AuditBoard has announced it will acquire FairNow, a platform specifically designed for AI Governance, enhancing its capabilities in addressing global AI-related compliance and risk challenges.
This acquisition enhances AuditBoard’s existing platform by incorporating FairNow's comprehensive AI governance tools, positioning its clients to better navigate complex compliance landscapes.
New AI tools for compliance teams
The acquisition coincides with AuditBoard unveiling "Accelerate," a newly developed AI solution intended for Governance, Risk, and Compliance (GRC) teams.
FairNow’s integration with AuditBoard’s suite of tools, including natural-language processing and continuous monitoring, offers a robust AI-powered framework for risk management. This initiative builds upon AuditBoard's initial AI governance venture introduced earlier in the year.
Increased global AI governance needs
FairNow’s platform simplifies AI governance through features like a digital AI registry, risk assessments
FairNow’s platform simplifies AI governance through features like a digital AI registry, risk assessments, and compliance automation. This comprehensive toolkit addresses a critical gap in AI governance execution.
Findings from AuditBoard’s recent Risk Intelligence Report highlight that less than 30% of companies feel adequately prepared for emerging AI regulations, pointing to a significant ownership and trust deficit.
Many organisations are working to comply with frameworks like the NIST AI Risk Management Framework, ISO/IEC 42001, and the EU AI Act. These frameworks offer structured guidelines focusing on fairness, transparency, risk management, and data governance, essential in the responsible deployment of AI.
Enhanced connected risk capabilities
Raul Villar Jr., CEO of AuditBoard, commented on AI's rapid integration across industries, emphasising the need for robust governance functions. He further noted that integrating FairNow into AuditBoard’s Connected Risk Platform offers a comprehensive modern solution, addressing significant technological risks.
This development aims to position AuditBoard distinctively in the market, enabling customers to enhance their risk and compliance strategies.
Commitment to AI governance
FairNow’s CEO and Founder, Guru Sethupathy, expressed enthusiasm for the partnership, stating that governance is crucial for managing risks while fostering trust and adoption in the AI era.
He highlighted the acquisition as a strategic step to amplify their mission with AuditBoard, a leader in AI-powered connected risk solutions. The collaboration aims to make the platform a preferred solution for contemporary risk management that's intelligent and connected.
This strategic acquisition aims to broaden AuditBoard’s offerings, forming a cohesive AI-first enterprise risk management solution. Legal advice for the transaction was provided by Morrison & Foerster LLP.
AuditBoard, the pioneering AI-powered global platform for connected risk transforming audit, risk, and compliance, announced it has reached a definitive agreement to acquire FairNow, an end-to-end, purpose-built AI Governance (“AI Gov”) platform.
FairNow further enhances AuditBoard’s industry-pioneering capabilities with intelligent, automated, and step-by-step AI compliance guidance. With AI Governance requirements expanding globally, AuditBoard customers are now uniquely positioned to stay compliant and mitigate AI-related risks.
New AI solution for GRC teams
This acquisition is coupled with the release of Accelerate—AuditBoard's powerful, new AI solution for GRC teams, also announced now. The integration of FairNow’s dedicated AI Governance solution aligns with the strong foundation of AuditBoard’s natural-language workflows, continuous auditing and monitoring, document intelligence, and agentic AI, creating a truly end-to-end AI-powered platform for managing risk.
All of which builds on AuditBoard’s existing commitment to both AI innovation — and safety — following the announcement of its first AI governance solution earlier this year.
Upcoming AI governance requirements
FairNow's platform enables organisations to simplify their end-to-end AI governance with a streamlined AI registry, dynamic risk assessments, and intelligent automated compliance. This unified offering directly addresses the execution gap in AI governance.
A key finding in AuditBoard’s Risk Intelligence Report, released just last week, identified that fewer than 30% of pioneers feel prepared for upcoming AI governance requirements, indicating a lack of clear ownership that undermines trust.
For many organisations this means seeking compliance with frameworks such as the NIST AI Risk Management Framework, ISO/IEC 42001, and the EU AI Act, which provide structured guidelines for responsible AI development and deployment by addressing areas like fairness, transparency, risk management, and data governance.
AuditBoard’s Connected Risk Platform
“The speed of AI adoption has made robust, connected AI governance a mission-critical function for enterprises across every industry,” said Raul Villar Jr., CEO of AuditBoard.
“Integrating FairNow into AuditBoard’s Connected Risk Platform delivers the most comprehensive and modern solution on the market, directly addressing the enormous risks that come alongside this technology."
"Combined with the launch of Accelerate, this acquisition will set AuditBoard apart by leapfrogging nascent competitive offerings and empowering our customers to transform their risk and compliance programs.”
AI-powered connected risk
Guru Sethupathy, CEO and Founder of FairNow, echoed this excitement. “FairNow believes that governance will be the key enabler in the age of AI - managing risks while building trust and driving adoption,” said Sethupathy.
“Our mission to simplify AI governance will be accelerated with AuditBoard, the clear pioneer in AI-powered connected risk. Joining AuditBoard is the logical next step in our journey to scale our impact. We look forward to working with the AuditBoard team to solidify the platform’s position as the global go-to solution for modern risk management - intelligent, automated, and connected.”
The acquisition is intended to significantly expand AuditBoard’s platform, creating a unified, AI-first solution for managing all enterprise risk. Morrison & Foerster LLP served as AuditBoard’s legal advisor.
