CE-680A First Officer reported momentary loss of aircraft control and an airspeed alert due to a downdraft during descent for approach.

Narrative

We departed from ZZZ1 for a short repositioning flight to ZZZ. Due to the brief nature of the flight and the route remaining beneath Class B airspace for a portion; I elected to maintain an airspeed of 200 knots during the initial phase. The flight encountered continuous moderate turbulence; with persistent updrafts and downdrafts throughout.As we approached the airport; I called for Flaps 1; which the captain selected. I then began reducing airspeed to 170 knots and initiated a descent from 3;000 feet to 2;000 feet. During the descent; I called for Flaps 2. At this point; turbulence began to intensify. The fluctuating vertical air currents caused rapid and erratic changes on the trend vector.During a significant downdraft; we received an Airspeed" aural alert. Recognizing a possible airspeed fluctuation; I promptly disconnected the autopilot and returned the aircraft to level flight to stabilize the airspeed. Once the airspeed returned to normal and stable values; we continued the approach and landed without further issues.What I could've done better in hindsight; I could have more proactively adjusted airspeed and descent rate earlier in the turbulent conditions to prevent getting close to the airspeed limits and avoid triggering the aural warning. Additionally; a more conservative approach speed and flap schedule may have helped manage energy and workload better under turbulent conditions."