founded 2014
“Right now we have about $37 trillion in assets under custody that we help manage. One out of roughly every $3 that goes through the world economy we touch in one form or another.”
AuditBoard transforms how audit, risk, ESG, and compliance professionals manage their programs. Enterprise-grade platform for SOC 2, ISO 27001, and more.
AuditBoard is highly regarded in the enterprise space for its comprehensive suite covering audit, risk, ESG, and compliance in a single platform. Users praise its robust reporting and collaboration features designed for large internal audit teams, though smaller organizations often find the platform over-engineered for their needs.
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9 references
Right now we have about $37 trillion in assets under custody that we help manage. One out of roughly every $3 that goes through the world economy we touch in one form or another.
We had no centralized repository to manage the SOX framework from beginning to end, including process flows, narratives, control inventory, and our testing results. That became quite a strain on the team because they had to access a number of tools just to complete simple tasks.
I saw how much time was wasted by the team gathering information from a disparate set of tools, as well as how little transparency there was for the business. I decided we needed to explore what options were available in the marketplace.
AuditBoard didn't require much, if any, customization off the shelf, which streamlined our implementation process. We ended up with a solution that the team and our business partners were happy with, because it was suited for the purpose for which we purchased it. With AuditBoard, we were able to get that much faster to the vision I wanted — to improve the efficiency of our SOX program through automating our workflow in a software tool.
While we didn't work to heavily customize our setup, we did have some specific requirements that were important to us. Throughout the process, the AuditBoard team really listened to and understood what we were saying. They were very timely at turning around our requests, and in some cases, taking a broader, even vague, request and actioning that and turning it into something that was tangible and hit the mark as far as what we were looking for.
Number one is the dashboards and reports AuditBoard provides for communicating with our business partners. I meet with senior people from every part of our business on a routine basis and I'm able to concisely and accurately share with them audit details for their lines of business. Sharing that meaningful data has been very well received by our business partners. It's helped the way they think about managing their own control environment and partnering with us.
The second benefit I've seen is being able to look at the allocation of control testing within my team. We've been able to see where we have opportunities to stretch some of our staff, where they have the capacity to take on more work. In other cases, we can see that some of our staff or managers have too much on their plate and we can reallocate that workload accordingly.
A third benefit is stronger overall reporting. When we were constantly building and rebuilding manual reports, a tremendous amount of time was spent and many hours wasted. AuditBoard eliminates that wasted time because the data is all in one place and we can present information in a concise manner. Now as we compile our reports, I have confidence that the data is correct. I can focus more of my energy on the message I want to tell our CEO, our board, and our audit committee.
Since we implemented AuditBoard, the overall speed of the experience has improved for my team. With our old process, multiple hours per week were wasted by staff just getting the technology to work and getting up and running. Now everything they need is readily available in AuditBoard. The amount of time saved by not having to navigate antiquated technology has been a win for them. My mid-level managers appreciate being able to easily see real-time status updates for their specific staff members. They're saving multiple hours a week during our peak season versus what it previously took them to complete their tasks, because the technology just works.
Estée Lauder Companies
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What Is SOC 2? A Complete Guide to SOC 2 Compliance
SOC 2 is a security framework developed by the AICPA that defines criteria for managing customer data based on five Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy.
SOC 2 Type I vs Type II: Key Differences Explained
SOC 2 Type I evaluates whether your security controls are properly designed at a single point in time, while Type II tests whether those controls actually operated effectively over a period of 3-12 months.
What Is ISO 27001? The Complete Guide
ISO 27001 is the international standard for information security management systems (ISMS). It provides a systematic framework for managing sensitive company and customer information through risk assessment, security controls, and continuous improvement processes.
ISO 27001 Certification Process: Step-by-Step Guide
The ISO 27001 certification process involves three main stages: building your ISMS (3-9 months), Stage 1 audit (documentation review), and Stage 2 audit (implementation assessment). After passing both stages, you receive a 3-year certificate with annual surveillance audits.
