement.
In response, AuditBoard aims to empower teams to boost collaboration through framework assessment workflows, enhanced evidence reuse, and improved external auditor request management.
In conclusion, the communication emphasizes the critical role of technology amidst hiring freezes and evolving IT security and risk management requirements.
It underlines the necessity for audit, risk, and compliance teams to comprehend the risks of AI and leverage shared risk language to address challenges collaboratively.
By fostering a shared risk language, stakeholders can unite to ensure a resilient defense against evolving threats and harness the potential of AI to drive organizational improvements.
Link: https://www.auditboard.com/blog/scaling-your-compliance-program-in-2024