GRC is no longer about checking a box and meeting the regulatory requirements – it has traveled beyond the traditional risk management role - into newer frontiers where it adds value to your business in a very proactive way. As you reimagine your GRC platform think of the talent that gets freed when processes are automated with continuous monitoring and insightful analytics. It is not about static playbooks that are scheduled for off-peak hours.
Throw in a dash of AIand voila! – there is a bot that can comb through all the underlying data – both structured and unstructured – looking for risk patterns, identifying the outliers or exceptions to ensure that all is healthy within your enterprise. This AI algorithm fine tunes itself – constantly learning from itself– quite self-sufficient dare I say!
Add a bit of natural language processing – and here you find yourself speaking to your friendly bot and getting assured that you are compliant, and that no evil eyes are threatening your system. That line in sand will not be crossed.
Power your case management with ML which will categorize issues coming in from various channels. It would be able to identify similar issues. This is beyond keyword search or semantics. A trained algorithm would understand the context and build for you a super-set of actions that can be taken collaboratively. You can use clusteringto identify at a granular level where the bulk of your problems lie and get down to the very root. You can slice & dice across many dimensions to get some meaningful insights. This saves valuable time.
A modern GRC reduces the cost of doing business – allowing you to become more competitive with all round efficiencies. It allows your talent to focus on the more complex requirements as it keeps an eye on your system. Your stakeholders feel confident; your customers feel confident – and so do you.