AuditBoard launches new risk management offering
AuditBoard, provider of an AI-powered global platform for connected risk, has launched Scenario Planning, a new solution designed to empower executive leaders and risk teams across the financial sector, from insurance firms to banks and accountants, to shift their focus from reactive reporting to proactive anticipation.
Global economic landscapes are more volatile than ever, and risks are no longer easily predictable. As a result, internal audit and risk teams are facing increased pressure to manage this volatility. Scenario Planning directly addresses this need, as the solution enables executive leaders and risk teams to establish a universe of potential scenarios, accelerating strategic decision-making by modelling the likelihood and impact of risk events.
By leveraging these capabilities, insurance firms can effectively quantify risk, test thousands of potential outcomes, and gain clear visibility into a range of possibilities, thereby establishing a clear blueprint for how to respond if critical risk events unfold.
Happy Wang, chief product and technology officer at AuditBoard, said: “In today’s world, you can’t just report on risks; you have to anticipate what may impact your organisation’s goals and objectives. Scenario Planning enables enterprises to ensure continuity in operations and improve competitive positioning, reducing bottom-line costs and increasing revenue.”
A recent AuditBoard report on Risk Intelligence found 70 per cent of respondents expect to increase risk management staffing over the next two years, and 40 per cent plan to increase cybersecurity staffing. To thrive in this era of hyper volatility, risk management teams must be able to efficiently assess a wide range of future possibilities. Scenario Planning does just that, thanks to financial risk teams being empowered to make data-driven business decisions with confidence in an increasingly complex risk environment.
The senior manager of internal audit at one of AuditBoard's client companies, which includes the Big Four and more than 50 per cent of the FTSE 500, commented: "Scenario Planning will allow our team to rigorously test ‘what-if’ scenarios and transform uncertainty into actionable insights. This will equip our risk owners across the business to provide executive leadership with the confidence and clear direction needed to ensure operational continuity and success.”
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