AuditBoard is a cloud-based audit management software solution from the company of the same name in Cerritos.
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Ventiv IRM
Score 7.5 out of 10
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Ventiv IRM is integrated risk management software designed to provide the insights needed to monitor and lower the user's Total Cost of Risk (TCoR). It features real-time analytics for decision support by integrating data from internal and external sources in one system while connecting risk mitigation activities across the business.
Auditboard is especially useful for SOX control testing. It is very convenient having all our information on a single platform. It is easy to communicate PBC requests to clients, store control testing working papers for review, communicate deficiencies and build dashboards to provide visual statistics. Situations where it might not be useful are for organizations that are smaller in size where the templates don't fit well with their internal audit/controls program. There is a significant amount of testing required before using the platform, and adapting working papers to fit in well with AuditBoard
Ventiv IRM works great for companies with a large number of sources of data, record management, and reporting needs. The system will be able to handle multiple users, processes, or other functions that a large company may need. Ventiv IRM would not be a good fit for companies that may not be large enough to justify the cost of a powerful platform like IRM.
Support Portal allows direct access to support tickets, their status, and having programmers/developers reach out directly to me to clarify my requests.
Taking a big project and putting it into smaller, measurable pieces that move the project from beginning to end.
We used to perform our Risk Control Analysis (RCA) for each audit's planning in an Excel spreadsheet. Once we purchased the Risk Oversight module, AuditBoard helped us convert the RCA to a system function rather than a spreadsheet. At first, we lost some of the functionality the spreadsheet provided, but AuditBoard did continue to help us build and work towards a solution more similar to what we previously had. Though happy with it, it's still not perfect. As one example, I'd like to be able to link actual Ops Audit work steps that cover the risk and controls being outlined in the RCA, rather than just adding a comment to state which steps cover them. More of a preference, I suppose.
I also had demoed their beta Resources and Scheduling module, but it didn't have enough functionality at the time to work for how we put the quarterly Internal Audit schedule together (using Excel). One thing I recall was that you couldn't pull in SOX controls or non-chargeable work (such as education or administration) to auditor's schedules; it was meant to schedule the Ops Audits only. It is possible they have already fixed or improved this; I just haven't seen the updated version.
Setting up a new Advance Query report - sometimes I run into glitches
When creating/implementing a match merge, the two claims that are set to merge, need to be typed EXACTLY the same (UPPERCASE & lowercase matching on both, if one is all caps and the other is lowercase, the match merge is not successful)
I do wish there was a way to self-match two claims instead of waiting for the match merge.
Very usable. The team is always suggesting "tweaks" that allow for easier flow, better understanding of the information needed. This even includes in moving categories/sections in a records around so that the flow of the record is better
Support will reach out to me and I LOVE that. Often I want to show them what I see and they have always been willing to jump on a Teams meeting so I can do that. This has also helped me understand how to explain things better (support speak). This has led to closing tickets, completing projects sooner.
The actual implantation was not good. The system is fully customizable so Ventiv was ready to give us what we wanted; however, we never had a system so we didn't fully understand what we wanted. Since then, we hit "reset" and we are steadily moving forward.
I remember there were a lot of sync issues when I used the internally developed software, but that's probably because a few people were working on the same project at the same time. I have not come across this issue in AuditBoard
While Ventiv IRM is a bit more expensive than another platform we have used and evaluated, we get a lot of value that helps us make informed risk management decisions. The system works for us, and not the other way around. We're able to use integrations from other sources (such as Navex for reporting and our TPA, and Gallagher-Bassett for financial claim information). The system is easy to use, update, and manage, which is helpful too.
Hard to quantify. It was cheaper than the tool we had and we were able to get rid of standalone tool for surveys. overall, just better user experience for all.
