LOS ANGELES–(BUSINESS WIRE)–Audit Committee, the leading cloud-based platform that transforms audit, risk and compliance management, today announced the availability of its third-party risk management solution. This powerful new extension to AuditBoard’s connected risk management platform breaks down silos and engages relevant stakeholders inside and outside the organization, enabling third-party risk management programs to scale more efficiently and meet the growing needs of their business.
Managing downstream risks posed by a vast network of third parties, including cloud providers, has become increasingly difficult as the COVID-19 pandemic has accelerated the digital transformation of the global economy and businesses have come to rely more on IT-related vendors. In this new era of dynamic digital risk, third-party breaches are now estimated to cost American businesses a $9.5 million average per incident.
Information security, risk management, and compliance teams need the right solution to effectively assess and mitigate third-party risk while managing ever-expanding cybersecurity and compliance obligations. In conjunction with AuditBoard’s innovative and award-winning CrossComply solution, which enables organizations to manage their information security compliance programs at scale, AuditBoard’s third-party risk management solution enables teams to more effectively manage their overall IT risk and compliance posture.
“A wave of digital risks is rising as the global economy becomes increasingly interconnected,” said Rajiv Makhijani, senior vice president of emerging products at AuditBoard. “We created this purpose-built solution to enable our clients to stay ahead of this wave by more effectively and comprehensively managing the rapidly expanding third-party risk landscape.”
AuditBoard’s third-party risk management solution enables teams to save time, be better partners to the business, and scale through automated, collaborative workflows that enable more effective third-party risk management . This purpose-built solution supports customizable assessments, automated risk scoring, issue management, continuous monitoring, and centralized reporting and tracking.
To learn more about this new solution, go to AuditBoard.com.
AuditBoard is the leading cloud-based platform that transforms audit, risk and compliance management. More than 35% of Fortune 500 companies rely on AuditBoard to drive their business forward with greater clarity and agility. AuditBoard is top rated by clients on G2, Capterra, and Gartner Peer Insights, and was recently ranked for the third consecutive year as one of North America’s fastest growing technology companies by Deloitte. To learn more, visit AuditBoard.com.