Managing governance, risk, and compliance (GRC) is a complex but critical task for enterprises. The right GRC software centralizes controls, policies, audits, and more to reduce risk.
Workiva and AuditBoard are leading providers in the GRC solutions space. But how do you choose between the two platforms?
In this guide, we’ll compare Workiva and AuditBoard across features, use cases, integrations, pricing, and support to see how they stack up. Let’s analyze the pros and cons of each to determine which GRC software is best for your needs.
A Brief Comparison Table
| Criteria | Workiva | AuditBoard |
| Overview | Cloud-based GRC and reporting solutions for global corporations | Integrated GRC management software for enterprises and high-growth companies |
| Key Features and Modules | Financial reporting, regulatory compliance, policy management, risk management, document authoring, issue tracking, workflow automation | SOX compliance, internal audit, policy management, risk assessment, document authoring, issue tracking, workflow automation |
| Use Case Fit | Serves public companies broadly, with expertise in financial filings | Focuses on regulated industries (financial services, healthcare, retail) and high-growth tech companies |
| Deployment and Access | Multi-tenant cloud platform with web and mobile access | Cloud-hosted platform with web and mobile apps for anytime access |
| Integration and Interoperability | Offers APIs for integration with services like Okta, Salesforce, Box, Tableau | Provides API integration with Office 365, Slack, Oracle, SAP, and other business apps |
| Pricing and Support | Pricing scales based on company size and needs, 24/7 support, transparent pricing | Custom quotes based on use cases and users, 24/7 support, enterprise-grade support |
Overview of Workiva
Workiva provides cloud-based, enterprise-level GRC and reporting solutions used by leading global corporations.
Here’s an overview of Workiva’s platform:
- Founded in 2008 and headquartered in Iowa, USA. Publicly traded company.
- Solutions for financial, regulatory, and compliance reporting, as well as enterprise risk management.
- Advanced collaborative authoring and management of documents, data, risk assessments and more.
- Automates creation of filings like 10-Ks and 10-Qs for SEC compliance.
- Pre-built templates, surveys, reports and controls across GRC use cases.
- Powerful analytics and dashboards for insights into risk data.
- API integrations with leading cloud platforms and signature tools.
- Serving 80% of Fortune 500 companies like Amazon, Ford and Goldman Sachs.
Overview of AuditBoard
AuditBoard offers an integrated GRC management software used by leading enterprises and high-growth companies.
Here are the key facts on AuditBoard’s platform:
- Founded in 2014 and headquartered in California. Over $100 million in funding.
- Automates workflows for SOX, internal audit, policy management, risk assessments and more.
- Customizable control frameworks, pre-built templates for major regulations and standards.
- Interactive dashboard reporting on compliance status and risk analytics.
- Real-time tracking of risks, control issues, and deviations.
- Integrates with Office 365, Salesforce, Slack, and popular apps via APIs.
- Over 500 customers including Square, IPO firms, Fortune 500 enterprises across major industries.
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Key Differences Between Workiva And AuditBoard
Now let’s compare Workiva and AuditBoard across some of the most important criteria for evaluating GRC software.
1. Key Features and Modules
The features and modules determine how well the platform addresses an organization’s GRC use cases.
- Workiva’s solutions for financial reporting, regulatory compliance, policy management, and risk management.
- AuditBoard offers modules for SOX compliance, internal audit, policy management, risk assessment and more.
- Both provide robust document authoring, issue tracking, control testing, and workflow automation capabilities.
Workiva and AuditBoard match up well in terms of core features needed for end-to-end GRC across key areas like compliance, risk, and policy management.
Use Case Fit
Whether the platform is optimized for public companies, regulated industries, or general enterprise GRC determines the best fit.
- Workiva caters heavily to public company needs like financial filings, but serves enterprises broadly.
- AuditBoard focuses on regulated industries like financial services, healthcare, retail and high-growth tech companies.
Workiva’s SEC filing expertise suits public firms, while AuditBoard targets regulated verticals with tailored use case coverage.
2. Deployment and Access
GRC platforms should offer flexible deployment and access to facilitate user adoption.
- Workiva is offered as a multi-tenant cloud platform with web and mobile access.
- AuditBoard is also cloud-hosted with web and mobile apps for anytime access.
Both are modern cloud platforms that support anytime, anywhere access via browsers and mobile devices.
3. Integration and Interoperability
The ability to integrate with existing systems and apps improves usability and data flow.
- Workiva offers APIs to integrate with leading services like Okta, Salesforce, Box, and Tableau.
- AuditBoard provides API integration with Office 365, Slack, Oracle, SAP, and popular business apps.
Workiva and AuditBoard both enable robust integrations with third-party applications and data sources via APIs.
4. Pricing and Support
Budget and quality of vendor support should align with organizational needs and resources.
- Workiva pricing scales from $10K to $500K+ annually depending on company size and needs.
- AuditBoard pricing not publicly listed. Requires custom quote based on use cases and users.
- Both offer 24/7 support and SLAs for guaranteed uptime.
Workiva offers more transparent pricing, while AuditBoard requires custom quotes. But both ensure enterprise-grade support.
Frequently Asked Questions (FAQs)
The AuditBoard is a software solution used by internal audit teams to manage and automate key processes involved in assurance and compliance engagements. This includes managing control frameworks, documenting risks, scheduling audits, tracking issues, creating reports, and more. The AuditBoard centralizes this critical data to streamline audits and provide insights.
Workiva provides an enterprise software platform to streamline business reporting, compliance filings, and data management processes for public companies, regulated industries, and organizations broadly. Workiva automates the collection, linking, and reporting of financial, operational, regulatory, and compliance data in real-time through integrated cloud-based solutions.
Wdesk is Workiva’s flagship cloud platform that enables the collaborative creation, review, publishing, and analysis of business-critical documents and data. Organizations use Wdesk for financial, regulatory, and compliance reporting such as creating 10-Ks, 10-Qs, MD&As, board books, and SOX documentation. The connected data environment improves transparency, control, and insights.
Yes, AuditBoard provides an integrated GRC platform covering key areas of governance, risk management, and compliance. AuditBoard’s modules allow teams to automate internal audit, SOX compliance, policy and risk management, vendor audits, and other GRC processes in a unified cloud solution. The platform provides automation, reporting, and analytics across GRC use cases.
Final Verdict
So how do Workiva and AuditBoard stack up based on this detailed comparison? Which GRC software comes out ahead?
The right choice depends greatly on your organization’s specific needs and budget.
Workiva stands out as the leader for public companies needing financial and regulatory filing expertise. The platform’s breadth also suits large enterprises with diverse GRC needs.
AuditBoard shines when it comes to regulated industries seeking pre-built frameworks for SOX, PCI DSS and other standards. Growing companies benefit from its scalability.
Both deliver robust, enterprise-ready GRC software with advanced automation and analytical capabilities. Workiva edges ahead for SEC expertise and transparent pricing, while AuditBoard dominates regulated verticals.
Perform a thorough assessment of your current GRC processes and pain points. Engage Workiva and AuditBoard for demos tailored to your use cases before deciding on the best platform for your risk management needs and budget.