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Artificial Intelligence - The Next Frontier of GRC Management

 

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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