Keep up with regulations, predict issues before they arrive, and provide clarity through assurance: what aren’t audit and risk teams expected to do these days? Luckily, this year we’ve seen a rise in AI tools for audit and risk purposes – helping teams get through the day and meet deadlines with a little more ease.
With so many solutions on the market, it’s time for a round-up of some of the tools available for modern audit and risk professionals.
Here are the 5 tools we’ll be exploring:
AI tools for risk:
- AI Risk Essentials for ERM
- Diligent Issue Manager
- Risk Rating Aggregation
AI tools for audit:
- AI Request Agent
- ACL Analytics AI Studio
AI Tools for Risk
Here are the latest AI tools for risk teams.
Launch ERM Faster with AI
Even with risks multiplying, many organisations still rely on spreadsheets and ad hoc processes that make ERM slow and reactive. Diligent’s new product, AI Risk Essentials, gives risk professionals a practical, defensible way to identify, assess and mitigate enterprise risks with the help of AI-powered benchmarking, all without a complex implementation.
Rather than starting from scratch, teams can use AI-powered benchmarking to surface relevant risks from a library of 200,000+ real-world risks drawn from external data sources, building a consistent foundation for assessment, oversight, and governance in days, not months.
How this helps risk teams:
- Identify potential enterprise risks earlier using AI-powered risk identification and benchmarking
- Establish a consistent approach to assessing and documenting risks with a guided, three-step workflow
- Strengthen governance and regulatory readiness with a centralised risk library and interactive heatmaps for clearer visibility
Resolve What Matters: Issue Manager
Across audits, risk assessments and compliance reviews, issues can easily fall through the cracks. Diligent’s Issue Manager brings everything together in one place, giving teams a unified way to track, prioritise, and resolve issues – no matter where they originate.
With standardised workflows and real-time visibility, risk and audit leaders gain confidence that issues are being addressed consistently and on time.
How this helps risk & audit teams:
- Centralise issues from audits, risk assessments, and controls testing
- Define ownership, priorities and timelines with configurable workflows
- Track progress with dashboards showing overdue items and bottlenecks
- Strengthen accountability and accelerate remediation
Clearer Risk Insight: Risk Rating Aggregation
When risks are assessed multiple times, clarity can quickly disappear. Risk Rating Aggregation, a solution by Diligent, gives risk professionals a transparent, standardised way to consolidate assessment results into a single, meaningful risk score.
No spreadsheets. No workarounds. Just a clearer, more defensible view of risk.
How this helps risk teams:
- Combine multiple assessments into one consistent risk rating
- Choose aggregation methods such as Average, Minimum, Maximum or Median
- Preview results before applying them to ensure accuracy
- Improve comparability and confidence in risk reporting
AI Tools for Audit
Read more to explore two new AI tools for audit teams.
Cut Audit Admin, Not Corners: AI Request Agent for Internal Audit
Evidence collection is essential, but it shouldn’t consume weeks of an audit cycle. The AI Request Agent was built to remove the manual friction that slows audit teams down, without sacrificing control or traceability.
By automating how evidence requests are created, tracked, and followed up, internal audit teams can spend less time chasing documents and more time delivering assurance.
How this helps audit teams:
- Automatically draft clear, context-aware evidence requests
- Route requests to the right owners and track responses in real time
- Handle reminders, overdue follow-ups, and escalations automatically
- Maintain a complete, auditable trail of requests and responses
AI-Powered Audit Analytics, Without the Complexity: ACL AI Studio
Advanced analytics have long been powerful – but often limited to specialists with scripting skills. ACL AI Studio changes that, bringing sophisticated audit, risk and compliance analytics within reach of every professional, no coding required.
By combining natural-language querying, AI-guided test recommendations and full compatibility with existing ACL Analytics scripts, ACL AI Studio removes technical barriers while preserving organisations’ existing investments in analytics. Teams can analyse millions of records, surface anomalies quickly, and produce audit-ready results with confidence.
It’s AI-powered GRC analytics — without the complexity.
How this helps audit, risk & compliance teams:
- Run advanced analytics using natural-language queries — no scripting required
- Analyze large, complex datasets and surface anomalies faster
- Get AI-guided recommendations for relevant tests and procedures
- Preserve and extend existing ACL Analytics scripts and investments
- Maintain complete, audit-ready documentation of all analytics activity
What these AI Tools for Audit and Risk Teams Really Mean
Taken together, these innovations are designed to solve real, everyday challenges for audit and risk teams:
- Less manual work, more time for analysis and insight
- Earlier visibility into emerging and AI-driven risks
- Stronger assurance through consistency, traceability, and clarity
AI isn’t replacing judgment — it’s helping professionals apply it where it matters most.
What’s Next?
After exploring how these tools are purpose-made for audit and risk teams, the only thing left is to explore them for your organisation. Whether you’re daydreaming or ready to harness these tools, our team can show you exactly how they can work in your organisation’s environment. Book a pressure-free demo to learn more today.
Frequently Asked Questions
What are AI Tools for Risk and how do they help in ERM?
AI Tools for Risk bring AI-powered benchmarking, risk identification, and centralized risk libraries to Enterprise Risk Management, helping teams identify risks earlier, standardise assessments with guided workflows, and improve governance and regulatory readiness through clearer visibility.
How does AI Risk Essentials accelerate launching ERM, and what makes it practical?
AI Risk Essentials provides a practical, defensible way to identify, assess and mitigate enterprise risks using AI-powered benchmarking from a library of 200,000+ real‑world risks, enabling organisations to build a consistent foundation in days rather than months without a complex implementation.
What is the function of Issue Manager in risk and audit processes?
Issue Manager centralises issues from audits, risk assessments, and controls testing, allows defining ownership and timelines with configurable workflows, and provides dashboards to track overdue items and bottlenecks, strengthening accountability and remediation.
How does Risk Rating Aggregation improve risk reporting?
Risk Rating Aggregation consolidates multiple assessments into one standardised risk rating using methods like Average, Minimum, Maximum or Median, with a preview step to ensure accuracy, resulting in clearer, more defensible risk reporting.
What benefits do AI tools for audit offer in terms of evidence collection and analytics?
AI tools for audit automate evidence requests with the AI Request Agent, enabling automatic drafting and tracking of requests, real-time responses, reminders and escalations, while ACL AI Studio makes advanced analytics accessible without scripting, allowing analysts to work with large datasets and receive AI-guided test recommendations.
