Anyone surprised that AI is transforming Audit, Risk, and Compliance?

SCMagazine.com reported that ““AI and automation are two of the most powerful tools helping audit, risk and compliance teams close the risk resiliency gap,…and the AuditBoard believe that if cyber has reshaped the enterprise risk assessments and management world, AI is about to push ESG frameworks into overdrive.”  The September 27, 2024 entitled “4 ways AI is transforming audit, risk and compliance” (https://www.scworld.com/feature/4-ways-ai-is-transforming-audit-risk-and-compliance) included these comments from Rich Marcus at Audit &Beyond 2024 conference:

 AI and automation are reshaping audit, risk, and compliance workflows, especially in cybersecurity, by boosting efficiency and accuracy. These tools help bridge the gap between fast-evolving threats, regulatory demands, and limited resources. AI enables real-time risk sharing, automates the culling of evidentiary data, and streamlines framework stress testing, allowing teams to conduct more frequent assessments with a more accurate analysis.

 This process not only sharpens cybersecurity defenses, but makes it easier for companies to juggle new regulations like the SEC’s cybersecurity disclosure rules.

Marcus suggested the whole of these complimentary technologies is greater than the sum of its parts. By automating labor-intensive tasks like evidence collection, control testing, and risk reporting it allows for real-time risk management.

This transformation frees up compliance teams to focus on strategic decision-making and responding proactively to evolving threats, he said.

What do you think?