GRC Management |
The main objective of GRC solutions has been to focus on reducing risks,
aligning IT with business goals, and adhering to industry and government
regulations. But today’s world is rapidly transforming into a digital space, and organizations
are moving quickly to stay ahead of the competition. Modern-day businesses are
ready to take newer risks and achieve targets to reap the rewards.
Although GRC is undoubtedly vital for organizations,it isn’t enough for
GRC to merely focus on limiting risks. GRC objectives need to evolve as
business models and associated driving processes change rapidly. Business
assets like brand recognition, reputation, and customer transparency are more
influenced by the latest business models. One of the main reasons for the
evolution of these business models is the emergence of artificial intelligence (AI).
Some other reasons are blockchain technology, cloud-based environments, and the
Internet of Things (IoT).
GRC can use this opportunity to evolve by adding business value and aiming for major milestones in corporate governance and business integrity. It
can enable businesses to strengthen their reputations and instill customer trust.
It can speed up the business expansion process by using the latest regulatory practices.
It can also use new digital technologies to provide timely risk updates.
With the help of AI, next-generation GRC solutions empower organizations
to ensure compliance with ever-evolving rules and regulations through
transformative business competencies. The organizations can easily and quickly align
their diverse business operations at multiple geographical locations to share
the activities. Similarly, complete adherence to the company’s policies can
also be achieved. Competitive advantage, efficiency, and profitability can be
enhanced by a seamless integration of domain-specific information with AI and
advanced business analytics.
AI also facilitates an ease-of-use GRC methodology for the employees
interacting closely with the customers to foster important business operational
decisions, thereby impacting the organization’s vulnerability quotient and
avoiding risk.
Yet another challenge faced by organizations is regulatory change
management. It is considered to be one of the most cost-intensive processes. It
is also known to be the most resource-consuming process. AI technologies use natural
language processing (NLP) and robotic process automation(RPA) to overcome these business challenges with diverse capabilities.AI and ease the complexities related to core
services and functional components, for example, financial controls management, operational
risk, internal audit, policy and compliance, and IT governance. It also
provides a digital connection to integrate end-to-end solutions by linking the
GRC policies with the regulatory requirements.
The role of AI is not only to automate but also to streamline the
identification of expected regulatory obligations. It further provides
sustainable control over business processes. For example, there are some similar
regulatory requirements for the security and IT domains. AI identifies these
similarities and reduces the number of times a compliance measure is assessed
and tested. It shares the responsibility of the IT teams, thereby saving time
and money. It also promotes data integration, facilitates detailed mapping, and
implements real-time searches across various platforms. This enables
transparent, flexible, and comprehensive regulatory change management.
AI-powered GRC processes will allow businesses to manage and control the
entire GRC functionality with optimum resources. Moreover, the integrated GRC
automation software will offer a well-integrated framework for organizations to
work within the GRC domain. With the help of AI, organizations will be able to effectively
optimize integrated processes like audits, compliance, insights, IT security, and
legal functions. This approach will boost the collaboration between human observations and machine learning. With the effective use of AI, security leaders
can have a holistic view of the GRC domain by interlinking the pointers through
voluminous data.
In the upcoming years, businesses will tend to face extreme pressure to
deliver against evolving risks. GRC technology based on AI will surely evolve
to enable an all-inclusive view across organizations.
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